Pliant Therapeutics ticks higher after upsized $250 mln stock offering

Pliant Therapeutics

25/01/2023 14:11

** Pliant Therapeutics Inc's  PLRX.O  shares up 0.1% at
$32.98 premarket after co raises more equity than targeted
    ** Co offers ~8.3 mln shares at $30 for $250 mln raise
    ** Deal size increased from $175 mln
    ** PLRX soared 34.5% on Mon, and added another 8.8% on Tues
to close at $32.94 after co said its lung disease drug,
bexotegrast, met main goal in mid-stage study in patients with
idiopathic pulmonary fibrosis (IPF)
    ** Co has ~48.8 mln shares outstanding for $1.6 bln market
cap
    ** PLRX at highest levels since Jun 2021. Stock up 70% YTD
and has risen ~190% over the past 12 months, through Tues close
    ** JP Morgan, Piper Sandler and RBC acted as jt bookrunners
for the offering
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))