Up to $100 million of non-dilutive capital from Oxford Finance LLC
Extends envisioned cash runway to mid-2024
SOUTH SAN FRANCISCO, Calif., May possibly 05, 2022 (Globe NEWSWIRE) — Pliant Therapeutics, Inc. (Nasdaq: PLRX), a scientific phase biotechnology business focused on finding and establishing novel therapeutics for the remedy of fibrosis, right now announced it has entered into a mortgage facility agreement with Oxford Finance LLC for up to $100 million of non-dilutive financing. This facility will support the continued medical improvement of PLN-74809, an oral, tiny molecule, dual selective inhibitor of αvß6 and αvß1 integrins, in the direct indications of idiopathic pulmonary fibrosis (IPF) and major sclerosing cholangitis (PSC).
“This non-dilutive facility strengthens our economic situation, balances our in the vicinity of-expression funds needs and supports the progression of our pipeline by means of many around-term medical milestones,” stated Keith Cummings, M.D., MBA, Main Financial Officer of Pliant Therapeutics, Inc. “With our hard cash runway now extended to mid-2024, we are focused on offering the really anticipated information readouts from our Period 2a INTEGRIS-IPF and INTEGRIS-PSC trials.”
Less than the terms of the loan agreement, Pliant drew $10 million of an preliminary $25 million tranche at closing, with the remaining $15 million readily available through the end of the year. The Enterprise has obtain to an supplemental $75 million about 3 tranches, $50 million of which is based mostly on pre-established milestones, and $25 million at Oxford’s discretion. The loan carries an fascination-only period of 48 months (extendable to 60 months) and total term of 60 months (extendable to 72 months). Interest is centered on a floating charge which is matter to both of those a floor and a cap. There are no warrants or economical covenants in the arrangement.
As of December 31, 2021, the Company had money, hard cash equivalents, and brief-term investments of $200.6 million. With the preliminary draw of $10. million at closing, the Corporation experienced pro-forma hard cash, dollars equivalents, and limited-expression investments as of December 31, 2021 of $210.6 million. With this facility in put, Pliant expects to be equipped to fund functions to mid-2024.
About Pliant Therapeutics, Inc.
Pliant Therapeutics is a scientific stage biopharmaceutical firm concentrated on exploring and building novel therapies for the remedy of fibrosis. Pliant’s lead merchandise candidate, PLN-74809, is an oral modest molecule twin selective inhibitor of αvß6 and αvß1 integrins that is in enhancement in the direct indications for the procedure of idiopathic pulmonary fibrosis, or IPF, and main sclerosing cholangitis, or PSC. PLN-74809 has acquired Orphan Drug designation from the U.S. Foods and Drug Administration (Food and drug administration) for the two IPF and PSC. Pliant is now conducting Section 2a trials of PLN-74809 in the lead indications of IPF and PSC. Pliant has also made PLN-1474, a small molecule selective inhibitor of αvß1 for the cure of nonalcoholic steatohepatitis, or NASH with liver fibrosis, which Pliant has transferred to Novartis pursuant to our enhancement partnership. In addition to medical phase programs, Pliant currently has two preclinical programs focusing on oncology and muscular dystrophies. For more data about Pliant Therapeutics, take a look at www.pliantrx.com and observe us on Twitter, LinkedIn, Facebook and YouTube.
About Oxford Finance LLC
Oxford Finance is a specialty finance agency delivering senior secured financial loans to public and personal everyday living sciences and healthcare providers firms around the globe. For around 20 a long time, Oxford has delivered versatile financing methods to its customers, enabling these firms to optimize their fairness by leveraging their property. Due to the fact 2002, Oxford has originated close to $9 billion in financial loans. Oxford is headquartered in Alexandria, Virginia, with extra offices in California (San Diego, Palo Alto, and Los Angeles), and the higher Boston and New York Town metropolitan areas. For much more info, go to www.oxfordfinance.com.
Statements contained in this press launch regarding issues that are not historical facts are “forward-searching statements” within just the which means of the Personal Securities Litigation Reform Act of 1995. Words and phrases such as “may perhaps,” “will,” “anticipate,” “anticipate,” “estimate,” “intend,” and related expressions (as effectively as other text or expressions referencing foreseeable future gatherings, problems, or situation) are intended to discover ahead-hunting statements. These statements include those pertaining to the sufficiency of our hard cash, hard cash equivalents and limited-time period investments our expected hard cash runway and the predicted development of our clinical trials and pre-clinical packages, which includes timing anticipations for regulatory filings. For the reason that this sort of statements offer with upcoming gatherings and are based mostly on our latest anticipations, they are subject matter to a variety of pitfalls and uncertainties and precise final results, performance or achievements of Pliant Therapeutics could vary materially from these explained in or implied by the statements in this press release. These forward-seeking statements are topic to risks and uncertainties, which include individuals relevant to the enhancement and commercialization of our solution candidates, like any delays in our ongoing or prepared preclinical or scientific trials, the affect of the ongoing COVID-19 pandemic on our small business, functions, clinical source and options, our reliance on 3rd functions for important aspects of our enhancement operations, the risks inherent in the drug development procedure, the dangers with regards to the accuracy of our estimates of fees and timing of enhancement, our money prerequisites and the will need for extra financing, and our ability to acquire and preserve mental home safety for our products candidates. These and further dangers are talked about in the sections titled “Danger Elements” and “Management’s Dialogue and Assessment of Financial Situation and Effects of Operations” in our Yearly Report on Type 10-K filed for the yr finished December 31, 2021 with the SEC on March 1, 2022[, as updated by our subsequent filings with the SEC, which are available on the SEC’s website at www.sec.gov. Unless otherwise noted, Pliant is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
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Pliant Therapeutics, Inc.