Two months after unveiling a new approach to identify novel biomarkers for the detection and treatment of idiopathic pulmonary fibrosis, South San Francisco-based Pliant Therapeutics secured $62 million in a Series B financing round to support its research programs.
Two months after unveiling a new approach to identify novel biomarkers for the detection and treatment of idiopathic pulmonary fibrosis, South San Francisco-based Pliant Therapeutics, secured $62 million in a Series B financing round to support its research programs.
The company is developing therapeutics to treat IPF, as well as primary sclerosing cholangitis and other fibrotic diseases. The company’s approach focused on fibrotic tissue-specific inhibition of integrins and the TGF-β pathway. Pliant’s lead small molecule is a dual selective inhibitor of the αVβ1 and αVβ6 integrins that will be evaluated in patients with both idiopathic pulmonary fibrosis and primary sclerosing cholangitis. IPF is a highly lethal and rare disease that currently affects approximately 140,000 people in the U.S., resulting in 40,000 deaths per year. PSC is a rare, progressive disease of the bile ducts that can cause tumors of the bile ducts or liver, and eventually lead to liver failure. It affects approximately 30,000 people in the U.S., the company said in its announcement this morning.
In preclinical studies, the lead molecule modulates fibrotic tissue-specific integrins, which selectively block activation of TGF-β, preventing, and possibly reversing, the growth of fibrotic tissue within the lung and liver. Pliant plans to obtain proof of concept in patients for its lead molecule in 2019, which the funding round will support.
Bernard Coulie, president and chief executive officer of Pliant, said the funding from the Series B round will be used to support the early development of our lead product candidate in idiopathic pulmonary fibrosis and primary sclerosing cholangitis. Additionally, Coulie said some of the funding will be used to flesh out its pipeline and “attract partnering opportunities.” Pliant launched with $45 million in Series A financing from Third Rock Ventures.
The Series B round was led by Cowen Healthcare Investments. Other new investors include Eventide Asset Management, Schroder Adveq, Menlo Ventures, SCubed Capital, Agent Capital, as well as undisclosed institutional investors, the company said this morning. As part of the financing agreement, Kevin Raidy, a managing partner at Cowen Healthcare Investments, will take a seat on the Plant Therapeutics Board of Directors. Sidley Austin LLP served as the legal adviser for Pliant on the Series B.
“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. I look forward to working with the Pliant team as they leverage their product discovery engine to create multiple product candidates to treat fibrosis,” Raidy said in a statement.
