(Reuters) - Astex Pharmaceuticals Inc said it would discontinue the development of its experimental small-cell lung cancer drug amuvatinib as the drug failed to meet the main goal of a mid-stage study.
The main goal of the study was to show that the drug did not have less than 10 percent response rate in treating lung cancer patients. However, Amuvatinib showed only a 9.5 percent response rate.
The company said it would now consider licensing the compound to any partners interested in its development.
No new safety issues were identified in the trial, the company said in a statement.
Shares of Astex closed at $3.32 on Thursday on the Nasdaq.