PLx Pharma Incorporated (NASDAQ: PLXP) expects to raise $72.4 million in its upcoming IPO. Based in Houston, Texas, PLXP is a specialty pharmaceutical company developing treatments for cardiovascular disease and medication for pain and inflammation.

We previewed the deal on our IPO Insights platform.

PLXP will offer 3.8 million shares at an expected price range of $17 to $19.

PLXP filed for the IPO on October 5, 2015.

Lead Underwriters: Maxim Group and Raymond James & Associates

Underwriters: Janney Montgomery Scott LLC

Business Summary: Specialty Pharmaceutical Company Developing Treatment for Cardiovascular Disease

PLx Pharma is a late-stage pharmaceutical company, developing oral medication for cardiovascular disease, in addition to prescription and OTC drugs to treat pain and inflammation. Its proprietary, patent-protected delivery system, PLxGuard is designed to deliver aspirin products in a safer, more efficacious method than conventional pill form. This system works by releasing the medication in the small intestine rather than the stomach, which improves the absorption rate and reduces severe gastrointestinal side effects, such as bleeding, ulcers and erosions.

The company’s lead product, PL2200 Aspirin 325 mg, has been approved by the U.S. Food and Drug Administration, and it is a unique formulation of aspirin delivered by the PLxGuard system. The company notes in its SEC filings that this system provides superior antiplatelet effectiveness for cardiovascular disease prevention when compared to standard enteric coated aspirin. A similar product with an 81 mg dose of the formulation is in late-stage development.

(SEC Filings)

PLx Pharma expects to sell their products through both the prescription and OTC markets, as well as utilizing a physician-directed sales force to educate physicians about the product’s features. Their product pipeline also includes other oral nonsteroidal anti-inflammatory drugs, such as ibuprofen, that are delivered using the PLxGuard system.