Healthcare Business Roundup: Astex Abandons Cancer Drug, LabCorp Sues VA

Shares of Astex Pharmaceuticals, Inc. (ASTX) tumble, following its disclosure that it has discontinued clinical development of amuvatinib, as the potential cancer inhibitor failed to meet the targeted response rate in platinum-refractory small-cell lung cancer patients.

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Cardiome Pharma Corporation (NASDAQ:CRME) shares jump after the news release that Jennifer Archibald will become chief financial officer, subsequent to the resignation of Curtis Sikorsky, who intends to stay on in a consulting role to assist the firm during the transition.

LabCorp (NYSE:LH) will bring a lawsuit against the federal government, claiming that the Department of Veteran Affairs improperly rejected its $31.7 million contract bid for laboratory testing. The plaintiff alleges the department “erroneously programmed” a computer system to cease accepting bids an hour before a publicized deadline, causing the firm’s bid to be disallowed 57 minutes before time was up.

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