Pliant Therapeutics Enters into $100 million Loan Facility Agreement with Oxford Finance to Support Ongoing Development of PLN-74809
Up to $100 million of non-dilutive funds from Oxford Finance LLC
Extends predicted funds runway to mid-2024
SOUTH SAN FRANCISCO, Calif., May 05, 2022 (World NEWSWIRE) — Pliant Therapeutics, Inc. (Nasdaq: PLRX), a medical phase biotechnology organization centered on finding and acquiring novel therapeutics for the treatment method of fibrosis, right now announced it has entered into a financial loan facility settlement with Oxford Finance LLC for up to $100 million of non-dilutive funding. This facility will aid the continued medical enhancement of PLN-74809, an oral, modest molecule, twin selective inhibitor of αvß6 and αvß1 integrins, in the direct indications of idiopathic pulmonary fibrosis (IPF) and most important sclerosing cholangitis (PSC).
“This non-dilutive facility strengthens our financial position, balances our in the vicinity of-expression cash necessities and supports the advancement of our pipeline as a result of a number of close to-term medical milestones,” claimed Keith Cummings, M.D., MBA, Main Economic Officer of Pliant Therapeutics, Inc. “With our hard cash runway now extended to mid-2024, we are targeted on offering the really expected info readouts from our Phase 2a INTEGRIS-IPF and INTEGRIS-PSC trials.”
Under the conditions of the personal loan settlement, Pliant drew $10 million of an initial $25 million tranche at closing, with the remaining $15 million offered by means of the end of the calendar year. The Organization has entry to an added $75 million more than a few tranches, $50 million of which is dependent on pre-identified milestones, and $25 million at Oxford’s discretion. The mortgage carries an curiosity-only period of time of 48 months (extendable to 60 months) and complete term of 60 months (extendable to 72 months). Desire is based mostly on a floating fee which is subject to both a flooring and a cap. There are no warrants or money covenants in the agreement.
As of December 31, 2021, the Firm had cash, money equivalents, and short-expression investments of $200.6 million. With the initial attract of $10. million at closing, the Enterprise had pro-forma dollars, cash equivalents, and limited-phrase investments as of December 31, 2021 of $210.6 million. With this facility in location, Pliant expects to be ready to fund operations to mid-2024.
About Pliant Therapeutics, Inc.
Pliant Therapeutics is a medical phase biopharmaceutical business focused on discovering and building novel therapies for the treatment method of fibrosis. Pliant’s guide solution prospect, PLN-74809, is an oral compact molecule twin selective inhibitor of αvß6 and αvß1 integrins that is in progress in the lead indications for the treatment method of idiopathic pulmonary fibrosis, or IPF, and most important sclerosing cholangitis, or PSC. PLN-74809 has been given Orphan Drug designation from the U.S. Foodstuff and Drug Administration (Fda) for both equally IPF and PSC. Pliant is currently conducting Section 2a trials of PLN-74809 in the guide indications of IPF and PSC. Pliant has also produced PLN-1474, a small molecule selective inhibitor of αvß1 for the procedure of nonalcoholic steatohepatitis, or NASH with liver fibrosis, which Pliant has transferred to Novartis pursuant to our development partnership. In addition to clinical stage courses, Pliant at the moment has two preclinical courses concentrating on oncology and muscular dystrophies. For extra facts about Pliant Therapeutics, check out www.pliantrx.com and observe us on Twitter, LinkedIn, Facebook and YouTube.
About Oxford Finance LLC
Oxford Finance is a specialty finance company offering senior secured loans to community and private existence sciences and healthcare expert services companies around the world. For over 20 yrs, Oxford has sent flexible funding alternatives to its shoppers, enabling these companies to maximize their fairness by leveraging their assets. Considering the fact that 2002, Oxford has originated roughly $9 billion in financial loans. Oxford is headquartered in Alexandria, Virginia, with more offices in California (San Diego, Palo Alto, and Los Angeles), and the greater Boston and New York City metropolitan spots. For additional info, check out www.oxfordfinance.com.
Forward-Seeking Statements
Statements contained in this push release regarding issues that are not historical facts are “forward-looking statements” inside the meaning of the Personal Securities Litigation Reform Act of 1995. Text these kinds of as “might,” “will,” “be expecting,” “anticipate,” “estimate,” “intend,” and similar expressions (as perfectly as other phrases or expressions referencing long term situations, situations, or conditions) are intended to recognize forward-wanting statements. These statements include those relating to the sufficiency of our income, funds equivalents and quick-time period investments our anticipated funds runway and the expected progress of our scientific trials and pre-medical courses, such as timing anticipations for regulatory filings. Since this sort of statements offer with potential functions and are based mostly on our existing expectations, they are topic to different challenges and uncertainties and true results, effectiveness or achievements of Pliant Therapeutics could vary materially from those explained in or implied by the statements in this push release. These ahead-wanting statements are matter to threats and uncertainties, which include people associated to the improvement and commercialization of our products candidates, which include any delays in our ongoing or prepared preclinical or medical trials, the effects of the ongoing COVID-19 pandemic on our company, functions, medical source and ideas, our reliance on 3rd events for essential features of our advancement operations, the hazards inherent in the drug progress system, the dangers about the accuracy of our estimates of expenditures and timing of enhancement, our funds prerequisites and the need to have for added financing, and our means to acquire and retain mental property safety for our product candidates. These and more threats are talked over in the sections titled “Danger Things” and “Management’s Discussion and Evaluation of Money Situation and Effects of Operations” in our Yearly Report on Variety 10-K filed for the calendar year ended December 31, 2021 with the SEC on March 1, 2022[, as up to date by our subsequent filings with the SEC, which are offered on the SEC’s web site at www.sec.gov. Except if not mentioned, Pliant is furnishing this information and facts as of the date of this information launch and does not undertake any obligation to update any forward-hunting statements contained in this document as a end result of new information, future gatherings or normally.
Investor and Media Contact:
Christopher Keenan
Vice President, Trader Relations and Company Communications
Pliant Therapeutics, Inc.
[email protected]
