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

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.  The foregoing beneficial
ownership percentage is based upon 8,683,915 shares of Common Stock, issued and outstanding immediately after the consummation
of the Company’s public offering of Common Stock, as reported by the Company in its prospectus supplement dated June 9,
2017 (File No. 333-204830), filed with the Securities and Exchange Commission on June 12, 2017.