DUBLIN, Calif. (AP) -- Shares of Astex Pharmaceuticals Inc. sank Friday after the drugmaker said it will stop clinical development of a potential treatment for a form of lung cancer.
The Dublin, Calif., company decided to discontinue the development of amuvatinib after the oral treatment missed a response-rate goal in an early study. The response rate measures patients who had either a complete or partial response to the drug, and researchers saw only two partial responses out of 21 patients.
Astex was studying the use of amuvatinib in an early mid-stage study that combined the drug with platinum etoposide to treat platinum refractory small cell lung cancer.
The company said it will consider licensing the compound to a development partner interested in studying it some more.
Company shares fell nearly 7 percent, or 23 cents, to $3.09 while broader trading indexes climbed slightly.