PLx Pharma Winddown (PLXPQ) 10-K 20 Jan 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jan. 16, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	Dipexium Pharmaceuticals, Inc.
Entity Central Index Key	1,497,504
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 61,386,831
Trading Symbol	DPRX
Entity Common Stock, Shares Outstanding		11,115,747

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash	$ 16,675,228	$ 5,234,953
Short-term Investments	0	26,977,362
Prepaid Expenses	359,015	146,145
TOTAL CURRENT ASSETS	17,034,243	32,358,460
OTHER ASSETS
Security Deposit	56,630	49,385
TOTAL OTHER ASSETS	56,630	49,385
TOTAL ASSETS	17,090,873	32,407,845
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses	2,121,893	1,606,307
TOTAL LIABILITIES	2,121,893	1,606,307
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common Stock: $.001 par value, 30,000,000 shares authorized, 11,115,747 and 10,301,114 shares issued and outstanding at December 31, 2016 and 2015, respectively	11,116	10,301
Additional paid-in capital	77,340,448	71,852,692
Accumulated deficit	(62,382,584)	(41,061,455)
TOTAL SHAREHOLDERS' EQUITY	14,968,980	30,801,538
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 17,090,873	$ 32,407,845

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	30,000,000	30,000,000
Common Stock, shares issued	11,115,747	10,301,114
Common Stock, shares outstanding	11,115,747	10,301,114

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
REVENUES	$ 0	$ 0
OPERATING EXPENSES
Research and Development Expenses	12,753,917	11,286,236
Selling, General and Administrative Expenses	8,613,981	7,478,527
TOTAL OPERATING EXPENSES	21,367,898	18,764,763
LOSS FROM OPERATIONS	(21,367,898)	(18,764,763)
Interest Income	46,769	22,057
NET LOSS	$ (21,321,129)	$ (18,742,706)
LOSS PER SHARE
Basic and diluted net loss per common share (in dollars per share)	$ (2.06)	$ (1.99)
Weighted average common shares outstanding basic and diluted	10,365,840	9,432,705

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock Shares	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2014	$ 25,949,240	$ 8,538	$ 48,259,451	$ (22,318,749)
Balance (in shares) at Dec. 31, 2014		8,538,329
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock, Net of Issuance Costs	19,743,885	$ 1,702	19,742,183
Issuance of Common Stock, Net of Issuance Costs (in shares)		1,702,000
Share-Based payments to vendors	575,211	$ 44	575,167
Share-Based payments to vendors (in shares)		43,953
Share-Based Compensation	3,275,908	$ 14	3,275,894
Share-Based Compensation (in shares)		14,000
Cashless Exercise of Warrants		$ 3	(3)
Cashless Exercise of Warrants (in shares)		2,832
Net Loss	(18,742,706)			(18,742,706)
Balance at Dec. 31, 2015	$ 30,801,538	$ 10,301	71,852,692	(41,061,455)
Balance (in shares) at Dec. 31, 2015	10,301,114	10,301,114
Increase (Decrease) in Stockholders' Equity
Share-Based payments to vendors	$ 739,768	$ 83	739,685
Share-Based payments to vendors (in shares)		82,964
Shares issued to vendors to settle final invoices		$ 715	1,116,805	1,117,520
Shares issued to vendors to settle final invoices (in shares)		714,625
Share-Based Compensation	3,631,283	$ 14	3,631,269
Share-Based Compensation (in shares)		14,000
Cashless Exercise of Warrants	0	$ 3	(3)
Cashless Exercise of Warrants (in shares)		3,044
Net Loss	(21,321,129)			(21,321,129)
Balance at Dec. 31, 2016	$ 14,968,980	$ 11,116	$ 77,340,448	$ (62,382,584)
Balance (in shares) at Dec. 31, 2016	11,115,747	11,115,747

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating Activities:
Net Loss	$ (21,321,129)	$ (18,742,706)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-Based Compensation	3,631,283	3,275,908
Share-Based Payments to Vendors	739,768	575,211
Amortization of short-term investment interest income	(46,043)	(20,621)
(Increase) / Decrease In:
Prepaid Expenses	(212,870)	(26,017)
Security Deposits	(7,245)	0
Accounts Payable and Accrued Expenses	1,633,075	345,708
Net Cash Used In Operating Activities	(15,583,161)	(14,592,517)
Investing Activities:
Proceeds of Short-term Investments	40,000,000	4,000,000
Purchase of Short-term Investments	(12,976,564)	(30,956,740)
Net Cash Provided by (Used In) Investing Activities	27,023,436	(26,956,740)
Financing Activities:
Proceeds from issuance of Common Stock, net of issuance costs	0	19,743,885
Net Cash Provided By Financing Activities	0	19,743,885
Net Increase (Decrease) In Cash	11,440,275	(21,805,372)
Cash at Beginning of Year	5,234,953	27,040,325
Cash at End of Year	16,675,228	5,234,953
Supplemental Disclosure of Non-Cash Operating Activities:
Shares issued to Vendors to settle final invoices	$ 1,117,520	$ 0

