** 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

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com;))