Myriad Genetics (NASDAQ:MYGN)
Historical Stock Chart
3 Years : From Apr 2011 to Apr 2014
Myriad Genetics, Inc. (Nasdaq:MYGN) announced today that a presentation entitled, "Representation of PMS2 mutations in patients seeking genetic testing for Lynch syndrome," was presented at the 2012 American College of Medical Genetics and Genomics (ACMG) Annual Clinical Genetics Meeting. The study found cancer causing mutations in the PMS2 gene in 14 percent of patients with personal and family histories suggestive of Lynch syndrome, a hereditary form of colon cancer. The study concluded that comprehensive diagnostic testing for Lynch syndrome should include the PMS2 gene.
"These findings confirm the importance of analyzing the PMS2 gene when assessing a patient's Lynch syndrome status," said Mark Capone, President of Myriad Genetic Laboratories. "Myriad offers an analysis of the PMS2 gene and is working with physicians and patients to ensure they are educated on the importance of this gene in Lynch syndrome."
Researchers at Myriad analyzed the prevalence of genetic mutations using the COLARIS® test in 327 patients to confirm the importance of testing for mutations in the PMS2 gene. Cancer causing mutations were also found in the MSH2, MLH1, and MSH6 genes. Approximately 38 percent of patients were found to have a mutation in the MSH2 gene, 30 percent in the MLH1 gene, 18 percent in the MSH6 gene and 14 percent of mutations were found in the PMS2 gene.
This study demonstrates the importance of the analyzing the PMS2 gene to fully comprehend a patient's Lynch syndrome status.
COLARIS is a genetic test that can identify genetic mutations in the MLH1, MSH2, MSH6, and PMS2 genes. This test is designed to assess a person's risk of developing colorectal and endometrial cancer as well as other hereditary cancers associated with Lynch syndrome. A patient who tests positive with the COLARIS test has up to an 82% chance of developing colorectal cancer and up to a 71% chance of developing endometrial cancer.
About Myriad Genetics
Myriad Genetics, Inc. is a leading molecular diagnostic company dedicated to making a difference in patient's 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 nine molecular diagnostic tests 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 2011 annual revenue of over $400 million and more than 1,000 employees, Myriad is working on strategic directives, 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.
Myriad, the Myriad logo, 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, the importance of analyzing the PMS2 gene when assessing a patient's Lynch syndrome status; Myriad's work with physicians and patients to ensure they are educated on the importance of this gene in Lynch syndrome; the increase in sensitivity, as a result of the PMS2 gene, being clearly meaningful; the demonstrated importance of analyzing the PMS2 gene to fully comprehend a patient's Lynch syndrome status; 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 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 tests and companion diagnostic services 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 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 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 tests 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; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we 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 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 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: Rebecca Chambers
Director, Investor Relations and Corporate Communications