NATURE OF OPERATIONS and SIGNIF

NATURE OF OPERATIONS and SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
NATURE OF OPERATIONS and SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — NATURE OF OPERATIONS and SIGNIFICANT ACCOUNTING POLICIES Business Dipexium Pharmaceuticals, Inc. (the “Company” 23.25 or PLx 700,000 or $ 500,000 respectively, if The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. The Company has needed to raise capital from sales of its securities to sustain operations. In March 2014, the Company completed an initial public offering (“IPO”) of common stock with proceeds, net of issuance costs, of approximately $ 34.5 19.7 16.7 12.0 Under the proposed merger, the combined company will initially be focused on completion of manufacturing scale-up and label finalization for the previously conditionally approved AspertecTM 325 mg. aspirin dosage form thereby satisfying the open conditional items, and filing of a supplemental new drug application (sNDA) for Aspertec 81 mg. maintenance dose form. Aspertec is being developed to provide high-risk cardiovascular and neurology patients with more reliable and predictable antiplatelet efficacy as compared to enteric coated aspirin while also reducing the adverse gastric events common in an acute setting. PLx stockholders will receive newly issued shares of common stock of Dipexium in connection with the Proposed Merger contemplated by the Merger Agreement. Upon the closing of the Proposed Merger, existing PLx stockholders are expected to own 76.75 23.25 The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, development of sales and marketing infrastructure and compliance with the Food and Drug Administration (“FDA”) and other governmental regulations and approval requirements. The Company’s consolidated financial statements include the accounts of the parent, Dipexium Pharmaceuticals, Inc., and Dipexium Pharmaceuticals Ireland, Limited, a wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The Company considers all highly-liquid instruments purchased with a maturity of three months or less to be cash. Instruments with maturities greater than three months, but less than twelve months are included in short-term investments. The Company purchases United States Treasury bills with maturities ranging from six to twelve months which are classified as being held to maturity and are carried at amortized cost. Securities classified as held to maturity securities are those securities that management has the intent and ability to hold to maturity. The Company maintains its cash balance in one financial institution. The balance is insured up to the maximum allowable by the Federal Deposit Insurance Company (“FDIC”). The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk of loss on cash. At times, the cash balance may exceed the maximum limit of the FDIC. In accordance with Accounting Standards Codification (“ASC”) 730, Accounting for Research and Development Costs 12,753,917 11,286,236 Although the Company manages the conduct of its clinical trials, it relies on third parties to conduct its clinical and preclinical studies and to provide services, including data management, statistical analysis and electronic compilation for clinical trials, as well as for the manufacture of clinical trial supplies. At the end of each reporting period, the Company compares the payments made to each service provider to the estimated progress towards completion of the related project. Factors that are considered in preparing these estimates include the number of subjects enrolled in studies, milestones achieved and other criteria related to the efforts of the vendors. These estimates are subject to change as additional information becomes available. Depending on the timing of payments to vendors and estimated services provided, the Company records net prepaid or accrued expenses related to these costs. The Company accounts for the cost of services performed by officers and directors received in exchange for an award of Company membership interests, common stock, or stock options, based on the grant-date fair value of the award. In accordance with ASC 718, Stock Compensation The Company accounts for the cost of services performed by vendors in exchange for an award of common stock of the Company based on the grant-date fair value of the award or fair value of the services rendered, whichever is more readily determinable and adjusted to fair value at each reporting date. Such fair value is measured as of the earlier of the date the other party becomes committed to provide goods or services or the date performance by the other party is complete. The Company recognizes the expense in the same period and in the same manner as if the Company had paid cash for the services. The consolidated financial statements are presented in U.S. Dollars (“USD”), the reporting currency of the Company. The functional currency for the Company’s subsidiary located in Ireland is the USD. Transactions denominated in Euro were translated to USD at rates which approximate those in effect on transaction dates. Monetary assets and liabilities denominated in foreign currencies at December 31, 2016 were translated at the exchange rate in effect as of those dates. Nonmonetary assets, liabilities, and shareholders’ equity are translated at the appropriate historical rates. The Company has intercompany loans between the parent company, Dipexium Pharmaceuticals, Inc., based in New York, NY, and its wholly owned subsidiary, Dipexium Pharmaceuticals Ireland, Limited, based in Ireland. The intercompany loans outstanding are not expected to be repaid in the foreseeable future. The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities and the expected benefits of net operating loss carryforwards. The impact of changes in tax rates and laws on deferred taxes, if any, applied during the years in which temporary differences are expected to be settled, is reflected in the financial statements in the period of enactment. The measurement of deferred tax assets is reduced, if necessary, based on weight of the evidence, it is more likely than not that some, or all, of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The Company had no material amounts recorded for uncertain tax positions, interest or penalties in the accompanying consolidated financial statements. The Company currently estimates an annual effective tax rate of 0 Based on the Company’s history of generating operating losses and its anticipation of operating losses continuing in the foreseeable future, the Company has determined that it is more likely than not that the tax benefits from these net operating losses would not be realized and a full valuation allowance against all deferred tax assets has been recorded at December 31, 2016 and 2015. In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740), In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 2 — FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amount of certain of the Company’s financial instruments, including cash and accounts payable, is shown at cost, which approximates fair value. Short-term investments with maturities ranging from six to twelve months are classified as being held to maturity and are carried at amortized cost. The cost, gross unrealized gains, and the fair value of related securities at December 31, 2016 and 2015 were as follows: Total (maturities within 12 months) Cost Unrealized Gain Fair Value Held to Maturity: Debt Securities: U.S. Government sponsored bonds at December 31, 2016 $ - $ - $ - U.S. Government sponsored bonds at December 31, 2015 $ 26,958,214 $ 4,646 $ 26,962,860 The Company had total amortized interest income for the years ended December 31, 2016 and 2015 of $ 46,043 20,621 26,977,362 19,148

