Pliant Therapeutics Announces Closing of Initial Public Offering
June 05, 2020
SOUTH SAN FRANCISCO, Calif. /PRNewswire/ -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis, today announced the closing of its initial public offering of 10,350,000 shares of common stock, which includes the exercise in full by the underwriters of their 30-day option to purchase up to an additional 1,350,000 shares of common stock, at a public offering price of $16.00 per share. The aggregate gross proceeds to Pliant from the initial public offering were approximately $165.6 million, before deducting underwriting discounts and commissions and other offering expenses. All of the shares of common stock were offered by Pliant. The shares began trading on The Nasdaq Global Select Market on June 3, 2020, under the ticker symbol "PLRX."
Citigroup, Cowen and Piper Sandler acted as joint book-running managers for the initial public offering. Needham & Company acted as lead manager for the offering.
About Pliant Therapeutics
Pliant Therapeutics is a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis. Pliant's lead product candidate, PLN-74809, is an oral small-molecule dual selective inhibitor of avß6 and avß1 integrins that it is developing for the treatment of idiopathic pulmonary fibrosis, or IPF, and primary sclerosing cholangitis, or PSC. PLN-74809 has received Orphan Drug Designation from the U.S. Food and Drug Administration for both IPF and PSC. Pliant is currently recruiting two Phase 2a trials of PLN-74809 for the treatment of IPF and plans to initiate a Phase 2a trial in PSC in the second half of 2020. Pliant's second product candidate, PLN-1474, is a small-molecule selective inhibitor of avß1 for the treatment of liver fibrosis associated with nonalcoholic steatohepatitis, or NASH, which Pliant has partnered with Novartis. PLN-1474 is currently undergoing a Phase 1 trial. In addition to clinical stage programs, Pliant currently has two preclinical programs targeting oncology and muscular dystrophies.