Business
Pliant Therapeutics Announces Proposed Public Offering of Common Stock
SOUTH SAN FRANCISCO, Calif., Jan. 23, 2023 (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., Jan. 23, 2023 (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 that it has commenced an underwritten public offering of $175.0 million of its common stock. In addition, Pliant expects to grant the underwriters a 30-day option to purchase up to an additional $26.25 million of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares of common stock in this proposed offering will be sold by Pliant. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or the actual size or terms of the proposed offering. J.P. Morgan and Piper Sandler are acting as lead book-running managers for the proposed offering. RBC Capital Markets is acting as a book-running manager for the proposed offering. Cantor, Oppenheimer & Co. and H.C. Wainwright & Co. are acting as lead managers for the proposed offering. Pliant intends to use the net proceeds from the proposed offering, together with its existing cash, cash equivalents and short-term investments, to develop its ongoing and future preclinical and clinical programs including bexotegrast and PLN-101095, 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 (File No. 333-257684) previously filed and declared effective by the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and accompanying prospectus relating to the proposed 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 preliminary 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 [email protected]; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03,...