July 13 Quick Takes: Pliant raises $200M on back of positive data; CytomX restructuring

Following a 159% jump on Monday in response to positive Phase IIa data for IPF candidate PLN-74809, Pliant Therapeutics Inc. (NASDAQ:PLRX) raised $200 million in an upsized follow-on through the sale of 10.8 million shares at $18.50. The price is a 20% discount to Pliant’s Monday close of $23, when the company proposed to raise $150 million. At March 31, Pliant had $178.3 million in cash — and access to a $100 million loan facility from Oxford Finance, of which $10 million had already been drawn down — and a three-month operating loss of $28.2 million in 1Q22.

A week after reporting disappointing Phase II breast cancer data for praluzatamab ravtansine, CytomX Therapeutics Inc. (NASDAQ:CTMX) said it planned to restructure in the hope of extending its cash runway to 2025. The company will cut up to 40% of its staff and shift its focus to its next-generation conditionally activated therapeutics, for which it is planning IND submissions next year. The company also has multiple partnered programs. The company had $262.5 million in cash at March 31...