AstraZeneca Won't Present Key Cancer Drug Data at Conference

The biggest medical confab of the year, the American Society of Clinical Oncology annual meeting, starts May 18, but the rumor mill is already buzzing. The latest: AstraZeneca (AZN Quote) has reportedly pulled some key, late-stage data about its cancer drug Iressa from a highly anticipated plenary session on lung cancer scheduled for the ASCO conference.

Wall Street is tracking Iressa's development closely because the cancer drug has blockbuster potential and is similar to ImClone Systems' (IMCL Quote) Erbitux. Now that Erbitux is delayed, Iressa is expected to hit the market first, probably in the second half of this year.

The British pharmaceutical company was expected to take the wraps off results from one, possibly two, phase 3 clinical trials of Iressa. But earlier this week, several sources told TheStreet.com that AstraZeneca pulled the data from the conference. The reason for the withdrawal was not known, but the action could have either positive or negative implications for the drug. ...