Myriad Applauds the U.S. Preventive Services Task Force Recommendation on BRCA-Related Cancer Prevention
More Women May Benefit from Hereditary Cancer Risk Assessment and Genetic Testing
SALT LAKE CITY, Aug. 22, 2019 – Myriad Genetics, Inc. (NASDAQ: MYGN), a global leader in molecular diagnostics and precision medicine, today announced its support of the U.S. Preventive Services Task Force (USPSTF) recommendation on expanded hereditary cancer risk assessment for BRCA-related cancers in women.
The USPSTF previously recommended that doctors provide hereditary cancer risk assessment for women with a family history of breast or BRCA-related cancers (e.g., ovarian, fallopian tube or peritoneal cancers). The task force has expanded that advice and now recommends that primary care doctors assess a woman’s risk if they previously were treated for breast or other BRCA-related cancers and are now considered cancer free or have an ancestry that is prone to BRCA mutations (e.g., Ashkenazi Jewish women).
“We applaud USPSTF for recommending hereditary cancer risk assessment for all women with a family or personal history of certain types of cancers or who have an ancestry associated with BRCA mutations,” said Royce T. Adkins, M.D., FACOG, board certifiedobstetrician-gynecologist and senior vice president of Medical Affairs, Myriad Women’s Health. “There are more than 3.5 million breast cancer survivors who see their OB/GYN or primary care doctors annually. The valuable information provided by hereditary cancer risk assessment can help clinicians select appropriate precision treatments, customize treatment plans and achieve better health outcomes for their patients.”
The new USPSTF recommendations reflect a growing trend among medical experts to expand hereditary cancer risk assessment and genetic testing for more people at risk. In February 2019, the American Society of Breast Surgeons updated its guidelines on genetic testing, recommending that it be made available to all newly diagnosed patients with breast cancer.
According to the American Cancer Society, 330,000 people are diagnosed with breast cancer annually in the United States, and an estimated 10 percent of these are caused by inherited mutations. Fewer than 10 percent of BRCA1 and BRCA2 carriers have been identified, and up to 80 percent of individuals at risk have not received genetic testing.
Myriad Genetics has been the leader in hereditary cancer testing for more than 20 years and Myriad’s myRisk® Hereditary Cancer test is the market leading test for patients trying to understand their hereditary cancer risk. The Myriad myRisk Hereditary Cancer test uses an extensive number of sophisticated technologies and proprietary algorithms to evaluate 35 clinically significant genes associated with eight hereditary cancer sites including: breast, colon, ovarian, endometrial, pancreatic, prostate and gastric cancers and melanoma.
About Myriad Genetics
Myriad Genetics Inc., is a leading precision 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 five strategic imperatives: build upon a solid hereditary cancer foundation, growing new product volume, expanding reimbursement coverage for new products, increasing RNA kit revenue internationally and improving profitability with Elevate 2020. For more information on how Myriad is making a difference, please visit the Company's website: www.myriad.com. Follow Myriad on Twitter via @MyriadGenetics.
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, riskScore, Prolaris, Foresight and Prequel 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 related to the U.S. Preventive Services Task Force (USPSTF) recommendation on expanded hereditary cancer risk assessment for BRCA-related cancer in women; the number of breast cancer survivors who see their OB/GYN or primary care doctors annually; the value of the information provided by genetic testing in enhancing physicians’ ability to select precision treatments, customize care for patients and achieve better health outcomes for patients; the new USPSTF recommendations reflecting a growing trend among medical experts to expand hereditary cancer risk assessment and genetic testing for more people at risk; 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 molecular diagnostic tests and pharmaceutical and clinical services may decline; risks related to our ability to transition from our existing product portfolio to our new tests, including unexpected costs and delays; risks related to decisions or changes in 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 and any future tests and services are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities and our healthcare clinic; 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 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; risks related to our projections about our business, results of operations and financial condition; risks related to the potential market opportunity for our products and services; 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 or other intellectual property; 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 most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2019, 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. 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.