Yahoo Finance Myriad Genetics Expands Partnership with Intermountain Precision Genomics to Add Liquid Biopsy Therapy Selection Offering to Portfolio of Precise™ Oncology Solutions
Precise™ Liquid Biopsy will provide insights on circulating tumor DNA in the blood to help guide cancer treatment decisions
SALT LAKE CITY, May 03, 2022 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced the expansion of its strategic partnership with Intermountain Precision Genomics, a service of Intermountain Healthcare, to add a new liquid biopsy therapy selection test to its growing oncology portfolio.
Compared to standard tissue biopsies, many oncologists prefer liquid biopsy testing to analyze traces of tumor DNA in the blood, providing an often quicker, less invasive alternative for cancer treatment selection. For many patients, liquid biopsy is necessary when tissue sampling is not feasible. Liquid biopsy therapy selection testing can be used to support the care of all patients with advanced cancer.
Given Myriad’s leading capabilities in hereditary and tumor testing for breast, ovarian, prostate, and pancreatic cancer, the company anticipates initial utilization of its new liquid biopsy offering in these key indications.
The collaboration and platform established for Myriad’s recently launched Precise™ Tumor Molecular Profile Test leverages the strengths of Myriad’s hereditary cancer and companion diagnostic tests with Intermountain’s world-class laboratory services. Intermountain performs Precise Tumor testing as part of the Precise Oncology Solutions offering and will add the TruSight™ Oncology 500 ctDNA assay from Illumina to support liquid biopsy therapy selection testing. This further strengthens Myriad’s ability to partner with leading pharmaceutical companies in the near term, supporting its companion diagnostic business and positioning the company for additional commercial growth opportunities.
Myriad’s liquid biopsy therapy selection test will be part of its Precise Oncology Solutions – a comprehensive suite of solutions that offers germline testing, tumor profiling and companion diagnostics. Oncologists prefer the single ordering experience and easy-to-interpret summary findings the Precise suite provides to help quickly determine personalized treatment for patients. The suite currently includes Myriad’s Precise Tumor Test, MyRisk™ Hereditary Cancer Test and its two FDA-approved companion diagnostics, MyChoice® CDx and BRACAnalysis CDx®.
“Our strong partnership with Intermountain allows us to grow our capabilities into the liquid biopsy space building on the collaborative model created for the Precise Tumor Test. We are now extending this model to support patients and oncologists in the continuum of precision oncology care,” said Paul J. Diaz, president and CEO, Myriad Genetics. “The addition of a liquid biopsy therapy selection test will further round out our portfolio to provide critical insights needed to guide more targeted treatment decisions. Since launching in March, we have seen strong market response to our new Precise Oncology Solutions platform -- with many oncologists ordering multiple tests – and we look forward to adding liquid biopsy therapy selection as an option.”
“Cancer is a dynamic process, always looking for ways to outsmart our therapies,” said Dr. Howard McLeod, FASCO, FCCP, Executive Clinical Director for Precision Health at Intermountain Precision Genomics. “Adding liquid biopsy capabilities to the Precise Oncology Solutions platform will help guide initial treatment, but also provide a tool for identifying therapy-relevant changes to the cancer’s genome over time.”
“The addition of liquid biopsy therapy selection to Myriad’s Precise Oncology Solutions meets growing market demand for more personalized cancer care,” said Bradley Monk, M.D, FACOG, FACS, Biltmore Cancer Center and Professor of Gynecologic Oncology at the University of Arizona, Phoenix. “The new offering will continue to advance the data-driven insights and tools needed to help physicians improve outcomes for their patients.”
The new offering is expected to be available in 2023. Myriad will focus initial efforts on solid tumors in advanced stages to help physicians and patients determine treatment options for targeted therapies. Myriad’s oncology roadmap includes future expansions into additional liquid biopsy and companion diagnostic applications, including new products, solutions and services to detect Measurable Residual Disease (MRD).
About Myriad Genetics
Myriad Genetics is a leading genetic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad develops and commercializes genetic tests that help assess the risk of developing disease or disease progression, and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs. Fast Company named Myriad among the World’s Most Innovative Companies for 2022. For more information, visit www.myriad.com.
