Business
Pliant Therapeutics Announces Pricing of Upsized $200.0 Million Public Offering
SOUTH SAN FRANCISCO, Calif., July 12, 2022 (GLOBE NEWSWIRE) -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical stage biotechnology company focused on
About this update from Pliant Therapeutics, Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., July 12, 2022 (GLOBE NEWSWIRE) -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical stage biotechnology company focused on discovering and developing novel therapeutics for the treatment of fibrosis, today announced the pricing of an upsized underwritten public offering of 10,810,811 shares of its common stock at a price to the public of $18.50 per share. The aggregate gross proceeds from the offering are expected to be approximately $200.0 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Pliant. In addition, Pliant granted the underwriters a 30-day option to purchase up to an additional 1,621,621 shares of its common stock at the public offering price, less underwriting discounts and commissions. All shares of common stock are being offered by Pliant. The offering is expected to close on or about July 15, 2022, subject to the satisfaction of customary closing conditions. J.P. Morgan and Cowen are acting as lead book-running managers for the offering. RBC Capital Markets is acting as a book-running manager for the offering. Cantor and BTIG are acting as lead managers for the offering. Pliant intends to use the net proceeds from the offering, together with its existing cash, cash equivalents and investments, to develop its ongoing and future preclinical and clinical programs including PLN-74809, further develop its integrin targeting platform, to fund working capital, operating expenses and capital expenditures, and for other general corporate purposes. The securities are being offered by Pliant pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (“SEC”). A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC, and a final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to these securities may also be obtained for free from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-e...