Up to $100 million of non-dilutive cash from Oxford Finance LLC
Extends envisioned cash runway to mid-2024
SOUTH SAN FRANCISCO, Calif., Might 05, 2022 (World NEWSWIRE) — Pliant Therapeutics, Inc. (Nasdaq: PLRX), a medical phase biotechnology company concentrated on discovering and building novel therapeutics for the therapy of fibrosis, today announced it has entered into a bank loan facility arrangement with Oxford Finance LLC for up to $100 million of non-dilutive funding. This facility will assistance the continued medical growth of PLN-74809, an oral, small molecule, twin selective inhibitor of αvß6 and αvß1 integrins, in the lead indications of idiopathic pulmonary fibrosis (IPF) and key sclerosing cholangitis (PSC).
“This non-dilutive facility strengthens our money place, balances our in close proximity to-phrase money specifications and supports the advancement of our pipeline as a result of several around-expression scientific milestones,” reported Keith Cummings, M.D., MBA, Main Financial Officer of Pliant Therapeutics, Inc. “With our cash runway now extended to mid-2024, we are targeted on delivering the very anticipated information readouts from our Section 2a INTEGRIS-IPF and INTEGRIS-PSC trials.”
Less than the phrases of the personal loan settlement, Pliant drew $10 million of an original $25 million tranche at closing, with the remaining $15 million offered through the finish of the calendar year. The Business has accessibility to an added $75 million above a few tranches, $50 million of which is centered on pre-determined milestones, and $25 million at Oxford’s discretion. The loan carries an interest-only time period of 48 months (extendable to 60 months) and full phrase of 60 months (extendable to 72 months). Curiosity is primarily based on a floating level which is issue to both of those a floor and a cap. There are no warrants or economic covenants in the settlement.
As of December 31, 2021, the Enterprise experienced funds, cash equivalents, and limited-time period investments of $200.6 million. With the initial attract of $10. million at closing, the Corporation experienced pro-forma money, hard cash equivalents, and small-time period investments as of December 31, 2021 of $210.6 million. With this facility in put, Pliant expects to be in a position to fund functions to mid-2024.
About Pliant Therapeutics, Inc.
Pliant Therapeutics is a medical stage biopharmaceutical corporation concentrated on identifying and acquiring novel therapies for the treatment method of fibrosis. Pliant’s guide merchandise prospect, PLN-74809, is an oral tiny molecule dual selective inhibitor of αvß6 and αvß1 integrins that is in growth in the direct indications for the remedy of idiopathic pulmonary fibrosis, or IPF, and main sclerosing cholangitis, or PSC. PLN-74809 has received Orphan Drug designation from the U.S. Meals and Drug Administration (Food and drug administration) for equally IPF and PSC. Pliant is presently conducting Section 2a trials of PLN-74809 in the direct indications of IPF and PSC. Pliant has also designed PLN-1474, a compact molecule selective inhibitor of αvß1 for the treatment of nonalcoholic steatohepatitis, or NASH with liver fibrosis, which Pliant has transferred to Novartis pursuant to our enhancement partnership. In addition to clinical stage systems, Pliant at present has two preclinical programs concentrating on oncology and muscular dystrophies. For additional details about Pliant Therapeutics, take a look at www.pliantrx.com and observe us on Twitter, LinkedIn, Fb and YouTube.
About Oxford Finance LLC
Oxford Finance is a specialty finance agency supplying senior secured loans to public and non-public lifestyle sciences and healthcare providers providers worldwide. For about 20 several years, Oxford has delivered versatile funding solutions to its clientele, enabling these organizations to improve their equity by leveraging their assets. Due to the fact 2002, Oxford has originated close to $9 billion in loans. Oxford is headquartered in Alexandria, Virginia, with extra places of work in California (San Diego, Palo Alto, and Los Angeles), and the better Boston and New York City metropolitan parts. For a lot more information and facts, check out www.oxfordfinance.com.
Forward-On the lookout Statements
Statements contained in this push release with regards to issues that are not historical points are “forward-looking statements” in just the this means of the Private Securities Litigation Reform Act of 1995. Text this sort of as “may well,” “will,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions (as very well as other phrases or expressions referencing upcoming occasions, ailments, or circumstances) are supposed to establish ahead-hunting statements. These statements include things like individuals pertaining to the sufficiency of our hard cash, money equivalents and brief-expression investments our anticipated dollars runway and the anticipated development of our scientific trials and pre-medical courses, including timing anticipations for regulatory filings. Due to the fact these statements offer with upcoming occasions and are based mostly on our current anticipations, they are matter to different pitfalls and uncertainties and actual benefits, overall performance or achievements of Pliant Therapeutics could differ materially from people explained in or implied by the statements in this press release. These forward-hunting statements are matter to dangers and uncertainties, together with those similar to the enhancement and commercialization of our item candidates, which include any delays in our ongoing or prepared preclinical or scientific trials,
the affect of the ongoing COVID-19 pandemic on our organization, functions, medical offer and options, our reliance on 3rd events for crucial facets of our improvement functions, the pitfalls inherent in the drug growth procedure, the hazards with regards to the precision of our estimates of fees and timing of improvement, our capital prerequisites and the need to have for additional funding, and our skill to obtain and maintain intellectual property protection for our merchandise candidates. These and more risks are reviewed in the sections titled “Chance Things” and “Management’s Dialogue and Analysis of Economical Issue and Effects of Operations” in our Annual Report on Sort 10-K submitted 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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