13G Filing: Park West Asset Management and PLx Pharma Inc. (PLXP)

Item 1(a). Name of
Issuer: PLx Pharma Inc. (the “Company”)

Item 1(b). Address of Issuer’s Principal Executive Offices:

8285 El Rio Street, Suite 130

Houston, Texas, 77054

Item 2(a). Name of Person Filing:

This
report on Schedule 13G (this “Schedule 13G”), is being jointly filed by (i) Park West Asset Management LLC (“PWAM”),
a Delaware limited liability company and the investment manager to (a) Park West Investors Master Fund, Limited (“PWIMF”),
a Cayman Islands exempted company that is the holder of 953,465 shares
of common stock, $0.001 par value per share ( “Common Stock”), of the Company and, subject to the limitation described
below, warrants to purchase up to 902,528 shares of Common Stock, reported on this Schedule 13G, and (b) Park West Partners International,
Limited (“PWPI” and, collectively with PWIMF, the “PW Funds”), a Cayman Islands exempted company that
is the holder of 122,258 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 115,653
shares of Common Stock reported on this Schedule 13G; (ii) PWIMF; and (iii) Peter S. Park, as the sole member and manager of PWAM
(“Mr. Park” and, collectively with PWAM, the “Reporting Persons”).

The warrants held by PWIMF
to purchase 902,528 shares of Common Stock and by PWPI to purchase 115,653 shares of Common Stock 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 Company). As a result, for purposes of Reg. Section
240.13d-3, PWAM, PWIMF, PWPI and Mr. Park may currently be deemed not to own any shares of Common Stock underlying the warrants.

The 1,075,723 shares of Common Stock
held in the aggregate by the PW Funds, which constitutes approximately 12.4% of the shares of Common Stock deemed issued and outstanding
as of June 9, 2017, may be deemed to be beneficially owned (x) indirectly by PWAM, as the investment adviser to PWIMF and PWPI,
and (y) indirectly by Mr. Park, as the sole member and manager of PWAM.

As of June 9, 2017, PWIMF held 953,465 shares of Common Stock constituting approximately 11.0% of the Common
Stock deemed issued and outstanding as of June 9, 2017.

13G Filing: Park West Asset Management and PLx Pharma Inc. (PLXP)

Published on June 20, 2017 at 11:31 am by Insider Monkey Staff in Hedge Funds

Page 5 of 12 – SEC Filing

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Item 1(a). Name of Issuer: PLx Pharma Inc. (the “Company”)

Item 1(b). Address of Issuer’s Principal Executive Offices:
	8285 El Rio Street, Suite 130 Houston, Texas, 77054
Item 2(a). Name of Person Filing:
	This report on Schedule 13G (this “Schedule 13G”), is being jointly filed by (i) Park West Asset Management LLC (“PWAM”), a Delaware limited liability company and the investment manager to (a) Park West Investors Master Fund, Limited (“PWIMF”), a Cayman Islands exempted company that is the holder of 953,465 shares of common stock, $0.001 par value per share ( “Common Stock”), of the Company and, subject to the limitation described below, warrants to purchase up to 902,528 shares of Common Stock, reported on this Schedule 13G, and (b) Park West Partners International, Limited (“PWPI” and, collectively with PWIMF, the “PW Funds”), a Cayman Islands exempted company that is the holder of 122,258 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 115,653 shares of Common Stock reported on this Schedule 13G; (ii) PWIMF; and (iii) Peter S. Park, as the sole member and manager of PWAM (“Mr. Park” and, collectively with PWAM, the “Reporting Persons”). The warrants held by PWIMF to purchase 902,528 shares of Common Stock and by PWPI to purchase 115,653 shares of Common Stock 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 Company). As a result, for purposes of Reg. Section 240.13d-3, PWAM, PWIMF, PWPI and Mr. Park may currently be deemed not to own any shares of Common Stock underlying the warrants. The 1,075,723 shares of Common Stock held in the aggregate by the PW Funds, which constitutes approximately 12.4% of the shares of Common Stock deemed issued and outstanding as of June 9, 2017, may be deemed to be beneficially owned (x) indirectly by PWAM, as the investment adviser to PWIMF and PWPI, and (y) indirectly by Mr. Park, as the sole member and manager of PWAM. As of June 9, 2017, PWIMF held 953,465 shares of Common Stock constituting approximately 11.0% of the Common Stock deemed issued and outstanding as of June 9, 2017.