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2016
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	NOTE 3 — Accounts payable and accrued expenses at December 31, 2016 and 2015 are as follows: December 31, 2016 December 31, 2015 Accrued compensation expense $ 579,207 $ 663,404 Accrued research and development 460,219 859,053 Accrued professional fees 1,040,184 55,787 Other accounts payable and accrued expenses 42,283 28,063 Totals $ 2,121,893 $

SHARE-BASED COMPENSATION and ST

SHARE-BASED COMPENSATION and STOCK OPTIONS	12 Months Ended
	Dec. 31, 2016
SHARE-BASED COMPENSATION and STOCK OPTIONS
SHARE-BASED COMPENSATION and STOCK OPTIONS	NOTE 4 — SHARE-BASED COMPENSATION and STOCK OPTIONS Prior to the Company’s IPO, the Company granted awards of restricted Class A Membership Interests to board members in exchange for services. These membership interests awards, which were converted to restricted common shares (7:1 ratio) at the time of the corporate conversion in March 2014, were originally scheduled to vest over a period of either three or four years with the first year beginning on the date the member joined the board. In each case, the restricted common shares involved accelerated vesting upon a change of control or other business combination. The fair value of the membership interests, at the time they were granted, was equal to the per-membership interest value of the most recent private placement ($ 50 100,000 The following table summarizes the restricted common stock at December 31, 2016: Restricted Common Stock Nonvested at January 1, 2015 42,000 Granted — Forfeited — Vested (14,000) Nonvested at December 31, 2015 28,000 Granted — Forfeited — Vested (14,000) Nonvested at December 31, 2016 14,000 As of December 31, 2016, there was $ 20,833 0.25 In November 2013, the board of directors adopted the 2013 Equity Incentive Plan. The plan became effective as of the completion of the corporate conversion and the closing of the IPO. The 2013 Equity Incentive Plan currently reserves 2,141,169 696,156 In January 2015, the Company granted stock options to purchase 251,000 11.35 24 35,000 353,150 In January 2016, the Company granted stock options to purchase 287,500 10.16 24 27,500 181,775 In the third quarter of 2016, the Company granted stock options to purchase 45,226 11.42 12.59 In the fourth quarter of 2016, two Company employees were terminated. In accordance with their employment agreements, their options became fully vested as of the date of their termination. As such, the Company expensed $ 144,920 274,139 Compensation expense associated with these awards is recognized over the vesting period based on the fair value of the option at the grant date determined based on the Black-Scholes model. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate. Because there is no public market for the Company’s stock options and very little historical experience with the Company’s stock, similar public companies were used for comparison and expectations as to the price volatility assumptions required for fair value computation using the Black-Scholes methodology. The Company determined the fair value of the option awards using the Black-Scholes option pricing model and the following weighted average assumptions for options issued during the respective periods: Year Ended Year Ended December 31, 2016 December 31, 2015 Expected term 5.67 years 5.65 years Volatility 63.4 62.1 % Dividend yield 0 % 0 % Risk free interest rate 1.53 % 1.58 % ASC 718 requires stock compensation expense to be recorded net of estimated forfeitures. The Company currently estimates there will be no forfeitures of options. A summary of the Company’s stock option activity is as follows: Weighted Average Number of Options Exercise Price Outstanding at January 1, 2015 861,287 $ 13.90 Granted 251,000 $ 11.35 Forfeited — Outstanding and expected to vest at December 31, 2015 1,112,287 $ 13.32 Granted 332,726 $ 10.35 Forfeited — Outstanding and expected to vest at December 31, 2016 1,445,013 $ 12.64 Compensation expense relating to options for the years ended December 31, 2016 and 2015 was $ 3,538,914 3,175,908 565,470 0.6 5.02 7.61 0 5.24 1,315,229

SHARE-BASED PAYMENTS TO VENDORS

SHARE-BASED PAYMENTS TO VENDORS	12 Months Ended
	Dec. 31, 2016
SHARE-BASED PAYMENTS TO VENDORS
SHARE-BASED PAYMENTS TO VENDORS	NOTE 5 — SHARE-BASED PAYMENTS TO VENDORS In the ordinary course of business, the Company may issue restricted stock for services rendered by a vendor. The vesting of restricted stock and the associated expense for the services rendered are recorded over the term of the related contract. Research and development expenses resulting from vendor equity issuances for the years ended December 31, 2016 and 2015 were $ 739,768 575,211

LEASE OF OFFICE SPACE

LEASE OF OFFICE SPACE	12 Months Ended
	Dec. 31, 2016
LEASE OF OFFICE SPACE
LEASE OF OFFICE SPACE	NOTE 6 — LEASE OF OFFICE SPACE In January 2016, the Company entered into a lease for office space commencing in March 2016. The term of the lease is for five years and five months with total minimum lease payments of approximately $1.28 million. The future minimum lease payments under this lease are as follows: Year ending December 31: 2017 $ 231,534 2018 238,004 2019 244,658 2020 251,522 2021 150,347 Total $ 1,116,065

