BUZZ-Pliant touches record low after scrapping trial of lung-disease drug

Shares of drug developer Pliant Therapeutics PLRX.O hit their lowest level on record at $1.59

The company discontinues a mid-stage trial of its experimental drug bexotegrast in patients with a type of lung disease called idiopathic pulmonary fibrosis

PLRX says the drug trial was stopped due to reports of IPF-related adverse events

Idiopathic pulmonary fibrosis is a chronic lung disease that causes scarring and stiffening of the organ's tissue

PLRX paused enrollment of patients in the mid-stage trial in early February, on the recommendation of an independent data safety monitoring board

It plans to analyze complete trial data and evaluate next steps for bexotegrast's development, including additional studies testing lower doses in IPF

The stock is down 79.3% in the past 12 months