The next new treatment for breast, colon and prostate cancers, among others, may be a diabetes drug first approved in 1958. Metformin, the most commonly used medicine to lower blood- sugar, is the subject of about 50 cancer studies globally, according to U.S. government clinical trial information compiled by Bloomberg. The research began after scientists found metformin prevented tumors in mice and that diabetics were less likely to develop a malignancy if they were taking the 5 cents- a-day pill than other diabetes medications.