320 Wakara Way Salt Lake City, UT 84108
Peter Meldrum, president and CEO NASDAQ:MYGN
Founded in 1991, Myriad Genetics is focused on the development of therapeutic and diagnostic products using genomic and proteomic technologies. Its business has five primary objectives: discovering and sequencing genes related to major diseases, identifying upstream and downstream genes to establish biochemical pathways, determining the function and activity of proteins, providing genetic testing services to identify inherited gene mutations that predispose people to specific diseases, and developing new therapies based on the company’s genetic discoveries.
A major part of Myriad’s research and development is focused on the discovery of genes related to cardiovascular disease and cancer. The company also has gene discovery programs in depression, dementia, hypertension, obesity, asthma, osteoporosis and central nervous system disorders.
Myriad has two wholly owned subsidiaries Myriad Pharmaceuticals Inc., which develops and markets therapeutic compounds, and Myriad Genetic Laboratories Inc., which develops and markets proprietary molecular diagnostic services and has introduced products in the fields of predictive medicine and personalized medicine, including BRACAnalysis, a test for hereditary breast and ovarian cancer, and Colaris, a diagnostic for hereditary nonpolyposis colorectal cancer.
As of Sept. 1, 2001, Myriad had 141 drug targets in some stage of development. Its current efforts include cancer, rheumatoid arthritis, acute thrombosis, Alzheimer’s disease, HIV/AIDS and other viral diseases. In addition, it has selected more than 1,000 proteins for further evaluation using its ProNet and ProSpec technologies.
In December 2001, Myriad said it sought approval from the FDA to begin a double-blind, placebo-controlled clinical trial officially a Phase IIb trial of its prostate cancer drug, Flurizan. The company plans to enroll about 400 early stage prostate cancer patients and the trial will be conducted at about 65 sites in the United States. Two Phase I trials and one Phase IIa trial have been completed with Flurizan in healthy volunteers and late-stage cancer patients, respectively. The trial may be enough to support the filing of a new drug application, the company said.
In April 2001, Myriad, Hitachi Ltd. and Oracle formed a collaboration, valued at $185 million, to map the human proteome in less than three years. The collaboration aims to analyze all proteins and their interactions within cells of the body and is scheduled to take place at Myriad Proteomics Inc., a 50 percent-owned subsidiary of Myriad Genetics.
Myriad has strategic alliances with other companies, which include Bayer Corp., Eli Lilly & Co., Syngenta, Novartis AG, Pharmacia Corp., Roche, Schering AG and Schering-Plough Corp.
Other partners include Laboratory Corporation of America Holdings; Biosearch Italia; Searle, a unit of Monsanto Corp.; and the University of Utah.