AstraZeneca says it won't take the advanced melanoma drug AZD6244--licensed from Array BioPharma--into late stage trials after seeing the program flunk Phase II. Researchers said they could see no difference between AZD6244 and Temodar (temozolomide), which is in use to treat brain tumors. That wasn't what investors in Array wanted to hear. They shaved 18 percent off the value of its stock, which had already gradually slid 16 percent this year. AstraZeneca licensed the program four years ago.
- see this release
- read the AP report for more on the results
ALSO: Take a look at AstraZeneca's pipeline. Report