Thinly traded nano cap PLx Pharma (PLXP +25.5%) is up almost a 4x surge in volume, albeit on turnover of only 113K shares, adding to a rally that began on December 27, 2018. The stock has quadrupled since that day's intrasession low of $1.00.
During the company's Q3 earnings call on November 9, CEO Natasha Giordano reported that the company had confirmed a new supplier for a key ingredient in lead product Vazalore, a liquid-filled aspirin capsule. The manufacturing of development-scale batches and the preparation of an FDA pre-submission briefing packet should be happening this quarter.
A Type C meeting with the FDA should happen next quarter, followed by the completion of registration batches in Q3 and an sNDA submission in Q4. If all goes well, market launch will commence mid-2020.
On the working capital front, it had $16.5M in cash and equivalents at the end of Q3 2018 while operations consumed $7.2M during the first three quarters of the year.
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