UPDATE 1-AstraZeneca Suffers Setback as Drug Fails in Eye Cancer

“AstraZeneca’s much anticipated cancer drug pipeline suffered a modest blow on Wednesday when the experimental drug selumetinib failed to meet its goal in a late-stage trial for a rare cancer of the eye.

“The drugmaker said the disappointing result in uveal melanoma would not affect other studies using the drug. Selumetinib is being investigated primarily as a treatment for advanced non-small cell lung cancer.

“Selumetinib belongs to a class of cancer drugs known as MEK inhibitors, which includes Novartis’s approved product Mekinist and the experimental compound cobimetinib from Roche and Exelixis.

“Current consensus analyst forecasts for selumetinib, which is designed for use alongside chemotherapy, point to relatively minor sales of $305 million in 2020, according to Thomson Reuters Cortellis.”