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
INCOME TAXES
INCOME TAXES	NOTE 7 — INCOME TAXES The Company has $28.2 million of net operating loss carryforwards and $1.8 million of research tax credit carryforwards as of December 31, 2016. The net operating loss carryforwards and research tax credit carryforwards begin to expire in 2034 and will be utilized for tax purposes at such time the Company generates taxable income. The utilization of these net operating loss carryforwards may also be limited to the extent the Company has certain ownership changes. The components of the net deferred income tax asset at December 31, 2016 and 2015 are as follows: 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 12,577,138 $ 11,353,162 Share-based compensation 3,578,769 2,023,572 Research and development credit carryforwards 1,808,123 1,205,464 Gross deferred tax assets 17,964,030 14,582,198 Less valuation allowance (17,964,030 ) (14,582,198 ) Net deferred tax asset $ — $ — In assessing the realizability of deferred tax assets, the Company considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible. After consideration of all the evidence, both positive and negative, the Company has recorded a full valuation allowance against their net deferred tax assets at December 31, 2016 because the Company has determined that it is more-likely-than-not that these assets will not be fully realized. The Company reserves 100% of the deferred tax asset because under GAAP accounting rules this is required for all pre-revenue companies. In the event the Company becomes profitable for a period of two or more years, with future expectations at that time of profitability for future years prior to any significant change in its equity capitalization, the Company would have an opportunity to realize benefit from the deferred tax asset at such time in the future. Utilization of the Company’s net operating loss carryforwards and research and development credit carryforwards may be subject to a substantial annual limitation due to an “ownership change” that may have occurred, or that could occur in the future, as defined and required by Section 382 of the Internal Revenue Code of 1986, as amended, as well as similar state provisions. These ownership changes may limit the amount of net operating loss carryforwards and research and development credit carryforwards, and other tax attributes that can be utilized annually to offset future taxable income and tax, respectively. Any limitation may result in the expiration of a portion of the net operating loss carryforwards or research and development credit carryforwards before utilization. In general, an “ownership change” results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50% of the outstanding stock of a company by certain stockholders or public groups. The Company has not performed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since the Company’s formation, and will complete such study before the use of any of the aforementioned attributes. The Company did not have unrecognized tax benefits as of December 31, 2016, and does not expect this to change significantly over the next twelve months. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of December 31, 2016, the Company has not accrued interest or penalties related to any uncertain tax positions. A reconciliation of income tax expense (benefit) at the statutory Federal income tax rate and income taxes as reflected in the financial statements for each of the years ended December 31, 2016 and 2015 is as follows: 2016 2015 Federal income tax expense at statutory rate (34.0 )% (34.0 )% Permanent differences 15.3 0.1 Change in valuation allowance 15.8 33.9 Other 2.9 — Effective income tax rate — % — % The Company has generated research credits but has not conducted a study to document the qualified activities. This study may result in an adjustment to research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position for these years. A full valuation allowance has been provided against research and development credits and, if an adjustment is required, this adjustment to the deferred tax asset established for the research and development credit carryforwards would be offset by an adjustment to the valuation allowance. The Company files income tax returns in the U.S. Federal jurisdiction, and various state and local jurisdictions.

LEGAL MATTERS

LEGAL MATTERS	12 Months Ended
	Dec. 31, 2016
LEGAL MATTERS
LEGAL MATTERS	NOTE 8 — LEGAL MATTERS The Company and its two original executives were three of some 30 defendants in a lawsuit filed by a former stockholder of Genaera Corporation, which was the predecessor of the Genaera Liquidating Trust, the party from which the Company purchased the worldwide rights to pexiganan, the active pharmaceutical ingredient of Locilex ® The complaint alleged, among other things, that the Company and its two executives aided and abetted a breach of fiduciary duty alleged to have been committed by the former directors and officers of Genaera Corporation before it was approved for dissolution by its shareholders and also Argyce, LLC, the trustee of the Liquidating Trust. Plaintiff claims that the Company, and its executives, aided and abetted a breach of the duties of the board of directors and the trustee under common law and under a certain trust agreement allegedly signed between Argyce, LLC, as the trustee, and the Liquidating Trust. With regard to the claims made against the Company and its two executives, the plaintiff alleged, in pertinent part, that the Company’s acquisition of the pexiganan rights was for alleged inadequate consideration, and that the Company and its management aided and abetted a breach of fiduciary duty by the Genaera Corporation defendants who were formerly associated with Genaera Corporation and/or the Trust. The Company and its two executives filed a motion to dismiss the complaint within the prescribed time period. All of the other defendants in this litigation also filed motions to dismiss, and a court order by the Federal District Court granted each and every motion to dismiss, with prejudice, without leave to refile, on August 12, 2013 based on the argument that plaintiff’s claims were time barred. A subsequent motion to reconsider such dismissal was denied by the Federal District Court. Plaintiff appealed the dismissal to the United States Third Circuit Court of Appeals seeking reversal of the dismissal and the Third Circuit Court granted plaintiff’s appeal. On October 17, 2014, the Third Circuit Appellate Court, in a 2-1 decision with a strong dissenting opinion, reversed the trial court’s dismissal of Plaintiff’s claims based on the expiration of the applicable statutes of limitation. In a 2-1 decision, the Third Circuit held that more information was necessary to determine when plaintiff should have been on notice of his claims to determine the applicability of the discovery rule, which could serve to extend the time frame in which plaintiff could bring his claims. Due to the strong dissent, all Defendants filed the necessary documents requesting a petition for rehearing en banc, by the majority of the Third Circuit justices who are in active service. The Third Circuit denied the request for en banc hearing and remanded this case to District Court. Upon remand to the Federal District Court, The District Court held a hearing on this in September 2015 and the District Court delivered an Order on November 10, 2015 pursuant to which the District Court granted the Motion to Dismiss filed by each and every defendant including the Company and its two executives. In December 2015, plaintiff appealed the Federal District Court’s decision to the Third Circuit Appellate Court and the Company anticipates a decision on whether to grant plaintiff’s appeal by the Third Circuit Appellate Court in the first quarter of 2017.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 9 — RELATED PARTY TRANSACTIONS The Company engaged the consulting services of Drug Development Advisors (“DDA”) pursuant to which DDA performed detailed analysis on a number of the Company’s preclinical studies in connection with the NDA process. DDA is owned and operated by a member of the Company’s board of directors. The Company incurred expenses for services provided by DDA in the amounts of $ 20,541 24,550

