Healthcare Industry News: HSMN NewsFeed
News Release - October 26, 2010
Myriad and Abbott Enter Into Cooperative AgreementMyriad Will Assess BRCA Status in Phase III Study
SALT LAKE CITY, Oct. 26, 2010 -- (Healthcare Sales & Marketing Network) -- Myriad Genetics, Inc. (Nasdaq:MYGN ) today announced that it has signed an agreement with Abbott Laboratories, a global health care company, to conduct BRCA1 and BRCA2 mutation testing on patients to be enrolled in a Phase III multi-center, multi-national clinical study (the "Study") of a novel drug candidate (the "Study Drug") for the treatment of metastatic breast cancer. This agreement is in addition to a similar previous agreement for a Phase II study with the same Study Drug.
Under the agreement, Myriad will use its BRACAnalysis(R) test to identify the presence of germline mutations in the breast cancer patients to be enrolled in the Study. Myriad will determine the mutation status of these patients and will provide standard test reports to the clinicians at each study site.
"We are extremely pleased to be working with Abbott, one of the world's leading healthcare companies, on this exciting new clinical study to find better, more effective treatments for patients suffering from breast cancer," said Peter Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "This collaboration is a further demonstration of Myriad's commitment to and leadership in the field of companion diagnostics."
BRACAnalysis is an analysis of the BRCA1 and BRCA2 genes developed by Myriad Genetics for assessing a woman's risk for hereditary breast and ovarian cancer. A woman who tests positive with the BRACAnalysis test has, on average, an 82% risk of developing breast cancer during her lifetime and a 44% risk of developing ovarian cancer. BRACAnalysis provides important information that the Company believes will help patients and their physicians make better informed lifestyle, surveillance, preventive medication and treatment decisions. As published in the Journal of the National Cancer Institute, researchers have shown that pre-symptomatic individuals who have a high risk of developing breast cancer can reduce their risk by approximately 50% with appropriate preventive therapies. Additionally, as published in the New England Journal of Medicine, researchers have shown that pre-symptomatic individuals who carry gene mutations can lower their risk of developing ovarian cancer by approximately 60% with appropriate preventive therapies.
For more information about BRACAnalysis, please call 1-800-4-MYRIAD, or visit www.myriadtests.com.
About Myriad Genetics
Myriad Genetics, Inc. is a leading molecular diagnostic company focused on developing and marketing novel predictive medicine, personalized medicine and prognostic medicine products. Myriad's news and other information are available on the Company's Web site at www.myriad.com.
Myriad, the Myriad logo, BRACAnalysis, Colaris, Colaris AP, Melaris, TheraGuide, Prezeon, OnDose, and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries. MYGN-G
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the initiation, timing, progress, completion and successful outcome of Myriad's BRCA1 and BRCA2 mutation testing in connection with Abbott Laboratories' phase III clinical study. These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that sales and profit margins of our existing molecular diagnostic products may decline or will not continue to increase at historical rates; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic products in a timely manner, or at all; the risk that licenses to the technology underlying our molecular diagnostic products and any future products are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with manufacturing our products or operating our laboratory testing facilities; risks related to public concern over our products; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of healthcare payment systems; uncertainties about our ability to obtain new corporate collaborations and acquire new technologies on satisfactory terms, if at all; the development of competing products and services; the risk that we or our licensors may be unable to protect the proprietary technologies underlying our products; the risk of patent-infringement claims or challenges of our patents; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors discussed under the heading "Risk Factors" contained in Item 1A in our Annual Report on Form 10-K for the year ended June 30, 2010, filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.
Source: Myriad Genetics
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