What happened
Shares of Pliant Therapeutics (PLRX -4.95%) were skyrocketing 61% higher this week as of the market close on Thursday, according to data provided by S&P Global Market Intelligence. This huge gain came after the company announced positive interim results on Sunday from a phase 2a clinical study evaluating bexotegrast (PLN-74809) in treating idiopathic pulmonary fibrosis (IPF).
Pliant reported that patients receiving a 320 mg dose of bexotegrast achieved a statistically significant increase in forced vital capacity (FVC) at four, eight, and 12 weeks of treatment. The company also said that the experimental drug's safety profile looked good over the 12-week treatment period. No drug-related severe or serious adverse events were reported in the study.
So what
IPF is a chronic lung disease that causes shortness of breath and can interfere with walking and talking. There are currently only two approved therapies for IPF, but neither has been shown to halt the progression of the disease.
Pliant's latest data for bexotegrast demonstrates that the experimental drug holds the potential to be an important treatment option for IPF. Lisa Lancaster, professor of medicine at Vanderbilt School of Medicine and the principal investigator of the clinical study evaluating the therapy, stated that the increase in FVC versus placebo "is unprecedented in clinical trials observed to date."
The day after the interim results were reported, Pliant announced that it plans to conduct a public offering to sell $175 million of its stock. On Tuesday, the company boosted the amount of the offering to $250 million. Even with the prospects of dilution on the way, the biotech stock didn't give up much of its massive gains.
Now what
Pliant expects to report final results after 24 weeks of treatment in the second quarter of 2023. Data from another phase 2a study evaluating bexotegrast in treating primary sclerosing cholangitis are anticipated in the third quarter. The company also hopes to advance experimental drug PLN-101095 into early-stage clinical testing in treating solid tumors in the second quarter of this year.
