- PLx Pharma ( NASDAQ: PLXP ) is trading down 33% after the company posted wider-than-expected loss during the quarter.
- "We, like many companies, experienced a tough inflationary environment this quarter, marked by a shift in consumer spending and higher retail inventories. These macro elements put pressure on the rate of acceptance of our product in the marketplace and on our commercial resources," said PLx’s CEO Natasha Giordano.
- The company posted total revenue of $0.48M in the quarter.
- Selling, marketing and administrative expenses rose 146% Y/Y to $13.6M, primarily due to higher sales and marketing expenses associated with VAZALORE amongst HCPs and consumers.
- As of June 30, the Company had $35.7M in cash.
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PLx Pharma plunges 33% on wider-than-expected loss