AstraZeneca Reports Poor Test Results
Friday December 17, 8:24 am ET
AstraZeneca Reports Disappointing Lung Cancer Drug Test Results, Shares Skid on News
[AZN getting haircut, DNA, OSIP getting Rogaine fast release in premarket]
LONDON (AP) -- Drug manufacturer AstraZeneca PLC announced Friday that trials of its new lung cancer drug found it didn't help patients live longer. Its shares dropped more than 8 percent.
The company said that while trials showed its cancer drug Iressa improved shrinkage of cancer tumors, that didn't translate to a statistically significant survival benefit.
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Dr. Alan Barge, worldwide medical director for Iressa, said it was a disappointing result.
"Iressa clearly provides substantial benefits for some patients in clinical practice and we will be working to better understand this outcome," Barge said.
The company said it was consulting regulatory authorities to determine the effect of the test results.
Shares in the London-based company dropped more than 8 percent to 1,888 pence ($36) Friday afternoon.
Patients currently taking Iressa should consult their doctor and if they decided to continue treatment AstraZeneca would honor its commitment to supply the drug, the company said.
AstraZeneca also announced Friday that Louis Schweitzer would take on the position of non-executive chairman following the retirement of Percy Barnevik, effective Dec. 31.
AstraZeneca is one of the world's largest pharmaceutical companies with health care sales of over $18.8 billion. |
