Myriad Genetics to stop developing Alzheimer's drug

(Reuters) - Myriad Genetics Inc said it will stop developing its drug for Alzheimer's disease after a late-stage trial of the drug, Flurizan, failed to meet primary goals.

The trial did not achieve statistical significance on either of its primary goals -- cognition and activities of daily living, the company said in a statement.

Myriad, which spent about $60 million on development of Flurizan during the 2008 financial year, said remaining expenses to wrap up the drug program are expected to be about $8 million, spread primarily over the next two quarters.

(Reporting by Pratish Narayanan in Bangalore; Editing by Quentin Bryar)