Welcome to our dedicated page for Myriad Genetics news (Ticker: MYGN), a resource for investors and traders seeking the latest updates and insights on Myriad Genetics stock.
Myriad Genetics Inc. (NASDAQ: MYGN) is a pioneering company in the field of personalized medicine, dedicated to transforming patient lives worldwide with advanced molecular diagnostics. With a mission to be a trusted advisor in health, Myriad Genetics excels in discovering and commercializing diagnostic tests that:
- Determine the risk of developing various diseases
- Accurately diagnose existing conditions
- Assess the risk of disease progression
- Guide treatment decisions across six major medical specialties
Among its notable products are:
- MyRisk: A 48-gene panel capable of identifying elevated risks for 11 types of cancer.
- BRACAnalysis CDx: FDA-approved companion diagnostic for PARP inhibitors.
- GeneSight: Helps optimize psychotropic drug responses for patients with depression.
- Prequel: A noninvasive prenatal test.
Myriad Genetics is also renowned for Precise Oncology Solutions, launched in 2022, which integrates Precise Tumor with companion diagnostic and prognostic tests such as MyChoice CDx, Prolaris, and EndoPredict.
The company focuses on three strategic imperatives:
- Leadership in hereditary cancer market
- Diversification of product portfolio through new introductions
- International market expansion
Recent achievements include restructuring European operations to better align resources domestically while partnering internationally. This strategy includes agreements with Eurobio Scientific for the sale and licensing of EndoPredict and Prolaris outside the U.S.
Financially, Myriad Genetics reported a strong first quarter in 2024, with double-digit revenue growth, significant reduction in net loss, and positive adjusted EBITDA. The company attributes its success to gains in its hereditary cancer and prenatal testing markets, expanded coverage, and improvements in revenue cycle management.
Key recent developments and upcoming events include:
- Participation in four upcoming healthcare investor conferences
- Sharing data from seven studies at the 2024 ASCO Annual Meeting
- Introduction of the Universal Plus Panel to its Foresight® Carrier Screen
To stay informed about Myriad Genetics’ continuous advancements and contributions to healthcare, visit www.myriad.com.
Myriad Genetics (NASDAQ: MYGN) announced two significant publications validating its polygenic risk score (PRS) in breast cancer risk assessment. The studies confirm the PRS's ability to predict breast cancer risk in asymptomatic women and refine risk evaluations for those with known pathogenic mutations. The first study, involving over 150,000 women, found an odds ratio of 1.47 for breast cancer risk associated with the PRS. The second study highlighted the PRS's importance in managing patients with mutations in genes like BRCA1 and PALB2, showcasing varying lifetime risks significantly impacted by genetic factors.
Myriad Genetics, Inc. (NASDAQ: MYGN) has announced a collaboration with OptraHEALTH to introduce Gene™, an AI-powered chatbot for delivering genetic and financial information to patients. Gene™ can answer over 500,000 health-related questions, particularly about hereditary cancer. It complements Myriad's online hereditary cancer quiz, used by about one million individuals annually. The chatbot aims to streamline pre-test education and will be launched for Foresight® and Prequel™ tests later in the year, addressing challenges posed by COVID-19 in patient engagement.
Myriad Genetics (NASDAQ: MYGN) has launched a new patient home collection kit for its GeneSight® Psychotropic test, enabling DNA sample collection at home. This initiative responds to the rising mental health issues during the pandemic, as indicated by a Johns Hopkins survey showing a three-fold increase in psychological distress. The kit, ordered by healthcare providers, allows patients to collect their samples easily and submit them for analysis, with results available to clinicians in two days.
Myriad Genetics (NASDAQ: MYGN) announced the publication of a new study in Future Medicine validating the effectiveness of their myPath® Melanoma test. The study analyzed 181 skin lesions, revealing a 90.4% sensitivity and 95.5% specificity for indeterminate samples, with 43% representing malignant melanomas. These results affirm myPath Melanoma's capability to aid in accurate melanoma classification and underscore the importance of reliable diagnostic tools in early melanoma detection, impacting patient treatment outcomes.
Myriad Genetics (NASDAQ: MYGN) announced on June 15, 2020, that it has secured favorable coverage for its Prolaris® test from three new commercial health plans, including a major national provider. This expansion boosts access to prognostic testing for prostate cancer, now covering roughly 55 million lives. Nicole Lambert, president of Myriad International, noted that about 60% of men with prostate cancer can access the test, supporting better treatment decisions. The first policy took effect on June 8, 2020, while the second and third will become effective on June 15 and July 31, 2020, respectively.
Myriad Genetics (NASDAQ: MYGN) welcomes Palmetto GBA's final local coverage determination (LCD) for pharmacogenomic (PGx) testing, allowing broad coverage for psychiatric conditions. The LCD covers both single-gene and multi-gene tests but notes limited support for combinatorial tests. President Mark S. Verratti expresses optimism for the GeneSight Psychotropic test's coverage under this LCD. Clinical studies indicate improved outcomes for patients informed by GeneSight compared to standard treatment. This decision responds to increased mental health issues during the COVID-19 pandemic.
Myriad Genetics (NASDAQ: MYGN) announced a new study published in Psychiatry Research, showcasing the superiority of the GeneSight® Psychotropic test in predicting citalopram and escitalopram blood levels over single-gene tests. The study assessed 191 patients, demonstrating that GeneSight identifies more patients with significant gene-drug interactions, which might be missed by traditional methods.
Myriad Genetics (NASDAQ: MYGN) announced a prospective study showing that the EndoPredict test can predict responses to neoadjuvant therapy in ER+, HER2- early-stage breast cancer patients. Published in the European Journal of Cancer, the study involved 217 patients, demonstrating that 26.4% of those with high EndoPredict scores had a favorable tumor response to neoadjuvant chemotherapy, while all with low scores had poor responses. The test aims to aid personalized treatment decisions and enhance future clinical trial designs.
Myriad Genetics, Inc. (NASDAQ: MYGN) has elected Daniel K. Spiegelman to its Board of Directors, expanding the board to nine members. Spiegelman brings over 30 years of experience in biotechnology, having served as CFO at BioMarin Pharmaceuticals. He will also join the audit committee. The company also announced that John T. Henderson, M.D., a board member since 2004 and former chair, will retire at the Annual Meeting in December 2020. Myriad Genetics focuses on advancing molecular diagnostics and precision medicine, enhancing its product portfolio and revenue streams.
Myriad Genetics (NASDAQ: MYGN) announced FDA approval for its BRACAnalysis CDx test, a companion diagnostic for identifying men with metastatic castration-resistant prostate cancer (mCRPC) eligible for Lynparza (olaparib) treatment. This marks the seventh regulatory approval for the test, enhancing treatment options for patients with BRCA1/BRCA2 mutations. The PROfound trial demonstrated significant improvement in progression-free survival for patients treated with Lynparza compared to standard therapies. Myriad aims to improve patient outcomes through precision medicine.
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