Myriad Genetics and BeiGene Sign Agreement to Develop Companion Diagnostics for Use with BeiGene’s Novel PARP Inhibitor, BG...
April 06 2017 - 7:05AM
Myriad Genetics, Inc. (NASDAQ:MYGN), a leader in molecular
diagnostics and personalized medicine, today announced that it has
entered into a companion diagnostic development collaboration with
BeiGene, a clinical-stage biopharmaceutical company developing
molecularly-targeted and immuno-oncology drugs for the treatment of
cancer, to accelerate precision medicine in oncology.
Under the agreement, BeiGene will use Myriad’s
myChoice® HRD and BRACAnalysis CDx® companion
diagnostic tests to support the clinical development of its novel
PARP inhibitor, BGB-290. Specific terms of the deal were not
disclosed.
“We are excited to collaborate
with BeiGene to help identify patients who stand to
benefit the most from treatment with BGB-290,” said Mark C. Capone,
president and CEO, Myriad Genetics. “As the pioneer in
companion diagnostics for PARP inhibitors, we recognize that
precision medicine only can be achieved by molecularly matching
patients to the right therapy. Together with BeiGene, we are
in a unique position to integrate advanced genetic information into
clinical practice and achieve better patient outcomes."
About BRACAnalysis
CDx®BRACAnalysis CDx is an in vitro diagnostic device
intended for the qualitative detection and classification of
variants in the protein coding regions and intron/exon boundaries
of the BRCA1 and BRCA2 genes using genomic DNA obtained from whole
blood specimens.
About myChoice® HRDMyriad's
myChoice HRD is the first homologous recombination deficiency test
that can detect when a tumor has lost the ability to repair
double-stranded DNA breaks, resulting in increased susceptibility
to DNA-damaging drugs such as platinum drugs or PARP
inhibitors. It is estimated that 1.8 million people in the
United States and Europe who are diagnosed with cancers annually
may be candidates for treatment with DNA-damaging agents.
About BeiGene and BGB-290Learn
more at: http://www.beigene.com/.
About Myriad GeneticsMyriad
Genetics Inc., is a leading personalized medicine company dedicated
to being a trusted advisor transforming patient lives worldwide
with pioneering molecular diagnostics. Myriad discovers and
commercializes molecular diagnostic tests that: determine the risk
of developing disease, accurately diagnose disease, assess the risk
of disease progression, and guide treatment decisions across six
major medical specialties where molecular diagnostics can
significantly improve patient care and lower healthcare
costs. Myriad is focused on three strategic
imperatives: transitioning and expanding its hereditary
cancer testing markets, diversifying its product portfolio through
the introduction of new products and increasing the revenue
contribution from international markets. 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, myPath, myRisk, Myriad myRisk, myRisk
Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor
BRACAnalysis CDx, myChoice HRD, EndoPredict, Vectra, GeneSight and
Prolaris are trademarks or registered trademarks of Myriad
Genetics, Inc. or its wholly owned subsidiaries 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 relating to the companion diagnostic
development collaboration with BeiGene to accelerate precision
medicine for patients with cancer; the use Myriad’s myChoice HRD
and BRACAnalysis CDx companion diagnostic tests to support the
clinical development of BGB-290 for patients with cancer; and
the Company’s strategic directives under the caption “About Myriad
Genetics.” 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 described or
implied 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 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 licenses to the technology
underlying our molecular diagnostic tests and pharmaceutical and
clinical 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, including but not limited to our acquisition of Assurex,
Sividon and the Clinic; 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; the risk that we may be unable to comply with
financial operating covenants under our credit or lending
agreements; the risk that we will be unable to pay, when due,
amounts due under our credit or lending agreements; and other
factors discussed under the heading “Risk Factors” contained in
Item 1A of our Annual report on Form 10-K for the fiscal year ended
June 30, 2016, which has been 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.
Media Contact:
Ron Rogers
(801) 584-3065
rrogers@myriad.com
Investor Contact:
Scott Gleason
(801) 584-1143
sgleason@myriad.com
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