Pliant Therapeutics Announces Closing of Upsized Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares

SOUTH SAN FRANCISCO, Calif., Jan. 27, 2023 (GLOBE NEWSWIRE) -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical stage biotechnology company focused on discovering and developing novel therapeutics for the treatment of fibrosis, today announced the closing of its previously announced upsized underwritten public offering of 9,583,334 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 1,250,000 additional shares, at a price to the public of $30.00 per share. The aggregate gross proceeds from the offering were approximately $287.5 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Pliant. All shares of common stock were offered by Pliant.

J.P. Morgan and Piper Sandler acted as lead book-running managers for the offering. RBC Capital Markets acted as a book-running manager for the offering. Cantor, Oppenheimer & Co. and H.C. Wainwright & Co. acted as lead managers for the offering.  

Pliant intends to use the net proceeds from the offering, together with its existing cash, cash equivalents and short-term investments, to develop its ongoing and future preclinical and clinical programs including bexotegrast and PLN-101095, further develop its integrin targeting platform, to fund working capital, operating expenses and capital expenditures, and for other general corporate purposes.

The securities were offered by Pliant pursuant to registration statements on Form S-3 (File Nos. 333-257684 and 333-269397) previously filed and declared effective by the Securities and Exchange Commission (the “SEC”). A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available for free on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to these securities may also be obtained for free from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at [phone], or by email at [e-mail]; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at [phone], or by email at [e-mail]; or RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281, by telephone at [phone], or by email at [e-mail].