SOUTH SAN FRANCISCO, Calif.,
June 5, 2020 /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.
A registration statement on Form S-1 relating to shares of
common stock sold in the initial public offering has been filed
with the Securities and Exchange Commission and became effective on
June 2, 2020. The initial public
offering was made only by means of a final prospectus, copies of
which may be obtained, when available, from: Citigroup Global
Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, or by
telephone at (800) 831-9146; Cowen and Company, LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus
Department, by telephone at (833) 297-2926, or by email at
PostSaleManualRequests@broadridge.com; or Piper Sandler & Co., 800 Nicollet Mall,
J12S03, Minneapolis, MN 55402,
Attn: Prospectus Department, by telephone at (800) 747-3924, or by
e-mail at prospectus@psc.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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.
FORWARD-LOOKING STATEMENTS
This press release contains
forward-looking statements, including statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements may be identified by words
such as "aims," "anticipates," "believes," "could," "estimates,"
"expects," "forecasts," "goal," "intends," "may," "plans,"
"possible," "potential," "seeks," "will," and variations of these
words or similar expressions that are intended to identify
forward-looking statements. Any such statements in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements.
Any forward-looking statements in this press release are based
on Pliant's current expectations, estimates and projections only as
of the date of this release and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, completion of the proposed public offering
on the anticipated terms, or at all, market conditions and the
satisfaction of customary closing conditions related to the initial
public offering and the concurrent private placement. These and
other risks concerning Pliant's programs and operations are
described in additional detail in its final prospectus for the
initial public offering, which is on file with the SEC. Pliant
explicitly disclaims any obligation to update any forward-looking
statements except to the extent required by law.
Investor Contact:
Keith
Cummings, Chief Financial Officer
Pliant Therapeutics
ir@pliantrx.com
Media Contact:
Cambria Fuqua
Canale Communications
(619) 849-5390
cambria@canalecomm.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pliant-therapeutics-announces-closing-of-initial-public-offering-and-full-exercise-of-option-to-purchase-additional-shares-301071484.html
SOURCE Pliant Therapeutics, Inc.