Pliant Therapeutics, a Phase 2 biotech developing therapies for the treatment of fibrosis, filed on Monday with the SEC to raise up to $86 million in an initial public offering. The company plans to raise an additional $10 million through a concurrent private placement to Novartis.
Pliant Therapeutics' lead candidate, PLN-74809, is being developed for the treatment of idiopathic pulmonary fibrosis, and the company is currently recruiting for two Phase 2a clinical trials. The biotech most recently raised $100 million in a March 2020 Series C round led by Novartis.
The South San Francisco, CA-based company was founded in 2016 and plans to list on the Nasdaq under the symbol PLRX. Pliant Therapeutics filed confidentially on May 10, 2019. Citi, Cowen, and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.
