13D Filing: Park West Asset Management and PLX Pharma Inc. (PLXP)

UNITED STATES

SECURITIES
AND EXCHANGE COMMISSION

WASHINGTON,
DC 20549

SCHEDULE 13D

THE SECURITIES
EXCHANGE ACT OF 1934

(Amendment No.  )*

*Beneficial ownership percentage is based upon 8,721,691 shares of common stock, $0.001 par value per share
(“Common Stock”), of PLx Pharma Inc., a Delaware corporation (the “Issuer”), issued and outstanding as
of November 3, 2017, based on information reported by the Issuer in its quarterly report on Form 10-Q, filed with the Securities
and Exchange Commission on November 9, 2017. Park West Asset Management LLC (“PWAM”) is the investment manager to Park
West Investors Master Fund, Limited, a Cayman Islands exempted company (“PWIMF”), and Park West Partners International,
Limited, a Cayman Islands exempted company (“PWPI” and, collectively with PWIMF, the “PW Funds”), and Peter
S. Park (“Mr. Park”) is the sole member and manager of PWAM.  As of the date of the event which requires
the filing of the Schedule 13D (the “Event Date”), PWIMF held 953,465 shares of Common Stock and, subject to the limitation
described below, warrants to purchase up to 902,528 shares of Common Stock and PWPI held 122,258 shares of Common Stock and, subject
to the limitation described below, warrants to purchase up to 115,653 shares of Common Stock.  The warrants are not exercisable
until December 15, 2017, expire on June 14, 2027, and contain a provision prohibiting exercise to the extent that the holder, together
with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately
after giving effect to such exercise (subject to decrease upon prior written notice to the Issuer). As a result of the foregoing,
for purposes of Reg. Section 240.13d-3, PWAM may be deemed to beneficially own the 1,075,723 shares of Common Stock held in the
aggregate by the PW Funds, and no shares of Common Stock underlying the warrants held in the aggregate by the PW Funds, for an
aggregate beneficial ownership percentage of approximately 12.3% of the shares of Common Stock deemed issued and outstanding as
of the Event Date.

*Beneficial ownership percentage is based upon 8,721,691 shares of Common Stock issued and outstanding as of November
3, 2017, based on information reported by the Issuer in its quarterly report on Form 10-Q, filed with the Securities and Exchange
Commission on November 9, 2017. As of the Event Date, PWIMF held 953,465 shares of Common Stock and, subject to the limitation
described below, warrants to purchase up to 902,528 shares of Common Stock. The warrants are not exercisable until December 15,
2017, expire on June 14, 2027, and contain a provision prohibiting exercise to the extent that the holder, together with its affiliates,
would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to
such exercise (subject to decrease upon prior written notice to the Issuer).  For purposes of Reg. Section 240.13d-3,
PWIMF may be deemed to beneficially own 953,465 shares of Common Stock, and no shares of Common Stock underlying the warrants,
for an aggregate beneficial ownership percentage of approximately 10.9% of the shares of Common Stock deemed issued and outstanding
as of the Event Date.

*Beneficial ownership percentage is based upon 8,721,691 shares of Common Stock issued and outstanding as of November 3, 2017, based
on information reported by the Issuer in its quarterly report on Form 10-Q, filed with the Securities and Exchange Commission on
November 9, 2017. PWAM is the investment manager to the PW Funds, and Mr. Park is the sole member and manager of PWAM.  As
of the Event Date, PWIMF held 953,465 shares of Common Stock and, subject to the limitation described below, warrants to purchase
up to 902,528 shares of Common Stock and PWPI held 122,258 shares of Common Stock and, subject to the limitation described below,
warrants to purchase up to 115,653 shares of Common Stock.  The warrants are not exercisable until December 15, 2017,
expire on June 14, 2027, and contain a provision prohibiting exercise to the extent that the holder, together with its affiliates,
would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to
such exercise (subject to decrease upon prior written notice to the Issuer). As a result of the foregoing, for purposes of Reg.
Section 240.13d-3, Mr. Park may be deemed to beneficially own the 1,075,723 shares of Common Stock held in the aggregate by the
PW Funds, and no shares of Common Stock underlying the warrants held in the aggregate by the PW Funds, for an aggregate beneficial
ownership percentage of approximately 12.3% of the shares of Common Stock deemed issued and outstanding as of the Event Date.

CUSIP No. 72942A107

Item 1.       Security
and Issuer:

The name of the issuer is PLx
Pharma Inc., a Delaware corporation (the “Issuer”).  The address of the Issuer’s principal executive
offices is 8285 El Rio Street, Suite 130, Houston, Texas, 77054.  This Schedule 13D relates to the Issuer’s common
stock, $0.001 par value per share (the “Common Stock “).

Signature

After reasonable
inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete
and correct.

* This reporting person disclaims beneficial
ownership of these reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed
an admission that any such person is the beneficial owner of these securities for purposes of Section 16 of the U.S. Securities
Exchange Act of 1934, as amended, or for any other purpose.

Attention:  Intentional misstatements
or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).

Exhibit A

AGREEMENT

In accordance with Rule 13d-1(k) under the
Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of them of a statement
on Schedule 13D (including amendments thereto) with respect to the shares of common stock, $0.001 par value per share, of
PLx Pharma Inc., a Delaware corporation, and further agree that this Joint Filing Agreement be included as Exhibit A to such Schedule
13D.  In evidence thereof, the undersigned hereby execute this agreement this 20th day of November, 2017.