Pharmaceutical giant AstraZeneca has suffered a fresh setback after pulling the plug on a late-stage lung cancer drug trial.
The FTSE 100 group revealed that its Volrustomig treatment, when combined with chemotherapy, was unlikely to increase survival rates for lung cancer patients compared to current standard options.
The decision to halt the phase three study follows a recommendation from the Independent Data Monitoring Committee after a scheduled evaluation of trial data.
This outcome marks another blow for AstraZeneca, coming after billions were wiped off its market value in July when it discontinued a trial for Wainua, an experimental heart disease drug.
Susan Galbraith, an executive vice president at AstraZeneca, described the decision to abandon the trial as a disappointment.
She said: “While we are disappointed, we will learn from this trial and are determined to continue pioneering new medicines from our industry-leading pipeline in our quest to improve outcomes for patients with lung cancer.”
Lung cancer accounts for nearly a quarter (23%) of all cancer deaths, making it the primary cause of cancer mortality.
AstraZeneca noted that trials examining Volrustomig for other indications will proceed, including studies targeting cervical cancer, head and neck squamous cell carcinoma, and mesothelioma.
However, the Cambridge-headquartered Anglo-Swedish firm also reported progress across its oncology portfolio on Monday, announcing that its Enhertu treatment delivered “a statistically significant and clinically meaningful improvement in progression-free survival” in patients with non-small cell lung cancer.
The pharmaceutical company will now proceed with late-stage testing.
Ms Galbraith said: “This aggressive lung cancer often affects younger patients and has historically had limited first-line targeted treatment options, making these positive results an important step forward in bringing additional effective therapies to patients at metastatic diagnosis when there is the greatest opportunity to improve outcomes.”
In a separate development, the company revealed that late-stage trial findings for Tagrisso combined with Orpathys “reinforce Tagrisso as the backbone therapy” for another form of lung cancer.
Shares in AstraZeneca climbed by as much as 2% during early morning trading on Monday.
Axel Rudolph, chief technical analyst at IG, remarked that the decision to stop the Volrustomig trial served as “another reminder of the risks facing the growth story”.
“While the underlying investment case remains supported by solid fundamentals and a robust late-stage pipeline, AstraZeneca needs positive clinical developments to rebuild confidence,” he added.