Pliant Therapeutics raised $62 million in a series B financing to support proof-of-concept clinical trials in idiopathic pulmonary fibrosis, primary sclerosing cholangitis, and other fibrotic diseases, according to a press release.
“We appreciate the vote of confidence of our respected biotech investors who join us in the pursuit of new medicines for patients with debilitating and deadly fibrotic diseases,” Bernard Coulie, MD, PhD, president and CEO of Pliant Therapeutics said in the release. “Our Series B financing will support the early development of our lead product candidate in idiopathic pulmonary fibrosis and primary sclerosing cholangitis, as well as our aggressive strategy to build our pipeline of proprietary product candidates and attract partnering opportunities.”
Financing was led by Cowen Healthcare Investments and included investments from Eventide Asset Management, Schroder Adveq, Menlo Ventures, S-Cubed Capital, Agent Capital and undisclosed institutional investors.
The company’s lead molecule is a dual-selective inhibitor of the alpha-V-beta-1 and alpha-V-beta-6 integrins. Researchers will evaluate these integrins in patients with idiopathic pulmonary fibrosis and PSC.
Additionally, Pliant announced the appointment of Kevin Raidy, managing partner of Cowen Healthcare Investments, to the Pliant board of directors.
“The unique biological insights Pliant Therapeutics has uncovered about the role of integrins as key drivers of fibrosis will fuel the discovery of novel therapeutics that have the potential to address a range of fibrotic diseases,” Raidy said in the release. “I look forward to working with the Pliant team as they leverage their product discovery engine to create multiple product candidates to treat fibrosis.”
Disclosure: Coulie is employed by Pliant Therapeutics. Raidy is employed by Cowen Healthcare Investments.