Myriad Genetics, Inc. And Abbott Laboratories Extend Collaboration
SALT LAKE CITY, Nov. 22 /PRNewswire-FirstCall/ -- Myriad Genetics, Inc. (Nasdaq: MYGN - News; www.myriad.com), and Abbott (NYSE: ABT - News) have extended their strategic alliance in pharmacogenetics, the Company announced today. The research collaboration will focus on identifying human genetic variation around drug targets in various stages of development.
Abbott will fund the research under this collaboration and Myriad will use its high-throughput sequencing technologies and proprietary mutation screening software to analyze samples from various populations to identify genetic polymorphisms, or differences in the DNA between individuals. The results of this collaboration may help Abbott's drug discovery programs develop drugs that will be the most effective for the widest range of patients.
"We are pleased to once again extend our successful relationship with Abbott in pharmacogenetics, an area in which Myriad can apply its proprietary technologies," said Peter Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "There is significant potential through this collaboration to develop new personalized medicine products in areas of important and growing healthcare needs."
Brian Spear, Director of genomic and proteomic technologies at Abbott said, "Myriad's technology and expertise are valuable to Abbott's drug discovery and development efforts in areas of significant unmet medical need."
Myriad's Pharmacogenetics Technologies
Pharmacogenetics is the application of the knowledge of genetic diversity for the improvement of the specificity, safety and efficacy of therapeutics. The science of pharmacogenetics holds the promise of delivering personalized medicine products that respond to an established genetic profile for specific individuals. Knowing an individual's likely reaction to a drug in advance may decrease the occurrence of adverse effects while improving the drug's effectiveness, potentially leading to better outcomes and lower overall healthcare costs. Pharmacogenetics may also identify individuals who have a known disease genotype and might benefit from therapeutic intervention prior to the onset of symptoms of the disease.
Myriad applies these technologies to uncover genotype-phenotype associations that allow patient stratification in clinical trials based upon differential drug metabolism among individuals. This program can maximize the value of clinical trials by improving their efficacy through the exclusion of non-responders. It can also improve the safety profile of drugs by minimizing adverse effects, potentially shortening the duration and the size of phase III and phase IV clinical trials. The benefits may continue even after FDA approval. In the last decade more than a dozen approved drugs have been withdrawn from the market. In most cases, the withdrawal was precipitated by adverse effects that occurred in less than 0.1% of patients receiving the drug. Examining genetic variation provides the opportunity to uncover genotype-phenotype correlations that may allow the exclusion of a subset of at-risk individuals.
About Myriad
Myriad Genetics, Inc. is a leading biopharmaceutical company focused on the development of novel healthcare products. The Company develops and markets proprietary predictive medicine and personalized medicine products, and is developing and intends to market a number of promising therapeutic products that address large potential markets. Myriad's news and other information are available on the Company's Web site at www.myriad.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the focus of the research collaboration on identifying human genetic variation around drug targets in various stages of development; Abbott's funding of the research under the collaboration; Myriad's use of its high-throughput sequencing technologies and proprietary mutation screening software under the collaboration; the ability of the results of this collaboration to help Abbott's drug discovery programs to develop drugs; and the significant potential to develop new personalized medicine products through this collaboration. These forward looking statements are based on management's current expectation and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth or implied by forward-looking statements. These include, but are not limited to, to the effectiveness of Myriad Genetics' pharmacogenetics technologies and projects; uncertainties as to the extent of future government regulation of Myriad Genetics' business; uncertainties as to whether Myriad Genetics and its collaborators will be successful in developing, and obtaining regulatory approval for, and commercial acceptance of, therapeutic compounds; the risk that markets will not exist for therapeutic compounds that Myriad Genetics develops or if such markets exist, that Myriad Genetics will not be able to sell compounds, which it develops, at acceptable prices; and the risk that the Company will not able to sustain revenue growth for its predictive medicine business and products. These and other risks are identified in the Company's filings with the Securities and Exchange Commission, including the Company's current Report on Form 8-K filed on October 28, 2005. All information in this press release is as of November 22, 2005 and Myriad undertakes no duty to update this information unless required by law.
Source: Myriad Genetics, Inc.