SALT LAKE CITY, July 26, 2012 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced that it has signed an agreement with Pharma Mar, a leader in the development of marine-derived drugs. Under the agreement, Myriad will conduct BRCA 1 and BRCA 2 testing on patients to be enrolled in a Phase II clinical study of PM1183, a novel drug candidate which induces double-stranded DNA breaks to cause cell death.
"PM1183 is an exciting compound, and we are extremely pleased to be working with Pharma Mar on this project," said Peter Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "We believe this agreement, as well as our many other companion diagnostic projects for DNA-damaging agents, demonstrates the importance of a patient's BRCA status in identifying potential responders to this class of drugs."
Under the agreement, Myriad will assess the BRCA status in patients who respond to PM1183. Myriad has entered into similar agreements with Abbott Pharmaceuticals, Astra Zeneca, BioMarin Pharmaceuticals and Cephalon to provide companion diagnostic testing with the BRACAnalysis® test for clinical trial enrollment.
BRACAnalysis is a molecular diagnostic test developed by Myriad Genetics which analyzes the BRCA1 and BRCA2 genes to assess a woman's risk for developing breast and ovarian cancer and guide treatment decisions for women with hereditary breast and ovarian cancer. A woman who tests positive with the BRACAnalysis test has, on average, up to an 86% risk of developing breast cancer during her lifetime and up to 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, and preventive medication and treatment decisions. For more information about BRACAnalysis, please call 1-800-4-MYRIAD, or visit www.myriad.com.
About Myriad Genetics
Myriad Genetics is a leading molecular diagnostic company dedicated to making a difference in patient's lives through the discovery and commercialization of transformative tests to assess a person's risk of developing disease, guide treatment decisions and assess risk of disease progression and recurrence. Myriad's portfolio of molecular diagnostic tests are based on an understanding of the role genes play in human disease and were developed with a commitment to improving an individual's decision making process for monitoring and treating disease. Myriad is focused on strategic directives to introduce new products, including companion diagnostics, as well as expanding internationally. 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 testing to be conducted by Myriad under the agreement with Pharma Mar and the Company's strategic directives under the caption "About Myriad Genetics". 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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