SALT LAKE CITY and LEXINGTON, Mass., April 17, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) and RainDance Technologies, Inc. today announced that they have entered into a commercial agreement whereby Myriad will adopt RainDance's ThunderStorm™ Target Enrichment System for Myriad's next-generation sequencing based Hereditary Cancer Panel (HCP) test. As part of this agreement, Myriad and RainDance have signed a multi-year supply agreement where RainDance will provide Myriad with ThunderStorm systems, reagents, gene panels, and consumables.
"We are excited to announce this strategic relationship with RainDance Technologies as it marks an important milestone in our preparation for the future launch of our next-generation HCP test," said Mark Capone, President of Myriad Genetics Laboratories. "The ThunderStorm System offers Myriad unparalleled genomic coverage, the ability to detect large gene rearrangements, workflow benefits, and a favorable cost profile, all of which have been critical in overcoming the challenges associated with creating content- rich next-generation sequencing gene panels suitable for a high throughput commercial laboratory."
"Myriad's selection of our ThunderStorm System for their HCP test, one of the most significant commercial opportunities in their product portfolio, validates our product differentiation and innovative technology with one of the most exacting clinical sequencing customers in the world. The Myriad relationship builds on our proven track record with more than 70 major genetic and translational research labs worldwide," said Roopom Banerjee, President and CEO of RainDance. "With our proprietary platform, Myriad is establishing a new industry standard for next-generation sequencing of cancer and inherited disease."
RainDance's ThunderStorm System utilizes a proprietary single-molecule droplet technology for sequence enrichment and enables customers to target up to 20,000 regions of the genome using any of the commercially available next-generation sequencing platforms. Myriad evaluated several sequence enrichment technologies for its planned HCP launch and the ThunderStorm System from RainDance represented the most automated and affordable solution for large volume genetic testing.
Myriad is working to incorporate RainDance's technology into its next-generation HCP test which will evaluate numerous high-prevalence genes that play a critical role in inherited cancer risk. Myriad's HCP test will provide physicians and patients with actionable, life-saving, information on a broad spectrum of cancers and give a more complete assessment of inherited cancer risk than any currently marketed product.
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 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.
About RainDance Technologies
RainDance Technologies is a leading life sciences company developing innovative products that enable more accurate, reliable, cost-effective and early detection of disease and predisposition risk in order to improve human healthcare. Today, RainDance is focused on better healthcare outcomes and lowering costs for the research, diagnosis and treatment of cancers and inherited diseases. The company's innovative RainStorm(TM) digital droplet technology powers next-generation sequencing and genetic testing systems that deliver dramatically superior performance, cost, interpretability, and ease of use. RainDance systems are used routinely in major academic research institutions, clinical genetics laboratories, and hospitals around the world. Based in Lexington, Massachusetts, the company supports customers through its international sales and service operations as well as a global network of distributors and commercial service providers. For more information, please visit www.RainDanceTech.com.
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 timing, adoption and implementation of the RainDance ThunderStorm Target Enrichment System for Myriad's next-generation sequencing based Hereditary Cancer Panel (HCP) test; the scope and launch of Myriad's HCP test and its benefits to physicians and patients; 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: Myriad Contacts: Media Contact: Ronald Rogers, Executive Vice President of Corporate Communications (801) 584-3065 email@example.com Investor Relations: Scott Gleason, Vice President of Investor Relations (801) 584-1143 firstname.lastname@example.org RainDance Contact: Colin Sanford: Bioscribe (203) 340-2441 email@example.comSource:Myriad Genetics, Inc.