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With the funds raised, Pliant plans to support the continued clinical development of PLN-74809 in idiopathic pulmonary fibrosis (IPF) and primary sclerosing cholangitis (PSC), and its ongoing drug discovery programs targeting other fibrotic diseases
Fremont, CA: Pliant Therapeutics, a clinical-stage biopharmaceutical company focused on developing and discovering novel therapies for the treatment of fibrosis, raised $100 million in Series C round of financing. The funding round was led by Novartis, with Redmile Group, Farallon Capital Management, Surveyor Capital (a Citadel company), Cormorant Asset Management, and Logos Capital joining the round as new investors. Cowen Healthcare Investments, SCubed Capital, Agent Capital, Eventide Asset Management, Schroder Adveq, Menlo Ventures were among the existing investors who took part in the recent round of funding.
With[vendor_logo_first] the funds raised, Pliant plans to support the continued clinical development of PLN-74809 in idiopathic pulmonary fibrosis (IPF) and primary sclerosing cholangitis (PSC), and its ongoing drug discovery programs targeting other fibrotic diseases.
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"Our team is proud to have the support and strategic expertise provided by this group of world-class investors to help us achieve our vision of developing transformative medicines for patients living with devastating fibrotic diseases," said Bernard Coulie, M.D., Ph.D., president, and chief executive officer of Pliant Therapeutics. "This financing will support the continued clinical development of our lead product candidate in IPF and PSC, as well as our continued strategy to build our pipeline of proprietary product candidates for a wide range of other fibrotic diseases."
The initial therapeutic approach of Pliant focuses on fibrotic tissue-specific inhibition of integrins and the TGF-β pathway. The lead small molecule product candidate of the company, PLN-74809, is designed to be a dual selective inhibitor of αVβ1 and αVβ6. These two integrins play key roles in multiple fibrotic pathways. PLN-74809 is presently being evaluated for the treatment of IPF and PSC. IPF is a highly fatal disease that affects around 140,000 people in the U.S. alone, with 1/4th of the patient dying within five years of diagnostics, whereas PSC is a rare fibrotic disease of the bile ducts, which can develop tumors in the duct and liver and lead to liver failure gradually. There are around 30,000 to 45,000 people in the U.S. affected by this disease.
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