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2016
NET LOSS PER SHARE
NET LOSS PER SHARE	Basic and diluted net loss per common share for the years ended December 31, 2016 and 2015 were determined by dividing net loss by the weighted average common shares outstanding during the period. The Company’s potentially dilutive shares, which include 1,445,013 14,000 10,500

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENT	NOTE 11 — On January 6, 2017, in connection with the execution of the Merger Agreement, Dipexium loaned PLx $ 2.0 The Bridge Loan accrues interest on all outstanding principal at a rate of 8 (a) October 15, 2017, or (b) the date that is two hundred seventy (270) days following the termination of the Merger Agreement, subject to acceleration in the event that (i) the Merger Agreement is terminated by Dipexium if PLx has breached any of its representations, warranties, covenants or agreements contained in the Merger Agreement such that the conditions to the closing of the Proposed Merger would not be satisfied as of the time of such breach or inaccuracy, but if such breach or inaccuracy is curable, then the Merger Agreement will not terminate pursuant to this provision as a result of a particular breach or inaccuracy until the expiration of a 30-day period after delivery of written notice of such breach or inaccuracy if such breach has not been cured; and (ii) PLx thereafter consummates a financing of at least $10.0 million or conducts a reorganization, consolidation, or merger of PLx pursuant to which the holders of PLx’s securities prior to such transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction or the consummation of the sale, lease, transfer, conveyance or other disposition in one or a series of transactions, of all or substantially all of PLx’s assets, or PLx and its subsidiaries, taken as a whole, to any person or entity. The Bridge Loan is secured by a first priority perfected security interest in and lien on all right, title and interest of PLx in and to substantially all of its assets. Upon the occurrence of any of the following events that results in a termination of the Merger Agreement, any security interest created by the promissory note shall immediately cease to be effective: · if the closing shall not have occurred on or before April 30, 2017 (or such later date as agreed to by the parties to the Merger Agreement) (the “outside date”), except that the right to so terminate the Merger Agreement will not be available to Dipexium or PLx if its failure to fulfill any obligation under the Merger Agreement has been a principal cause of, or resulted in the failure of the closing to occur by such date; and provided, further, however, that, in the event that this joint proxy statement/prospectus is still being reviewed or commented on by the SEC after March 15, 2017, either party shall be entitled to extend the outside date by an additional sixty (60) days; · (i) if the Dipexium board of directors changes its recommendation to approve the issuance of shares of Dipexium common stock necessary to complete the Proposed Merger, (ii) if Dipexium materially breaches its non-solicitation covenants in the Merger Agreement, or (iii) if Dipexium breaches any of its representations, warranties, covenants or other agreements contained in the Merger Agreement, which breach or failure would render the conditions precedent to PLx’s obligations under the Merger Agreement not to be satisfied and which breach is not cured within 30 days following written notice of such breach or by its nature or timing cannot be cured within that time; or · if Dipexium enters into an agreement providing for a “superior proposal”.

