Business
Pliant Therapeutics Provides Corporate Update and Announces Second-Quarter 2020 Financial Results
-Raised over $175 million in initial public offering and concurrent private placement to advance lead product candidate PLN-74809 for the treatment of
About this update from Pliant Therapeutics, Inc.
[{"type":"text","content":"-Raised over $175 million in initial public offering and concurrent private placement to advance lead product candidate PLN-74809 for the treatment of idiopathic pulmonary fibrosis and primary sclerosing cholangitis\n -Continued progress of Phase 2a 12-week trials of IPF and PSC with sites enrolling\n -IND open for PLN-74809 in COVID-19-related acute respiratory distress syndrome\n -Completed dosing of initial cohorts in Phase 1 trial of PLN-1474 in healthy volunteers\n\n\nSOUTH SAN FRANCISCO, Calif., Aug. 11, 2020 /PRNewswire/ -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical stage biotechnology company focused on discovering and developing novel therapeutics for the treatment of fibrosis, today provided a corporate update and reported second-quarter 2020 financial results.\n\n \n \n \n \n \n \n\n \n\"2020 has been a productive year as we've made progress on multiple fronts, including the initiation of a 12-week Phase 2a clinical trial evaluating PLN-74809 in patients with idiopathic pulmonary fibrosis, as well as dosing initial cohorts in our first-in-human trial of our Novartis partnered program, PLN-1474, for the potential treatment of liver fibrosis,\" said Bernard Coulie, M.D., Ph.D., chief executive officer and president of Pliant Therapeutics. \"Bolstered by a strong cash position from our Series C financing in February and our IPO in June, we continue to advance our robust pipeline. We're now focused on executing our Phase 2a program for PLN-74809 and look forward to sharing further updates on all of our programs.\"\nRecent Highlights\nCompleted an initial public offering (IPO) and concurrent private placement with Novartis. The IPO priced at $16.00 per share, generating gross proceeds of $165.6 million including shares sold to the underwriters pursuant to the full exercise of their overallotment option before deducting underwriting discounts, commissions and other offering expenses payable by Pliant. The company also received $10.0 million in additional proceeds from a concurrent private placement with Novartis Institutes for BioMedical Research, Inc. at the public offering price of $16.00 per share. The Company's common stock commenced trading on the Nasdaq Global Select Market under the ticker symbol \"PLRX\" on June 3rd, 2020. Phase 2a 12-week trials of PLN-74809 in idiopathic pulmonary fibrosis (IPF) and prim...