Pliant Therapeutics Inc (NASDAQ: PLRX) has seen a significant increase in its stock price during after-hours trading on Friday. The company’s shares rose 4.69% to reach $34.95, following positive news from the authorities regarding its latest therapy.
What therapy did PLRX receive approval for?
As of last Thursday, Pliant Therapeutics (PLRX) application for an Investigational New Drug (IND) had been approved by the US Food and Drug Administration (FDA). This IND was submitted by Pliant Therapeutics for PLN-101095, an oral, small molecule, dual selective integrin inhibitor with dual substrate specificity for integrins αvβ8 and αvβ1.
It is expected that PLN-101095 will be evaluated in a Phase 1 clinical trial in the second quarter of 2023 in patients with solid tumors that are resistant to immune checkpoint inhibitors (ICIs). PLRX’s third clinical program, PLN-101095, targets patients with unmet needs whose immune checkpoint inhibition does not work optimally.
In patients with solid tumors, PLRX will investigate the combination of PLN-101095 and immune checkpoint inhibitors based on preclinical data in tumor models. PLN-101095 will be evaluated in the Phase I study for safety, tolerability, pharmacokinetics, pharmacodynamics and preliminary antitumor activity. PLRX will provide additional details upon the initiation of the trial.
PLRX has completed its share offering:
As part of its most recent underwritten public offering, Pliant Therapeutics issued 9,583,334 shares of its common stock. Among the offerings, the underwriters exercised their option to purchase 1,250,000 additional shares for $30.00 each. Pliant is estimated to have paid approximately $287.5 million in gross proceeds from the offering, before deducting underwriting discounts and commissions. The company offered all of its common stock in the offering.
How will PLRX use the proceeds?
Pliant Therapeutics (PLRX) intends to use the net proceeds from the offering to develop bexotegrast and PLN-100995 in addition to developing its integrin targeting platform in the future. In addition to funding working capital, operating expenses, and capital expenditures, PLRX may also use the proceeds for other general corporate purposes.
