Often ingested as:
Selenomethionine

Structure of Selenomethionine
Intro and Background
Selenium is a component of the amino acid selenomethionine commonly found in soil, forages, and grains. (1) This naturally occurring amino acid is essential for proper nutrition and in a normal human diet and is most often ingested in meats, seafood, and plants. (2) (3) The amount of selenium in plants, animals, and humans depends on the selenium concentration of the soil where they were raised. Investigators started to look at selenium as an anticancer agent when a report suggested that the average selenium intake was lower among nations that showed an increased risk for cancer. (4)
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In many studies, selenium is also paired with Vitamin E to investigate their combined cancer fighting abilities. For the most part, research is focused on the ability of selenium to prevent cancer rather than fight it. The exact mechanism by which it works is unknown but it may fight cancer causing events in several different ways: it enhances processes that normally fight cancerous cells (5) and prevents harmful molecules from binding to and changing DNA.(6) The US Food and Drug administration suggests a daily intake of about 70 µg (with a maximum of 400µg/day) for adults as part of a normal, healthy diet.(7) (3)
Scientific Research
Selenium may be an effective agent to prevent cancer but it is not yet clear.(8) (9) Some studies suggest that a baseline, or minimum, level of selenium intake provides protection from cancer development.(10) (3) Studies also show that men are at a reduced risk for prostate cancer when selenium is part of their diet. (7) Treatment of prostate cancer cells with selenium in vitro can inhibit tumor growth and induce apoptosis. (1) (11)
There are some indications (included in review by Micke, et. al.) that selenium may increase risk for type II diabetes. (10)
There are currently several clinical trials underway examining selenium's ability to prevent and/or treat cancer. Studies are underway to look at the impact on solid tumors and lymphoma View information about ongoing clinical trials involving selenium (National Cancer Institute).
US Food and Drug Administration Approval
There is not enough evidence to support that selenim is effective in the treatment of cancer and it has not been approved by the FDA for cancer treatment. (12)