Pliant Therapeutics jumps on positive data from lung disease drug trial

Pliant Therapeutics

23/01/2023 16:28

(Updates)
    ** Shares of drug developer Pliant Therapeutics Inc  PLRX.O 
soar ~53% to $34.44, hitting their highest levels since May 2021
    ** On Sunday, co said its experimental drug, bexotegrast,
met main goal of a mid-stage trial, testing it in patients with
idiopathic pulmonary fibrosis (IPF)    
    ** Co's interim data showed bexotegrast was well-tolerated
at dosage level of 320 mg over 12 weeks of treatment with no
drug-related severe or serious adverse events reported
    ** 320 mg cohort achieved a forced vital capacity change, a
key indicator for IPF, of +29.5 mL compared with lower dosage
level groups, which strengthens the dose relationship -
brokerage Piper Sandler
    ** Brokerage BTIG notes "result is very considerably better
than current IPF treatments"; expects the drug to rapidly become
standard-of-care if anything like this effect is repeated in a
late-stage study
    ** IPF causes scar tissue to grow inside lungs and makes it
hard to breathe
    ** PLRX stock more than doubled in past six months
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))