Myriad Genetics Inc - MYGN STOCK NEWS

Myriad Genetics (NASDAQ: MYGN) announced that its myChoice® CDx test has been included in new ASCO guidelines for PARP inhibitors in advanced ovarian cancer treatment. The guidelines recommend myChoice CDx for women with specific BRCA mutations and genomic instability to guide therapy. ASCO's endorsement follows several studies aimed at improving outcomes for ovarian cancer patients. The American Cancer Society estimates 21,750 new ovarian cancer cases and 13,940 deaths in 2020, highlighting the test's potential impact on patient care.

Myriad Genetics, Inc. (NASDAQ: MYGN) has appointed Paul J. Diaz as President and CEO, effective August 13, 2020. Mr. Diaz, with over 30 years in healthcare leadership, aims to lead the company's growth and enhance patient care. His experience includes over a decade as CEO of Kindred Healthcare, where he expanded the business significantly. The Board expressed confidence in his vision and operational skills, emphasizing the importance of high-quality patient care and innovative services. This leadership change is expected to support Myriad's mission of transforming patients' lives through molecular diagnostics.

Myriad Genetics reported fiscal Q4 2020 revenues of $93.2 million, with diluted EPS of ($0.74) and adjusted EPS of ($0.31). Following significant declines in test volumes due to COVID-19, the company observed a recovery, with volumes at about 75% of pre-pandemic levels by late June. Despite this rebound, Myriad did not provide guidance for fiscal 2021 due to uncertainty related to the pandemic. Recent achievements include FDA approval for the myChoice CDx® test and the launch of a cognitive ChatBOT for patient assistance.

Myriad Genetics (NASDAQ: MYGN) revealed in a study published in Genetics in Medicine that traditional ethnicity-based screening protocols identify only 23% of carriers for genetic conditions. The study analyzed 93,419 individuals, highlighting a significant disconnect between self-reported ethnicity and true genetic ancestry. Researchers advocate for expanded carrier screening (ECS) for all individuals, regardless of ethnicity, to better identify at-risk couples. This shift is crucial as current guidelines may overlook many carriers, potentially impacting the health outcomes of future pregnancies.

Myriad Genetics (NASDAQ: MYGN) will hold its fiscal Q4 2020 sales and earnings conference call on August 13, 2020, at 4:30 p.m. EDT. Interim CEO R. Bryan Riggsbee and Senior VP Scott Gleason will discuss the company’s financial performance and provide a business update. Interested parties can join via phone at 1-800-381-7839 or international at +1-212-239-2905, referencing reservation number 21966478. A live webcast and slide presentation will also be available on their website. A replay will be accessible for seven days post-call.

Myriad Genetics (NASDAQ: MYGN) announced that Medicare has expanded coverage for BRACAnalysis CDx for men with prostate cancer eligible for Lynparza treatment. This makes BRACAnalysis CDx the only germline test covered for this indication. With 191,930 new prostate cancer cases yearly, this test helps identify hereditary forms, potentially improving treatment outcomes. The FDA approved BRACAnalysis CDx as a companion diagnostic for men with metastatic castration-resistant prostate cancer (mCRPC), confirming its clinical importance for patient treatment decisions.

Myriad Genetics (NASDAQ: MYGN) has launched its AMPLIFY™ technology, enhancing its Prequel™ noninvasive prenatal screening (NIPS) test. This improvement increases the fetal fraction of samples by 2.3 times compared to standard NIPS, significantly boosting accuracy in detecting chromosome abnormalities. In testing with over 1,000 women, false negatives for common aneuploidies improved by 45 times. AMPLIFY technology supports 99.9% sample results, making it a reliable choice for women, regardless of BMI or ethnicity. This positions Myriad to improve prenatal care equity.

Myriad Genetics (NASDAQ: MYGN) launched an upgraded Vectra test report that includes personalized estimates of a patient's one-year risk of rapid radiographic progression (RP) for rheumatoid arthritis (RA). This enhancement aims to improve treatment decisions for RA patients by providing individualized risk assessments based on age, gender, and adiposity. Current research shows that 42% of low to moderate risk patients may actually face high disease activity. The Vectra Score, measuring 12 serum biomarkers, can significantly guide medical management for better patient outcomes.

Myriad Genetics (MYGN) has elected Daniel M. Skovronsky, M.D., Ph.D., to its Board of Directors, expanding the board to ten members. Skovronsky, who brings significant expertise from Eli Lilly, will join the Research and Product Innovation Committee. In conjunction, long-time board member Walter Gilbert, Ph.D., co-founder of Myriad and a Nobel laureate, announced his retirement effective at the company's Annual Meeting in December 2020. Myriad emphasized Skovronsky's strategic insights in molecular diagnostics as critical for future growth while acknowledging Gilbert's contributions to the company.