Astex dumps experimental lung cancer drug

Astex CEO James Manuso.

Astex Pharmaceuticals Inc. has discontinued its work to bring an experimental cancer drug through clinical trials and onto the market, the company said Friday. The Dublin-based company (NASDAQ: ASTX) said it will try to license the drug -- called amuvatinib, or MP-470 -- which was in the second phase of the three-part clinical trial process. The Phase II trial looked at the drug as a treatment for small cell lung cancer.