SALT LAKE CITY, Dec. 9, 2011 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) announced today that a presentation entitled "Cost Effectiveness Analysis of Genetic Testing for Breast and Ovarian Cancer Susceptibility Genes (BRCA1/BRCA2)," was presented on Thursday, December 8, 2011 during the 2011 CTRC-AACR San Antonio Breast Cancer Symposium. The study demonstrated that the BRACAnalysis test is a cost-effective intervention for a much larger group of unaffected women than current guidelines would suggest.
Researchers modeled the cost-effectiveness of BRACAnalysis testing in asymptomatic women in the United States who were at an elevated risk of having a BRCA1 or BRCA2 mutation based solely upon family history. They determined that the BRACAnalysis test was cost effective if a woman has just a 3.1% probability of a mutation. Based on this finding, approximately 7% of the women in the United States, or 11 million, would meet this threshold. This would almost double the current market size of approximately 6 million women, who satisfy the existing medical guidelines for unaffected testing.
Typically, a medical procedure or product is deemed to cost-effective if its cost to the healthcare system is below $50,000 per quality-adjusted life year. From a societal perspective, the BRACAnalysis test was found to be cost-effective at $30,600 per quality-adjusted life year, and from a private payor perspective, at $36,800 per quality-adjusted life year.
"These findings demonstrate the health-economic value of the BRACAnalysis test," said Mark Capone, President of Myriad Genetic Laboratories, Inc. "Despite the growth seen in costs associated with surveillance and other preventative measures, the BRACAnalysis test remains a cost-effective tool for obtaining critical information on a patient's risk for hereditary breast and ovarian cancer."
This is the third publication which detailed the cost-effectiveness of the BRACAnalysis test in unaffected women with a family history of breast or ovarian cancer. Prior studies published in the Annals of Internal Medicine and Value of Health also found BRACAnalysis to be a cost-effective tool for preventing breast and/or ovarian cancer in these unaffected women.
BRACAnalysis is a genetic test which sequences the BRCA1 and BRCA2 genes to assess a woman's risk for breast and ovarian cancer. A woman who tests positive with the BRACAnalysis test has, on average, up to a 84% lifetime risk of developing breast cancer during her lifetime and on average, up to a 44% risk of developing ovarian cancer. The BRACAnalysis test provides important information that the Company believes will help the patient and her physician make better informed lifestyle, surveillance, and treatment decisions. 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. (Nasdaq:MYGN) is a leading molecular diagnostic company dedicated to developing and marketing transformative tests to assess a person's risk of developing disease, guide treatment decisions and assess a patient's risk of disease progression and disease recurrence. Myriad's portfolio of nine molecular diagnostic tests are based on an understanding of the role genes play in human disease and were developed with a focus on improving an individual's decision making process for monitoring and treating disease. With fiscal year 2011 annual revenue of over $400 million and more than 1,000 employees, Myriad is working on strategic directives, including new product introductions, companion diagnostics, and international expansion, to take advantage of significant growth opportunities. For more information
on how Myriad is making a difference, please visit the Company's website: www.myriad.com.
Myriad, the Myriad logo, BRACAnalysis, Colaris, Colaris AP, Melaris, TheraGuide, Prezeon, OnDose, Panexia and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries. MYGN-G
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to cost-effectiveness of BRACAnalysis testing for unaffected patients with a family history of breast and/or ovarian cancer; and the potential market size of women who would satisfy medical guidelines for unaffected testing. 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 tests and companion diagnostic services may decline or will not continue to
increase at historical rates; the risk that we may be unable to expand into new markets outside of the United States; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and companion diagnostic services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and companion diagnostic services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and companion diagnostic services 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 genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of healthcare payment systems; risks related to our ability to obtain new corporate collaborations and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we acquire; the development of competing tests and services; the risk that we or our licensors may be unable to protect the proprietary technologies underlying our tests; the risk of patent-infringement and invalidity 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 most recent Annual Report on Form 10-K 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.
CONTACT: Rebecca Chambers
Director, Investor Relations and Corporate Communications
Source: Myriad Genetics, Inc.
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