Pliant Raises $250 Million in Upsized Public Offering to Advance Pipeline Targeting Fibrosis
January 25, 2023
Pliant Therapeutics raised $250 million after reporting positive results from a mid-stage trial of its lead experimental therapeutic for the treatment of idiopathic pulmonary fibrosis.
The company priced an upsized underwritten public offering of 8.3 million shares of its common stock at a price to the public of $30.00 per share. The aggregate gross proceeds from the offering are expected to be approximately $250 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Pliant. The company also granted the underwriters a 30-day option to purchase up to an additional 1.25 million shares of its common stock at the public offering price, less underwriting discounts and commissions.
Proceeds from the offering will be used to advance its preclinical and clinical programs including lead therapeutic candidate bexotegrast, further develop its integrin targeting platform, to fund working capital, operating expenses and capital expenditures, and for other general corporate purposes.
Pliant had just reported 12-week interim data from a phase 2a clinical trial of bexotegrast in patients with idiopathic pulmonary fibrosis (IPF) that showed the study met its primary and secondary endpoints.
IPF is a chronic, progressive, fibrosing lung disease of unknown cause with few treatment options and a poor prognosis. Patients experience debilitating symptoms, including shortness of breath and difficulty performing daily activities, such as walking and talking. Currently, there is no pharmacological cure for IPF, with neither of the approved two therapies demonstrating an ability to stop the progression of IPF. Therefore, there is a high unmet need for new therapeutic options to address the symptoms and modify the disease progression of this grievous illness.
Bexotegrast, is an oral small molecule dual selective inhibitor of αvß6 and αvß1 integrins that is in development in the lead indications for the treatment of IPF and primary sclerosing cholangitis.
Author: Rare Daily Staff
Sign up for updates straight to your inbox.