A Trial to Evaluate the Efficacy of PRM-151 in Subjects With Idiopathic Pulmonary Fibrosis (IPF)

PRM-151 is an anti-fibrotic immunomodulator being developed for treatment of fibrotic
diseases.

Inclusion Criteria

1. Is aged 40-80 years.

2. Has IPF satisfying the American Thoracic Society/European Respiratory Society
/Japanese Respiratory Society/Latin American Thoracic Association (ATS/ERS/JRS/ALAT)
diagnostic criteria (Raghu, Collard et al. 2011). In the absence of a surgical lung
biopsy, high-resolution computed tomography (HRCT) must be "consistent with "usual
interstitial pneumonia" (UIP) defined as meeting either criteria A, B, and C, or
criteria A and C, or criteria B and C below:

- Definite honeycomb lung destruction with basal and peripheral predominance.

- Presence of reticular abnormality AND traction bronchiectasis consistent with
fibrosis, with basal and peripheral predominance.

- Atypical features are absent, specifically nodules and consolidation. Ground
glass opacity, if present, is less extensive than reticular opacity pattern.

3. If on pirfenidone or nintedanib, subject must have been on a stable dose of
pirfenidone or nintedanib for at least 3 months without increase in forced vital
capacity (FVC)% predicted on two consecutive pulmonary function tests (PFTs),
including screening PFTs. Subjects may not be on both pirfenidone and nintedanib.

4. If not currently receiving pirfenidone or nintedanib, subject must have been off
pirfenidone or nintedanib for ≥ 4 weeks before baseline.

5. Has a FVC ≥ 50% and ≤ 90% of predicted.

6. Has a DLCO ≥ 25% and ≤ 90% of predicted.

7. Minimum distance on 6-Minute Walk Test (6MWT) of 150 meters.

8. Has a forced expiratory volume in 1 second (FEV1)/FVC ratio > 0.70.

9. Women of child bearing potential (WCBP), defined as a sexually mature woman not
surgically sterilized or not post-menopausal for at least 24 consecutive months if ≤
55 years or 12 months if > 55 years, must have a negative serum pregnancy test within
four weeks prior to the first dose of study drug and must agree to use adequate
methods of birth control throughout the study. Adequate methods of contraception are
defined in the protocol.

10. Has a life expectancy of at least 9 months

11. According to the investigator's best judgment, can comply with the requirements of the
protocol.

12. Has provided written informed consent to participate in the study.

Exclusion Criteria:

1. Has emphysema ≥ 50% on HRCT or the extent of emphysema is greater than the extent of
fibrosis according to reported results from the most recent HRCT.

2. Has a history of cigarette smoking within the previous 3 months.

3. Has received investigational therapy for IPF within 4 weeks before baseline.

4. Is receiving systemic corticosteroids equivalent to prednisone > 10 mg/day or
equivalent within 2 weeks of baseline.

5. Received azathioprine, cyclophosphamide, or cyclosporine A within 4 weeks of baseline.

6. Has a history of a malignancy within the previous 5 years, with the exception of basal
cell skin neoplasms. In addition, a malignant diagnosis or condition first occurring
prior to 5 years must be considered cured, inactive, and not under current treatment.

7. Has any concurrent condition other than IPF that, in the Investigator's opinion, is
unstable and/or would impact the likelihood of survival for the study duration or the
subject's ability to complete the study as designed, or may influence any of the
safety or efficacy assessments included in the study.

8. Has baseline resting oxygen saturation of < 89% on room air or supplemental oxygen.

9. Is unable to refrain from use of the following:

- Short acting bronchodilators on the day of and within 12 hours of pulmonary
function, DLCO, and 6 minute walk assessments.

- Long acting bronchodilators on the day of and within 24 hours of these
assessments.

10. Has a known post bronchodilator (short acting beta agonist [SABA] - albuterol or
salbutamol) increase in FEV1 of >10% and in FVC of >7.5%.