Pliant Therapeutics Announces Proposed Public Offering of Common Shares | New

SOUTH SAN FRANCISCO, Calif., July 11. 10, 2022 (GLOBE NEWSWIRE) — Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical-stage biotechnology company focused on the discovery and development of novel therapies for the treatment of fibrosis, today announced that it launched a subscribed public offering of $150.0 million of its common stock. In addition, Pliant plans to grant underwriters a 30-day option to purchase up to an additional $22.5 million of its common stock at the public offering price, less underwriting discounts and commissions. All common shares in this offering will be sold by Pliant. The proposed offering is subject to market and other conditions, and there can be no assurance that the proposed offering can be completed or when, or the actual size or terms of the proposed offering.

JP Morgan and Cowen are acting as lead bookrunners for the proposed offering. RBC Capital Markets is acting as bookrunner for the proposed offering. Cantor and BTIG are acting as lead arrangers for the proposed offering.

Pliant intends to use the net proceeds of the proposed offering, together with its existing cash, cash equivalents and investments, to develop its ongoing and future preclinical and clinical programs, including PLN-74809, develop further its integrin targeting platform, to fund working capital, operating and capital expenditures, and for other general corporate purposes.

The securities are offered by Pliant pursuant to a registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission (“SEC”). A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering will be filed with the SEC and will be available free of charge at the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to these securities may also be obtained free of charge from: JP Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by phone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; or RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281, by phone at (877) 822-4089, or by email at equityprospectus@rbccm.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of Pliant, and there will be no sale of such 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 such state or territory.

About Pliant Therapeutics, Inc.

Pliant Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies for the treatment of fibrosis. Pliant advances its pipeline of discoveries and clinical stages by applying its deep understanding of fibrosis biology, medicinal chemistry, translational medicine, and expertise in integrin structure and biology.

Forward-looking statements

Statements in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “should”, “s ‘expects’, ‘anticipates’, ‘estimates’, ‘intends’ and similar expressions (as well as other words or expressions that refer to future events, conditions or circumstances) are intended to identify forward-looking statements These statements include those regarding the completion, timing and size of the proposed public offering, the intended use of the net proceeds thereof, the satisfaction of customary closing conditions relating to the offering and sale. shares and the grant to the underwriters of an option to purchase additional shares. As these statements address future events and are based on our current expectations, they are subject to es to various risks and uncertainties and the actual results, performance or achievements of Pliant Therapeutics could differ materially from those described or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including those relating to market conditions and the satisfaction of customary closing conditions related to the proposed public offering, development and commercialization of our product candidates, including any delay in our preclinical studies or clinical trials, the impact of the ongoing COVID-19 pandemic on our business, operations, supply and clinical plans, risks inherent in the drug development process, risks regarding the accuracy of our development expenditure and schedule estimates, our capital requirements and the need for additional financing, and our ability to obtain and maintain intellectual property protection for our product candidates. These and other risks are discussed in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year. ended December 31, 2021 filed with the SEC on March 1, 2022, as updated by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed with the SEC on May 9, 2022, each available at the SEC website at www.sec.gov. Unless otherwise stated, Pliant is providing this information as of the date of this press release and undertakes no obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

Investor and media contact:

Christopher Keenan

Vice President, Investor Relations and Corporate Communications

Folding Therapeutics, Inc.

ir@pliantrx.com

About Barbara J. Ross

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