NATURE OF OPERATIONS and SIGN18

NATURE OF OPERATIONS and SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Consolidation	The Company’s consolidated financial statements include the accounts of the parent, Dipexium Pharmaceuticals, Inc., and Dipexium Pharmaceuticals Ireland, Limited, a wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Cash, Cash Equivalents, and Short-Term Investments	Cash and Short-Term Investments The Company considers all highly-liquid instruments purchased with a maturity of three months or less to be cash. Instruments with maturities greater than three months, but less than twelve months are included in short-term investments. The Company purchases United States Treasury bills with maturities ranging from six to twelve months which are classified as being held to maturity and are carried at amortized cost. Securities classified as held to maturity securities are those securities that management has the intent and ability to hold to maturity. The Company maintains its cash balance in one financial institution. The balance is insured up to the maximum allowable by the Federal Deposit Insurance Company (“FDIC”). The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk of loss on cash. At times, the cash balance may exceed the maximum limit of the FDIC.
Research and Development	Research and Development In accordance with Accounting Standards Codification (“ASC”) 730, Accounting for Research and Development Costs 12,753,917 11,286,236 Although the Company manages the conduct of its clinical trials, it relies on third parties to conduct its clinical and preclinical studies and to provide services, including data management, statistical analysis and electronic compilation for clinical trials, as well as for the manufacture of clinical trial supplies. At the end of each reporting period, the Company compares the payments made to each service provider to the estimated progress towards completion of the related project. Factors that are considered in preparing these estimates include the number of subjects enrolled in studies, milestones achieved and other criteria related to the efforts of the vendors. These estimates are subject to change as additional information becomes available. Depending on the timing of payments to vendors and estimated services provided, the Company records net prepaid or accrued expenses related to these costs.
Share-Based Compensation	Share-Based Compensation The Company accounts for the cost of services performed by officers and directors received in exchange for an award of Company membership interests, common stock, or stock options, based on the grant-date fair value of the award. In accordance with ASC 718, Stock Compensation
Share-Based Payments to Vendors	Share-Based Payments to Vendors The Company accounts for the cost of services performed by vendors in exchange for an award of common stock of the Company based on the grant-date fair value of the award or fair value of the services rendered, whichever is more readily determinable and adjusted to fair value at each reporting date. Such fair value is measured as of the earlier of the date the other party becomes committed to provide goods or services or the date performance by the other party is complete. The Company recognizes the expense in the same period and in the same manner as if the Company had paid cash for the services.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The consolidated financial statements are presented in U.S. Dollars (“USD”), the reporting currency of the Company. The functional currency for the Company’s subsidiary located in Ireland is the USD. Transactions denominated in Euro were translated to USD at rates which approximate those in effect on transaction dates. Monetary assets and liabilities denominated in foreign currencies at December 31, 2016 were translated at the exchange rate in effect as of those dates. Nonmonetary assets, liabilities, and shareholders’ equity are translated at the appropriate historical rates. The Company has intercompany loans between the parent company, Dipexium Pharmaceuticals, Inc., based in New York, NY, and its wholly owned subsidiary, Dipexium Pharmaceuticals Ireland, Limited, based in Ireland. The intercompany loans outstanding are not expected to be repaid in the foreseeable future.
Income Taxes	Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities and the expected benefits of net operating loss carryforwards. The impact of changes in tax rates and laws on deferred taxes, if any, applied during the years in which temporary differences are expected to be settled, is reflected in the financial statements in the period of enactment. The measurement of deferred tax assets is reduced, if necessary, based on weight of the evidence, it is more likely than not that some, or all, of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The Company had no material amounts recorded for uncertain tax positions, interest or penalties in the accompanying consolidated financial statements. The Company currently estimates an annual effective tax rate of 0 Based on the Company’s history of generating operating losses and its anticipation of operating losses continuing in the foreseeable future, the Company has determined that it is more likely than not that the tax benefits from these net operating losses would not be realized and a full valuation allowance against all deferred tax assets has been recorded at December 31, 2016 and 2015.
Recent Accounting Pronouncements	In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740), In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern

FAIR VALUE OF FINANCIAL INSTR19

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS
Gross unrealized gains and fair value of related securities	Total (maturities within 12 months) Cost Unrealized Gain Fair Value Held to Maturity: Debt Securities: U.S. Government sponsored bonds at December 31, 2016 $ - $ - $ - U.S. Government sponsored bonds at December 31, 2015 $ 26,958,214 $ 4,646 $ 26,962,860

ACCOUNTS PAYABLE AND ACCRUED 20

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2016
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	December 31, 2016 December 31, 2015 Accrued compensation expense $ 579,207 $ 663,404 Accrued research and development 460,219 859,053 Accrued professional fees 1,040,184 55,787 Other accounts payable and accrued expenses 42,283 28,063 Totals $ 2,121,893 $

SHARE-BASED COMPENSATION and 21

SHARE-BASED COMPENSATION and STOCK OPTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
SHARE-BASED COMPENSATION and STOCK OPTIONS
Summary of restricted common stock	Restricted Common Stock Nonvested at January 1, 2015 42,000 Granted — Forfeited — Vested (14,000) Nonvested at December 31, 2015 28,000 Granted — Forfeited — Vested (14,000) Nonvested at December 31, 2016 14,000
Schedule of weighted average assumptions for options used in determining the fair value of the option awards using the Black-Scholes option pricing model	Year Ended Year Ended December 31, 2016 December 31, 2015 Expected term 5.67 years 5.65 years Volatility 63.4 62.1 % Dividend yield 0 % 0 % Risk free interest rate 1.53 % 1.58 %
Summary of stock option activity	Weighted Average Number of Options Exercise Price Outstanding at January 1, 2015 861,287 $ 13.90 Granted 251,000 $ 11.35 Forfeited — Outstanding and expected to vest at December 31, 2015 1,112,287 $ 13.32 Granted 332,726 $ 10.35 Forfeited — Outstanding and expected to vest at December 31, 2016 1,445,013 $ 12.64

LEASE OF OFFICE SPACE (Tables)

