Myriad Genetics Joins Forces with Intermountain Precision Genomics for a Comprehensive Offering of Germline and Somatic Tumor Testing Services
Myriad Genetics (NASDAQ: MYGN) has formed a strategic collaboration with Intermountain Precision Genomics to enhance global precision oncology care. This venture integrates Myriad’s advanced genetic testing capabilities with Intermountain's laboratory services, launching a comprehensive offering of germline genetic testing and somatic tumor profiling expected to be available in late 2021. The collaboration includes Myriad's myRisk® and myChoice® CDx tests, supported by major insurance payers, aiming to provide complete genetic analysis for oncologists.
- New strategic collaboration with Intermountain Precision Genomics enhances precision oncology.
- Combines advanced genetic testing with world-class laboratory services.
- Offering includes myRisk® and myChoice® CDx tests, widely supported by private insurers.
- Risks associated with uncertainties due to COVID-19 impacting operations and demand.
- Potential decline in sales and profit margins of existing molecular diagnostic tests.
Strategic collaboration combines germline genetic testing, next-generation tumor sequencing and world-class testing capabilities to elevate global precision oncology care
SALT LAKE CITY, March 02, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced a new strategic precision oncology collaboration with Intermountain Precision Genomics, a service of Intermountain Healthcare. This collaboration creates a comprehensive germline genetic testing and somatic tumor offering that combines Myriad’s advanced hereditary cancer and companion diagnostic tests with Intermountain Precision Genomics’ world-class laboratory services, utilizing the TheraMap® test—powered by the TruSight™ Oncology 500 (TSO 500) next-generation sequencing test from Illumina, Inc. (NASDAQ: ILMN).
TSO 500 is rapidly becoming a standard in oncology. Through the offering, oncologists will obtain a complete genetic analysis in one, easy-to-interpret report, enabling them to leverage the benefits of comprehensive genomic profiling.
“As cancer treatment continues to evolve, most oncologists seek both germline and somatic tumor testing results to best guide treatment decisions. Advancing precision oncology requires strong collaboration between forward-looking organizations across the healthcare ecosystem. This alliance with Intermountain Precision Genomics is an example of our drive to improve health outcomes for patients with cancer and expand innovative treatment options for the healthcare providers who care for them,” said Paul J. Diaz, president and CEO, Myriad Genetics. “We are successfully merging the power of companion diagnostics, next-generation tumor sequencing, and world-class testing services to help raise the global standard of care in precision oncology.”
“As a physician, I’m excited to make this comprehensive offering available to more patients,” said Lincoln Nadauld, MD, PhD, oncologist and vice president and chief of precision health and academics at Intermountain Healthcare. “This partnership allows us to make a tremendous impact by providing the best that precision cancer care has to offer.”
Strategic Partnership with Intermountain Precision Genomics
Intermountain Precision Genomics is a nationally recognized program focused on building partnerships to accelerate the field even further. The new, comprehensive offering – set to be available in the second half of 2021 – will utilize germline genetic testing with the Myriad myRisk® Hereditary Cancer test, and somatic tumor profiling with Myriad myChoice® CDx. Intermountain Precision Genomics will perform tumor profiling and tissue analysis using its TheraMap® test that is powered by Illumina’s TSO 500 assay.
Myriad myChoice CDx is widely supported by private insurance payers. Both myChoice CDx and TheraMap are covered by Medicare.
About TheraMap®
TheraMap: Solid Tumor is a hybrid capture DNA- and RNA-based test that detects SNV, INDELs, Copy Number Variants (CNV), and fusions in solid tumors. TheraMap is validated for all solid tumor types and includes sequencing over 500 genes identified as relevant to cancer treatment, relevant gene fusion events, including NTRK fusions, as well as the important microsatellite instability (MSI) and tumor mutational burden (TMB) biomarkers. TheraMap® is powered by Illumina’s TSO 500 assay.
About Myriad myRisk® Hereditary Cancer
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. For more information, visit https://myriadmyrisk.com/.
About myChoice® CDx
Myriad myChoice is the most comprehensive HRD test, enabling physicians to identify patients with tumors that have lost the ability to repair double-stranded DNA breaks, resulting in increased susceptibility to DNA-damaging drugs such as platinum drugs or PARP inhibitors. The myChoice test includes tumor sequencing of the BRCA1 and BRCA2 genes and a composite of three proprietary technologies (loss of heterozygosity, telomeric allelic imbalance, and large-scale state transitions). For more information, visit https://myriad-oncology.com/mychoice-cdx/.
About Intermountain Precision Genomics
Intermountain Precision Genomics is transforming healthcare by targeting treatment to deliver the highest quality care at some of the lowest costs in the nation, all while helping people live the healthiest lives possible. Intermountain Precision Genomics is a service of Intermountain Healthcare, a widely recognized leader in clinical quality improvement and efficient healthcare delivery. For more information about Intermountain Precision Genomics, please visit precisiongenomics.org.
About Myriad Genetics
Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to transforming patient lives worldwide. Myriad discovers and commercializes genetic tests that determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where critical genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit the Company's website: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris 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 creating the most comprehensive germline genetic testing and somatic tumor offering; oncologists obtaining a complete genetic analysis for their patients in a report which will help them to elect the most effective treatment options for each and every patient with cancer; the new offering being available in the second half of 2021; Intermountain Healthcare performing tumor profiling and tissue analysis using Illumina’s TruSight Oncology 500 assay (TheraMap); the Company commercializing both tests as one offering in the United States; 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: uncertainties associated with COVID-19, including its possible effects on our operations and the demand for our products and services; our ability to efficiently and flexibly manage our business amid uncertainties related to COVID-19; 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 decisions in Mayo Collab. Servs. v. Prometheus Labs., Inc., 566 U.S. 66 (2012), Ass’n for Molecular Pathology v. Myriad Genetics, Inc., 569 U.S. 576 (2013), and Alice Corp. v. CLS Bank Int’l, 573 U.S. 208 (2014); 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, 2020, 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.
| Media Contact: | Jared Maxwell | Investor Contact: | Scott Gleason | |
| (801) 505-5027 | (801) 584-1143 | |||
| jmaxwell@myriad.com | sgleason@myriad.com |
FAQ
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