Myriad Genetics Announces Patent Granted for SneakPeek® Snap Device
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Insights
The recent patent grant to Myriad Genetics for the use of push-button blood collection devices in PCR-based fetal sex determination is a significant milestone in the field of genetic testing and precision medicine. This innovation simplifies the process of collecting blood samples for consumers, which could lead to increased adoption rates of at-home testing kits. The convenience factor, paired with the improved accuracy of the test due to minimized risk of contaminating DNA, may result in a competitive advantage for Myriad Genetics in the prenatal testing market.
From a medical research perspective, the ability to reliably determine fetal sex early in pregnancy using a simple capillary blood sample could have implications for the management of sex-linked genetic disorders. It also highlights a trend towards non-invasive testing methods, which are generally favored due to their lower risk profiles compared to invasive procedures. The protection of this technology until 2040 suggests a long-term strategic positioning that could influence R&D investments and collaborations within the industry.
The patent for SneakPeek Snap products until 2040 provides Myriad Genetics with a significant period of market exclusivity in the United States. This exclusivity is likely to contribute positively to the company's market share and revenue growth. The potential for licensing the technology to other device suppliers indicates an additional revenue stream and may enhance the company's influence over the supply chain for these devices.
Furthermore, the demand for non-invasive prenatal testing (NIPT) is expected to grow, driven by a global increase in awareness about genetic disorders and the importance of early detection. Myriad Genetics' patent could position them as a frontrunner in this expanding market. However, it is important to monitor how competitors respond, whether through the development of alternative technologies or through legal challenges to the patent's validity.
The financial implications of this patent grant for Myriad Genetics are multifaceted. On one hand, the exclusivity until 2040 for SneakPeek Snap products can safeguard the company's market position and potentially justify a premium pricing strategy. On the other hand, the company must be prepared to capitalize on this opportunity by scaling production and distribution to meet the anticipated demand.
Investors should consider the costs associated with defending the patent, potential R&D expenses for further product enhancements and the investment needed to expand market reach. The announcement of the patent might have a positive short-term impact on the stock price due to perceived future growth, but the actual financial performance will depend on effective execution of the company's strategic initiatives and the market's reception of the product.
SALT LAKE CITY, March 20, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced that the U.S. Patent and Trademark Office has granted a patent that covers the use of push-button blood collection devices for PCR-based fetal sex determination.
U.S. Patent No. 11,932,907, titled Fetal Sex Determination Using Capillary Blood From Upper Arm, provides protection for Myriad’s SneakPeek Snap® products in the U.S through 2040. The patent further covers technology for improving the accuracy of a fetal sex test by reducing contaminating DNA in maternal blood samples. SneakPeek’s blood collection innovation makes obtaining a blood sample at home quick and easy. Consumers place the Snap device on their arm, press the button, and the sample is collected in one to four minutes. Moreover, clinical studies have shown that the Snap device significantly reduces the risk of external male DNA contamination in maternal blood samples, ensuring high accuracy in fetal sex testing.
“We view this patent grant as recognition of our innovative approach to fetal sex testing using PCR-based techniques with any push-button blood collection device,” stated Dale Muzzey, PhD, Chief Scientific Officer at Myriad Genetics. “This patent grant promotes SneakPeek Snap exclusivity in the US market through at least 2040 and provides an opportunity for licensing agreements with leading push-button blood collection device suppliers, positioning us as a strategic partner.”
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 offers 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. For more information, visit www.myriad.com.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including that the company expects the SneakPeek Snap patent will provide patent protection for the company’s SneakPeek Snap products in the U.S. through 2040 and this patent provides an opportunity for licensing agreements with leading push-button blood collection device suppliers. These “forward-looking statements” are management’s expectations of future events as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated. Such factors include those risks described in the company’s filings with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K filed on February 28, 2024, 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. Myriad is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
Investor Contact
Matt Scalo
(801) 584-3532
IR@myriad.com
Media Contact
Glenn Farrell
(385) 318-3718
PR@myriad.com
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