IPF readout, stock bump give Pliant opportunity to pad balance sheet

New Phase IIa data suggesting a potential disease-modifying effect in IPF lifted Pliant’s stock price sharply Monday, clearing a path for the company to raise cash that will allow it to push lead candidate PLN-74809 deeper into its development program.

Pliant Therapeutics Inc. (NASDAQ:PLRX) proposed late Monday to raise $150 million, following a trading session in which it gained $14.12 (159%) to $23. The biotech added about $510 million to a market cap that now stands at $832 million...