LEASE OF OFFICE SPACE (Tables)	12 Months Ended
	Dec. 31, 2016
LEASE OF OFFICE SPACE
Future minimum lease payments	Year ending December 31: 2017 $ 231,534 2018 238,004 2019 244,658 2020 251,522 2021 150,347 Total $ 1,116,065

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
INCOME TAXES
Components of net deferred income tax assets	The components of the net deferred income tax asset at December 31, 2016 and 2015 are as follows: 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 12,577,138 $ 11,353,162 Share-based compensation 3,578,769 2,023,572 Research and development credit carryforwards 1,808,123 1,205,464 Gross deferred tax assets 17,964,030 14,582,198 Less valuation allowance (17,964,030 ) (14,582,198 ) Net deferred tax asset $ — $ —
Reconciliation of income tax expense (benefit) at the statutory federal income tax rate	A reconciliation of income tax expense (benefit) at the statutory Federal income tax rate and income taxes as reflected in the financial statements for each of the years ended December 31, 2016 and 2015 is as follows: 2016 2015 Federal income tax expense at statutory rate (34.0 )% (34.0 )% Permanent differences 15.3 0.1 Change in valuation allowance 15.8 33.9 Other 2.9 — Effective income tax rate — % — %

NATURE OF OPERATIONS and SIGN24

NATURE OF OPERATIONS and SIGNIFICANT ACCOUNTING POLICIES - NATURE OF OPERATIONS (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2015	Mar. 31, 2014	Dec. 31, 2016	Dec. 22, 2016
Net proceeds from IPO	$ 19,700,000	$ 34,500,000
Cash, Cash Equivalents, and Short-term Investments			$ 16,700,000
Expected Percentage Own by Parent Company on Common Share Outstanding				23.25%
Minimum Cash Balance to be Maintained			12,000,000
Termination Fee Payable			700,000
PLx Pharma Inc [Member]
Business Acquisition, Expected Percentage on Common Share Outstanding				76.75%
Business combination Expected Ownership Maintain Percentage				23.25%
Termination Fee Payable			$ 500,000

NATURE OF OPERATIONS and SIGN25

NATURE OF OPERATIONS and SIGNIFICANT ACCOUNTING POLICIES - SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Research and Development
Net research and development expenses	$ 12,753,917	$ 11,286,236
Income Taxes
Estimated annual effective tax rate (as a percent)	0.00%	0.00%
Current federal income tax expense	$ 0	$ 0
Current state income tax expense	$ 0	$ 0
Minimum
Concentration of Credit Risk
Maturity period treasury bills	6 months
Maximum
Concentration of Credit Risk
Maturity period treasury bills	12 months

FAIR VALUE OF FINANCIAL INSTR26

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value of Financial Instruments
Interest income amortized	$ 46,043	$ 20,621
Carrying value	0	26,977,362
Accumulated interest income amortized on remaining bonds		19,148
U.S. Government sponsored bonds
Fair Value of Financial Instruments
Amortized Cost	0	26,958,214
Unrealized Gains	0	4,646
Fair Value	$ 0	$ 26,962,860

ACCOUNTS PAYABLE AND ACCRUED 27

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accrued compensation expense	$ 579,207	$ 663,404
Accrued research and development	460,219	859,053
Accrued professional fees	1,040,184	55,787
Other accounts payable and accrued expenses	42,283	28,063
Totals	$ 2,121,893	$ 1,606,307

SHARE-BASED COMPENSATION and 28

SHARE-BASED COMPENSATION and STOCK OPTIONS - RESTRICTED COMMON SHARES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Nov. 30, 2013
Additional disclosures
Common shares reserved for issuance under Equity Incentive Plan			2,141,169
Common shares available for issuance under Equity Incentive Plan	696,156
Restricted Common Stock
Share-based compensation and stock options
Fair value of the membership interests granted (in dollars per share)	$ 50
Total compensation expense recorded as director fees	$ 100,000	$ 100,000
Summary of restricted common stock
Nonvested at the beginning of the period (in shares)	28,000	42,000
Granted (in shares)	0	0
Forfeited (in shares)	0	0
Vested (in shares)	(14,000)	(14,000)
Nonvested at the end of the period (in shares)	14,000	28,000
Additional disclosures
Total unrecognized compensation cost	$ 20,833
Weighted average period over which total unrecognized compensation cost is expected to be recognized	3 months

