SALT LAKE CITY, Nov. 3, 2014 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) announced today that it has signed an expanded companion diagnostic agreement with AbbVie, Inc. (NYSE:ABBV), a leading global biopharmaceutical company to use Tumor BRACAnalysis CDx™ as a companion diagnostic in support of AbbVie's novel poly (ADP-ribose) polymerase or PARP inhibitor, veliparib.
The collaboration builds upon Myriad's previous agreements with AbbVie under which the company is providing BRACAnalysis CDx testing to support several of AbbVie's ongoing Phase 3 clinical studies of veliparib, including neo-adjuvant and metastatic breast cancer.
"Myriad's goal is to provide best-in-class patient care, and we believe that Tumor BRACAnalysis CDx will help us deliver on this goal by identifying patients who may respond to breakthrough therapies currently in development," said Peter Meldrum, president and CEO of Myriad. "We are excited to expand our collaboration with AbbVie, an emerging leader in oncology, and believe their choice of Myriad as a commercial partner speaks to our unique ability to provide high quality, high value companion diagnostic testing on a global basis."
About Tumor BRACAnalysis CDx™
Myriad's Tumor BRACAnalysis CDx is the most robust and accurate companion diagnostic test for identifying both germline (hereditary) and somatic (tumor) cancer-causing mutations in the BRCA1 and BRCA2 genes. Tumor BRACAnalysis CDx has undergone significant analytic validation and has been shown to identify up to 50 percent more patients with cancer-causing BRCA 1/2 mutations compared to germline testing alone. Myriad is actively collaborating with leading pharmaceutical companies to use Tumor BRACAnalysis CDx as a companion diagnostic with certain PARP inhibitors, platinum-based drugs and other chemotherapeutic agents. In the United States, the testing will be done at the Company's laboratory in Salt Lake City. In Europe, the CE-marked test will be performed at the Company's Munich laboratory.
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, BART, BRACAnalysis, Tumor BRACAnalysis CDx, Colaris, Colaris AP, myPath, myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, HRD, Vectra and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign 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 related to the use of the Company's Tumor BRACAnalysis CDx™ in support of AbbVie's novel poly (ADP-ribose) polymerase or PARP inhibitor, veliparib; AbbVie's use of the Company's Tumor BRACAnalysis CDx as a companion diagnostic test; the Company's belief that Tumor BRACAnalysis CDx will help the Company provide best-in-class patient care by identifying more patients who may respond to these breakthrough therapies; and the Company's strategic directives under the captions "About Tumor BRACAnalysis CDx" and "About Myriad Genetics." These risks and uncertainties include, but are not limited to: the risk that sales and profit margins of our existing molecular diagnostic tests and pharmaceutical and clinical services may decline or will not continue to increase at historical rates; risks related to our ability to transition from our existing product portfolio to our new tests; risks related to changes in the governmental or private insurers reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that we may not be successful in transitioning from our existing product portfolio to our new products, such as our myRisk Hereditary Cancer test, which represents the next generation of our existing hereditary cancer franchise; the risk that we may not be able to generate sufficient revenue from our existing tests and our new tests or develop new tests; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests 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 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; risks related to increased competition and the development of new competing tests and services; risks related to our projections about the potential market opportunity for our products; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent infringement claims or challenges to the validity of our patents; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decision in the lawsuit brought against us by the Association for Molecular Pathology et al; 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.
Source:Myriad Genetics, Inc.