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

Page 2 of 10 – SEC Filing

CUSIP No.  72942A107
1. Names of Reporting Persons.  I.R.S. Identification Nos. of above persons (entities only):

Park West Asset Management LLC

2. Check
the Appropriate Box if a Member of a Group (See Instructions):
(a)        [   ]
(b)        [   ]
3. SEC Use Only
4. Source of Funds (See Instructions):  AF
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e):  
            [   ]
6. Citizenship
or Place of Organization:  Delaware
Number of 7. Sole Voting Power: 0
Shares Beneficially 8. Shared Voting Power: 1,075,723*
Owned by      
Each Reporting 9. Sole
Dispositive Power:
Person With 10. Shared Dispositive Power: 1,075,723*  
11. Aggregate Amount Beneficially Owned by Each Reporting Person:   1,075,723*
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):    
            [   ]
13. Percent of Class Represented by Amount in Row (11):      12.3%*
14. Type
of Reporting Person (See Instructions):   IA

*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.

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