Myriad Genetics Reports Results of U.S. Phase 3 Trial of Flurizan™ in Alzheimer's Disease
Flurizan Fails to Achieve Significance on Either Co-Primary Endpoint; Company Has Decided to Discontinue Its Development of FlurizanSALT LAKE CITY, UT, Jun 30, 2008 (MARKET WIRE via COMTEX News Network) -- Myriad Genetics, Inc. (NASDAQ: MYGN) today announced results of the
Act-Earli-AD trial, an 18-month Phase 3 study of Flurizan
(tarenflurbil) in patients with mild Alzheimer's disease. The study
did not achieve statistical significance on either of its primary
endpoints -- cognition and activities of daily living.
"We are disappointed that Flurizan failed to achieve significance in
this study, and we will now discontinue development of this compound,"
said Peter Meldrum, President and Chief Executive Officer of Myriad
Genetics, Inc. "The discontinuation of Flurizan will reduce our
pharmaceutical development spend substantially and should enable
Myriad to achieve profitability next year, ending June 30, 2009."
During fiscal 2008, Myriad spent approximately $60 million on
development of Flurizan. The remaining expenses to wrap up its
Flurizan program are projected to be approximately $8 million in
total, spread primarily over the next two fiscal quarters.
About Myriad
Myriad Genetics, Inc. is a leading healthcare company focused on the
development and marketing of novel therapeutic and molecular
diagnostic products. Myriad's news and other information are available
on the Company's Web site at www.myriad.com.
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward looking statements include the statement regarding the
Company's discontinued development of Flurizan, the statement
regarding the Company's anticipated profitability for the fiscal year
ending June 30, 2009, and the statement regarding projected expenses
to wrap up the Flurizan program. These forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from management's expectations. Such risks and
uncertainties, include, but are not limited to, the risk that we may
not identify and accurately estimate costs associated with wrapping
up the Flurizan program; risks and uncertainties associated with our
ability to maintain or increase revenue growth for our molecular
diagnostic products; the risk that development and introduction of
competing products and services may adversely affect our business;
uncertainty as to our ability to protect our proprietary
technologies; the risk of patent-infringement claims; risks of new,
changing and competitive technologies and regulations in the United
States and internationally; and other factors discussed under the
heading "Risk Factors" contained in Item 1A in our Annual Report on
Form 10-K for the year ended June 30, 2007, 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.
Contact:
William A. Hockett
Exec. VP of Corporate Communications
(801) 584-3600
Email: Email Contact
www.myriad.com
SOURCE: Myriad Genetics
http://www2.marketwire.com/mw/emailprcntct?id=A1A8F2CF9030B9CD
http://www.myriad.com
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