SHARE-BASED COMPENSATION and 29

SHARE-BASED COMPENSATION and STOCK OPTIONS - STOCK OPTIONS (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Company's stock option activity
Granted (in shares)	287,500	251,000		45,226
Grant price (in dollars per share)	$ 10.16	$ 11.35
Vesting period	24 months	24 months
Employee [Member]
Company's stock option activity
Share-based Compensation Arrangement by Share-based Payment Award, Expenses Incurred For Vesting Options			$ 144,920
Director [Member]
Company's stock option activity
Share-based Compensation Arrangement by Share-based Payment Award, Expenses Incurred For Vesting Options			$ 274,139
Minimum
Company's stock option activity
Grant price (in dollars per share)				$ 11.42
Maximum
Company's stock option activity
Grant price (in dollars per share)				$ 12.59
Non Employee Member
Company's stock option activity
Granted (in shares)	27,500	35,000
Compensation expense	$ 181,775	$ 353,150
Stock Options
Weighted average assumptions used in determining the fair value of the option awards using the Black-Scholes option pricing model
Expected term					5 years 8 months 1 day	5 years 7 months 24 days
Volatility (as a percent)					63.40%	62.10%
Dividend yield (as a percent)					0.00%	0.00%
Risk free interest rate (as a percent)					1.53%	1.58%
Weighted average grant date fair value of options granted (in dollars per share)					$ 5.02	$ 7.61
Company's stock option activity
Outstanding at the beginning of the period (in shares)	1,112,287	861,287			1,112,287	861,287
Granted (in shares)					332,726	251,000
Forfeited (in shares)					0	0
Outstanding at the end of the period (in shares)			1,445,013		1,445,013	1,112,287
Compensation expense					$ 3,538,914	$ 3,175,908
Total compensation expense not yet recognized			$ 565,470		$ 565,470
Weighted average vesting period over which the total compensation expense will be recorded					7 months 6 days
Intrinsic value			$ 0		$ 0	$ 0
Remaining weighted average contractual life					5 years 2 months 26 days
Exercise price (in dollars per share)			$ 12.64		$ 12.64	$ 13.32	$ 13.90
Grant price (in dollars per share)					$ 10.35	$ 11.35
Options exercisable (in shares)			1,315,229		1,315,229

SHARE-BASED PAYMENTS TO VENDO30

SHARE-BASED PAYMENTS TO VENDORS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Research and development costs relates to vendor equity issuances	$ 739,768	$ 575,211
Common Stock [Member]
Stock Issued During Period, Share, Settle final invoices of Vendor	714,625
Stock Issued During Period Value Settle final invoices of Vendor	$ 715
Retained Earnings [Member]
Stock Issued During Period Value Settle final invoices of Vendor	$ 1,117,520

LEASE OF OFFICE SPACE (Details)

LEASE OF OFFICE SPACE (Details) - USD ($)	1 Months Ended
	Jan. 31, 2016	Dec. 31, 2016
LEASE OF OFFICE SPACE
Term of lease agreement	5 years 5 months
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017		$ 231,534
2,018		238,004
2,019		244,658
2,020		251,522
2,021		150,347
Total future minimum lease payments		$ 1,116,065

INCOME TAXES (Details)

INCOME TAXES (Details)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Net operating loss carry-forwards	$ 28,200,000
Research tax credit carryforwards	1,800,000
Income Taxes
Net operating loss carry-forwards	12,577,138	$ 11,353,162
Share-based compensation	3,578,769	2,023,572
Research and development credit carry-forwards	1,808,123	1,205,464
Gross deferred tax assets	17,964,030	14,582,198
Less: valuation allowance	(17,964,030)	(14,582,198)
Net deferred tax asset	$ 0	$ 0
Percentage of deferred tax asset reserved	100
Effective income tax expense (benefit)
Federal income tax expense at statutory rate	(34.00%)	(34.00%)
Permanent differences	15.30%	0.10%
Change in valuation allowance	15.80%	33.90%
Other	2.90%	0.00%
Effective income tax rate	0.00%	0.00%
Minimum Ownership Percentage Changed by Share Holder or Public Group on Outstanding Stock	50.00%
Minimum [Member]
Effective income tax expense (benefit)
Period of profitability	2 years

LEGAL MATTERS (Details)

LEGAL MATTERS (Details) - Genaera Lawsuit	Jun. 08, 2012
Legal matters
Number of defendants represented by original executives	2
Number of defendants represented by executives and the Company	3
Number of defendants in a lawsuit	30

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
DDA
Related party transactions
Fees for services rendered by the related party	$ 20,541	$ 24,550

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Stock Options
Proforma net loss per share
Potentially dilutive shares not been included in the computation of diluted net loss per share as the result would be antidilutive	1,445,013
Unvested Common Shares
Proforma net loss per share
Potentially dilutive shares not been included in the computation of diluted net loss per share as the result would be antidilutive	14,000
Warrants
Proforma net loss per share
Potentially dilutive shares not been included in the computation of diluted net loss per share as the result would be antidilutive	10,500
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 8.57

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - PLx Pharma Inc - Subsequent Event $ in Millions	Jan. 06, 2017USD ($)
Loans Receivable, Net	$ 2
Loan Receivable, Maturity Date, Description	(a) October 15, 2017, or (b) the date that is two hundred seventy (270) days following the termination of the Merger Agreement, subject to acceleration in the event that (i) the Merger Agreement is terminated by Dipexium if PLx has breached any of its representations, warranties, covenants or agreements contained in the Merger Agreement such that the conditions to the closing of the Proposed Merger would not be satisfied as of the time of such breach or inaccuracy, but if such breach or inaccuracy is curable, then the Merger Agreement will not terminate pursuant to this provision as a result of a particular breach or inaccuracy until the expiration of a 30-day period after delivery of written notice of such breach or inaccuracy if such breach has not been cured; and (ii) PLx thereafter consummates a financing of at least $10.0 million or conducts a reorganization, consolidation, or merger of PLx pursuant to which the holders of PLxs securities prior to such transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction or the consummation of the sale, lease, transfer, conveyance or other disposition in one or a series of transactions, of all or substantially all of PLxs assets, or PLx and its subsidiaries, taken as a whole, to any person or entity.
Loans Receivable, Basis Spread on Variable Rate	8.00%