Delayed-release aspirin developer PLx Pharma sets terms for $68 million IPO

PLx Pharma, which is commercializing a delayed-release aspirin based on its proprietary lipid coating, announced terms for its IPO on Friday.

The Houston, TX-based company plans to raise $68 million by offering 3.8 million shares at a price range of $17 to $19. At the midpoint of the proposed range, PLx Pharma would command a fully diluted market value of $176 million. 

Primary shareholders include Ronald Zimmerman (5% post-IPO stake), Integra Ventures (4%), Aurus (4%), Charles Sheedy (3%), Reed Morian (3%) and David Jorden (2%).

PLx Pharma was founded in 2002 and plans to list on the Nasdaq under the symbol PLXP. Raymond James, Maxim Group LLC and Janney Montgomery Scott are the joint bookrunners on the deal. It is expected to price the week of January 25th.