Myriad, the Myriad logo, BRACAnalysis, BRACAnalysis CDx, Colaris, Colaris AP, MyRisk, Myriad MyRisk, MyRisk Hereditary Cancer, MyChoice CDx, Prequel, Prequel with Amplify, Amplify, Foresight, Precise, FirstGene, Health.Illuminated., RiskScore, Prolaris, GeneSight, and EndoPredict are trademarks or registered trademarks of Myriad Genetics, Inc. All third-party marks—® and ™—are the property of their respective owners. © 2022 Myriad Genetics, Inc. All rights reserved.
About Intermountain Healthcare
Based in Utah with locations in seven states and additional operations across the western U.S., Intermountain Healthcare is a nonprofit system of 33 hospitals, 385 clinics, medical groups with some 3,800 employed physicians and advanced practice providers, a health plans division called SelectHealth with more than 1 million members, and other health services. Helping people live the healthiest lives possible, Intermountain is committed to improving community health and is widely recognized as a leader in transforming healthcare by using evidence-based best practices to consistently deliver high-quality outcomes at sustainable costs.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the offering of a liquid biopsy therapy selection test as part of Myriad’s Precise Oncology Solutions, the expected availability of the new offering in 2023, the anticipated benefits of the liquid biopsy therapy selection test to patients and physicians and as an addition to the Precise Oncology Solutions platform, the use of TruSight Oncology 500 ctDNA assay from Illumina to support liquid biopsy therapy selection testing, the company anticipating initial utilization of its new liquid biopsy offering in breast, ovarian, prostate, and pancreatic cancer indications, Myriad’s ability to partner with leading pharmaceutical companies in the near term and be positioned for additional growth opportunities, the company’s plans to focus initial efforts on solid tumors in advanced stages, the company’s plans to expand into additional liquid biopsy and companion diagnostic applications, including new products, solutions and services to detect MRD, and the company’s strategic imperatives under the caption “About Myriad Genetics.” These “forward-looking statements” are management’s present 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 described in the forward-looking statements. These risks include, but are not limited to: uncertainties associated with COVID-19, including its possible effects on the company’s operations and the demand for its products and services; risks related to the company’s ability to efficiently and flexibly manage its business amid uncertainties associated with COVID-19; the risk that sales and profit margins of the company’s existing molecular diagnostic tests may decline or that the company may not be able to operate its business on a profitable basis; risks related to the company’s ability to generate sufficient revenue from its existing product portfolio or in launching and commercializing new tests; risks related to changes in governmental or private insurers’ coverage and reimbursement levels for the company’s tests or the company’s ability to obtain reimbursement for its new tests at comparable levels to its existing tests; risks related to increased competition and the development of new competing tests and services; the risk that the company may be unable to develop or achieve commercial success for additional molecular diagnostic tests in a timely manner, or at all; the risk that the company may not successfully develop new markets for its molecular diagnostic tests, including the company’s ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying the company’s molecular diagnostic tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating and constructing the company’s laboratory testing facilities; risks related to public concern over genetic testing in general or the company’s 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 the company’s ability to obtain new corporate collaborations or licenses and acquire or develop new technologies or businesses on satisfactory terms, if at all; risks related to the company’s ability to successfully integrate and derive benefits from any technologies or businesses that it licenses, acquires, or develops; risks related to the company’s projections about the potential market opportunity for the company’s current and future products; the risk that the company or its licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying the company’s tests; the risk of patent-infringement claims or challenges to the validity of the company’s patents; risks related to changes in intellectual property laws covering the company’s molecular diagnostic tests, or patents or enforcement, in the United States and foreign countries; risks related to security breaches, loss of data and other disruptions, including from cyberattacks; risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that the company may be unable to comply with financial operating covenants under the company’s credit or lending agreements; risks related to the material weaknesses related to the company’s quarterly income tax provision process and general information technology controls, including the impact thereof and the company’s remediation plan, and its ability to achieve and maintain effective disclosure controls and procedures and internal control over financial reporting; risks related to current and future lawsuits, including product or professional liability claims; and other factors discussed under the heading “Risk Factors” contained in Item 1A of the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2022, as well as any updates to those risk factors filed from time to time in the company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
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