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SALT LAKE CITY, Nov. 20, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced a research collaboration with BioMarin that will use Myriad's novel HRD (Homologous Recombination Deficiency) test to identify tumor types that may be sensitive to BioMarin's investigational product candidate, BMN-673. Specific terms of the deal were not disclosed.
"The biology of cancer is complicated, and while the analysis of multiple gene targets may identify a subset of patients who will respond to PARP inhibitors, we need a more comprehensive test capable of identifying all patients who may benefit from treatment with PARP inhibitors or DNA damaging agents," said Jerry Lanchbury, Ph.D., chief scientific officer at Myriad. "While it is impossible to predict all of the genetic causes of DNA repair deficiency, our HRD test solves this problem by measuring the ultimate effect, which presents as a DNA scar."
Today's agreement marks the second research collaboration between the partners. In October, BioMarin announced the use Myriad's BRACAnalysis® test in connection with its pivotal Phase 3 clinical study of BMN-673 for breast cancer.
"We look forward to partnering with Myriad and accessing their expertise in developing this assay," said Len Post, chief scientific officer at BioMarin. "Myriad's HRD assay has the potential to complement the development of our PARP inhibitor BMN 673 to identify cancer patients who are most likely to benefit from the therapy."
About Myriad's HRD Test
Myriad's proprietary HRD test detects when a tumor has lost the ability to repair double-stranded DNA breaks resulting in increased susceptibility to DNA-damaging drugs. High HRD scores are prevalent in all breast cancer subtypes and most other major cancers. In previously published data, Myriad's HRD test predicted drug response to platinum therapy in triple-negative breast cancer patients. It is estimated that 490,000 people in the United States who are diagnosed with cancers annually are candidates for treatment with DNA-damaging agents. In March 2013, Myriad announced its first commercial HRD collaboration. Under that prior agreement, Myriad will conduct HRD testing on patients enrolled in PharmaMar's Phase 2 study of PM1183.
About Myriad Genetics
Myriad Genetics is a leading molecular diagnostic company dedicated to making a difference in patients' 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 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, and BRACAnalysis are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and other countries. MYGN-F, 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 the use of Myriad's HRD test as a companion diagnostic test to identify tumor types that may be sensitive to BioMarin's investigational product candidate BMN 673; BRACAnalysis test as a companion diagnostic to stratify patients in BioMarin's pivotal Phase 3 clinical studies for BMN 673; use of Myriad's HRD test on patients enrolled in PharmaMar's Phase 2 study of PM1183; and the Company's strategic directives under the caption "About Myriad Genetics." These "forward-looking statements" are management's present 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 described in the forward-looking statements. These risks 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; risks related to changes in the governmental or private insurers reimbursement levels for our tests; 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 tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities; risks related to public concern over our 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 the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses 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 license or 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 claims or challenges to the validity 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: Media Contact: Ron Rogers (801) 584-3065 rrogers@myriad.com Investor Contact: Scott Gleason (801) 584-1143 sgleason@myriad.com
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