SALT LAKE CITY, May 10, 2011 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced that it has signed an agreement to license proprietary technology for the early detection of cancer from Chronix Biomedical of San Jose, California. Under the agreement, Myriad has rights in North America, South America, and Europe to commercialize tests derived from the technology for the early detection of breast cancer, colon cancer and prostate cancer in exchange for upfront fees, milestone payments, and royalty payments based upon the technical and commercial success of the products.
"The technology we have licensed from Chronix Biomedical has the potential to revolutionize the early detection of cancer through the analysis of unique DNA sequences in blood samples," said Mark Capone, President of Myriad Genetic Laboratories, Inc. "This acquisition is consistent with our strategy to broaden our preventive care portfolio beyond predictive medicine products for women's health, and supply healthcare providers with enhanced tools to catch disease early, when it is most treatable."
In a study of 575 individuals presented at the June, 2010 ASCO meeting, Chronix's novel technology detected and identified DNA fingerprints in blood samples from patients that indicated the presence of prostate or breast cancer with 92% sensitivity and 100% specificity. Myriad will expand on this initial research with the goal of developing molecular diagnostic products which are less invasive and significantly outperform the accuracy of current early detection methods.
According to the American Cancer Society, there were an estimated 570,000 newly diagnosed cases of breast, colon, or prostate cancer in 2010, and over 70 million breast, colon, and prostate screening tests are performed annually in the United States alone. This early detection technology could supplement and improve these screening tests to provide physicians with a more sensitive test that is able to detect cancerous cells at an earlier stage of development and improve clinical outcomes.
According to the National Cancer Institute, patients diagnosed with early stage cancer have more than a 90% change of surviving for five years while patients diagnosed with later stage cancer have less than a 30% chance of five year survival. This data underscores the need for early detection and early intervention in cancer.
"We are pleased with the partnership of our technology with Myriad Genetics given their expertise in developing and commercializing molecular diagnostic products," said Dr. Howard Urnovitz, Chief Executive Officer of Chronix Biomedical. "Chronix's molecular diagnostic technology is transformative; as it is based on the ability to detect, analyze and identify alterations in specific regions of the human chromosome discharged by damaged or dying cancer cells. The ability to differentiate cancerous versus normal cells in blood will provide an incredibly sensitive screening and monitoring tool."
About Chronix Biomedical
Chronix Biomedical is pioneering a breakthrough approach to the diagnosis, monitoring and management of a broad range of cancers and other conditions. It has developed proprietary technology that measures and categorizes DNA sequences circulating in the blood that are associated with specific changes in disease and health status. Using advanced genome analysis methodology, proprietary data tools and disease-specific databases, Chronix has demonstrated the utility of its diagnostic and prognostic approach in a chronic neurologic disease, in breast and prostate cancer and in multiple myeloma. It is currently conducting studies in other cancers as well as Chronic Fatigue Syndrome. Chronix is headquartered in San Jose, California and has research facilities in Germany and South Dakota. Please visit Chronix's website at www.chronixbiomedical.com.
About Myriad Genetics
Myriad Genetics, Inc. (Nasdaq:MYGN) is a leading molecular diagnostic company dedicated to developing and marketing novel predictive, personalized and prognostic medicine products to assess a person's risk of developing disease and guide treatment decisions. Myriad's portfolio of nine molecular diagnostic products are based on an understanding of the role genes play in human disease and were developed with a focus on improving an individual's decision making process for monitoring and treating disease. With fiscal year 2010 annual revenue of over $360 million and approximately 1,000 employees, Myriad is working on strategic initiatives, including new product introductions, companion diagnostics, and international expansion, to take advantage of significant growth opportunities. For more information on how Myriad is making a difference, please visit the Company's website: www.myriad.com.
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Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the Company's ability to develop and commercialize an early detection test for breast, prostate and colon cancers based on the proprietary technology being licensed from Chronix; the potential of the licensed proprietary technology to revolutionize the early detection of cancer; the Company's intent to expand on this initial research with the goal of developing molecular diagnostic products which are less invasive and significantly outperform the accuracy of current early detection methods; the ability of this early detection technology to supplement and improve screening tests to provide physicians with a more sensitive test that is able to detect cancerous cells at an earlier stage of development and improve clinical outcomes; and the ability to differentiate cancerous versus normal cells in blood providing an incredibly sensitive screening and monitoring tool. 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 products 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 products in a timely manner, or at all; the risk that licenses to the technology underlying our molecular diagnostic products 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 products 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, and risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we acquire; the development of competing products and services; the risk that we or our licensors may be unable to protect the proprietary technologies underlying our products; 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 Annual Report on Form 10-K for the year ended June 30, 2010, 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.