Pfizer gets another setback (NYSE:PFE)

Pfizer Inc announced one of the most shocking news on Friday that the conclusions of their experimental lung cancer drug were not definitive. The news was announced on a Friday afternoon after which the shares of Pfizer did went down for sometime but eventually at the end of the day the shares of Pfizer were back at $16.92.

Pfizer announced that they have stopped admissions of new patients for their experimental lung cancer drug, as those who were under trial are suffering from serious side-effects and might even die. Pfizer stated that these patients will not go through their experimental lung cancer candidate anymore, but will continue to get the drug, figitumumab. Another Phase three trial testing figitumumab with Tarceva made by Roche and OSI Pharmaceuticals will continue. Pfizer in their statement have clearly mentioned that they have suspended their new lung cancer drug.

Pfizer has been trying hard to push into cancer drugs but the news is another great setback to Pfizer as they were trying to create a new business by pushing more experimental medicines into human testing. GlaxoSmithKline and AstraZeneca are also working on the same lines where they are trying to develop and discover new drugs to combat cancer.

Earlier, Pfizer’s marketed cancer pill, Sutent, failed in April 2009 which was targeted to treat patients suffering from breast cancer. However, it was Xeloda by Roche that outclass the Pfizer’s cancer pill. Pfizer than came up with a clinical trial of axitinib, a drug to combat pancreatic cancer, but unfortunately that was stopped because it showed more risks compare to the benefits it should come out with.

Currently, Pfizer is focusing more on cancer, as it remains the hottest areas for research. However, the trend clearly shows that Pfizer is struggling to come out with a successful cancer drug that would dominate the market.