Pliant Therapeutics (PLRX) IPO Opens 57% Higher

(Updated - June 3, 2020 11:34 AM EDT)

Today's IPO for Pliant Therapeutics, Inc. (NASDAQ: PLRX) opened for trading at $25 after pricing 9,000,000 shares of its common stock at a public offering price of $16.00 per share

Citigroup, Cowen and Piper Sandler are acting as joint book-running managers for the initial public offering. Needham & Company is acting as lead manager.

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.

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