Key Developments For Myriad Genetics Inc
Myriad Genetics Inc (MYGN.O) (Nasdaq)
Myriad Genetics, Inc. Acquires Exclusive Rights To Pancreatic Cancer Gene Patents From Johns Hopkins
Myriad Genetics, Inc. announced that it has obtained from Johns Hopkins University a world-wide, exclusive license to patents covering mutations in the PALB2 gene that increase an individual's risk for developing pancreatic cancer later in life. These patents, combined with Myriad's extensive patent estate covering additional predisposition genes for pancreatic cancer, form the foundation for a novel molecular diagnostic test to assist patients to understand their risk for hereditary pancreatic cancer. Currently under development at Myriad, this new predictive medicine product could be on the market in 2010.
Myriad Genetics, Inc. Announces Completion Of Spin Off Of Research And Pharmaceutical Business
Myriad Genetics, Inc. announced that the completion of the spin off of Myriad Pharmaceuticals, Inc. and that Myriad Genetics has received a Private Letter Ruling from the Internal Revenue Service that the dividend of common stock of Myriad Pharmaceuticals to Myriad Genetics shareholders qualifies as a tax free distribution for U.S. income tax purposes. On June 30, 2009, shareholders of record of Myriad Genetics as of June 17, 2009, received a pro-rata dividend of 1/4 share of Myriad Pharmaceuticals common stock for each share of Myriad Genetics common stock. Fractional shares were paid in cash. As of July 1, 2009, Myriad Genetics and Myriad Pharmaceuticals now operate as two independent companies. Myriad Genetics has no ownership of Myriad Pharmaceuticals. Myriad Genetics will retain the rights to claim approximately $400 million in tax deductions based on net operating losses and R&D credits that accrued to the Myriad Genetics consolidated group prior to the dividend distribution. Myriad Genetics common stock will continue to trade on the NASDAQ Global Select Market under its current ticker symbol, MYGN. Myriad Pharmaceuticals common stock began trading on a regular way basis on the NASDAQ Global Market under the ticker symbol MYRX.
Myriad Genetics, Inc. Launches OnDose
Myriad Genetics, Inc. announced the launch of OnDose, the Company's seventh molecular diagnostic product. OnDose utilizes a technology to measure a patient's exposure to the chemotherapy drug, 5-Fluorouracil (5-FU), to help oncologists adjust and optimize dosing to maximize efficacy and reduce toxicity.
Myriad Genetics, Inc.'s Myriad Pharmaceuticals, Inc. Receives IND Approval For New Cancer Drug
Myriad Pharmaceuticals, Inc., a subsidiary of Myriad Genetics, Inc. announced that the FDA has approved an Investigational New Drug (IND) application to begin a Phase 1 clinical study with its Hsp90 inhibitor, MPC-3100, for the treatment of cancer. The clinical development plan for MPC-3100 is designed to expedite the drug candidate through the clinical development path. The Phase 1 trial will assess the safety and pharmacokinetics profile of MPC-3100. In preclinical testing, MPC-3100 has demonstrated potent anti cancer activity in xenograft models of Her2+ breast cancer, myeloid leukemia, lung cancer, prostate cancer, colon cancer, melanoma and gastric cancer.
Myriad Genetics, Inc.'s Myriad Pharmaceuticals Acquires Novel HIV Drug, Bevirimat
Myriad Genetics, Inc. announced that its subsidiary, Myriad Pharmaceuticals, Inc. has acquired all rights to bevirimat from Panacos Pharmaceuticals, Inc. for an upfront payment of $7 million. Myriad Pharmaceuticals has no future milestone or royalty obligations to Panacos. The assets include all patents and patent applications related to the compound, all product inventories, ownership of all clinical data and all rights to regulatory filings. Myriad will assume control of all clinical and commercial development going forward.
