SALT LAKE CITY, June 24, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) announced today that it has signed an agreement with TESARO, Inc. (Nasdaq:TSRO) to conduct BRCA1 and BRCA2 mutation testing on patients to be enrolled in two separate Phase III clinical studies with niraparib. Niraparib is a novel, orally active poly (ADP-ribose) polymerase, or PARP, inhibitor.
"We believe this agreement reinforces BRACAnalysis® as the gold standard companion diagnostic test for this exciting new class of therapeutics," said Peter Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "We are excited to be working with TESARO, and this collaboration is yet another example of Myriad's strong commitment to becoming a leader in the field of companion diagnostics."
TESARO plans to conduct two Phase III clinical studies with niraparib. A Phase III study in platinum sensitive, high grade serous ovarian cancer patients is planned to begin enrolling in mid-2013, and a Phase III study in metastatic breast cancer patients who have germline BRCA mutations is planned to initiate in 2H 2013. Under the terms of the agreement, Myriad BRACAnalysis test will be used as a companion diagnostic to identify patients in TESARO's pivotal clinical trials for niraparib.
BRACAnalysis is a genetic test that confirms the presence of a BRCA1 or BRCA2 gene mutation. BRCA mutations are responsible for the majority of hereditary breast and ovarian cancers. People with a mutation in either the BRCA1 or BRCA2 gene have risks of up to 87% for developing breast cancer and up to 44% for developing ovarian cancer by age 70. Mutation carriers previously diagnosed with cancer also have a significantly increased risk of developing a second primary cancer. Genetic testing, specifically the BRACAnalysis test, identifies patients who have these mutations.
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.
Myriad, the Myriad logo, BART, 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: Myriad conducting BRCA1 and BRCA2 mutation testing on patients to be enrolled in two separate Phase III clinical studies with niraparib; TESARO's plans to conduct two Phase III clinical studies with niraparib, including a Phase III study in platinum sensitive, high grade serous ovarian cancer patients planned to begin enrolling in mid-2013, and a Phase III study in metastatic breast cancer patients who have germline BRCA mutations planned to initiate in 2H 2013; the BRACAnalysis test being used as a companion diagnostic to identify patients in TESARO's pivotal clinical trials for niraparib; 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.