Myriad Genetics Awarded $14.2 Million by NIH for Pathogen Drug and Diagnostic Development
Thursday July 8, 6:30 am ET
SALT LAKE CITY, July 8 /PRNewswire-FirstCall/ -- Myriad Genetics, Inc. (Nasdaq: MYGN - News), announced today that it has been awarded a five-year, $14.2 million contract by the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health. The agreement recognizes Myriad's expertise in pathogen-host protein interaction analysis, which has previously been applied by the Company to a range of anti-viral drug programs. Specifically, this expertise has been key to Myriad's anti-HIV therapeutic development program, which produced an exciting lead drug candidate, MPI-49839, that is now approaching the human clinical trial stage.
Myriad will use its expertise to characterize pathogen-host protein interactions in an effort to discover targets for the next generation of vaccines, therapeutics and diagnostics. These targets provide a starting point for development of products that focus on microorganisms and pathogens. Protein interaction and validation data will be made available to the research and development community through the Proteomics Research Program Administrative Center. Myriad retains the rights to commercialize diagnostic and therapeutic targets discovered from the project.
"We are pleased to be in a position to make a significant contribution to combating a number of potentially dangerous viral and microbial agents," said Jerry Lanchbury, Ph.D., Senior Vice President of Research at Myriad Genetics, Inc. "In particular, we will study the ways in which the pathogens interact with the cellular machinery of their human hosts. Myriad's work with the viruses that cause AIDS and hepatitis, among others, provides a convincing demonstration of our capabilities in understanding and exploiting the viral-host interaction."
Insufficient knowledge exists regarding certain microbe-human protein interactions that facilitate infection and drive pathogenicity. This knowledge is an essential first step in designing vaccines or therapeutic biologics and small molecule drugs. Using its expertise in industrial scale yeast two-hybrid methodology, bioinformatics and DNA sequencing, Myriad plans to undertake systematic, proteome-wide analyses to develop comprehensive protein interaction maps between the human proteome and the proteomes of selected pathogens important to the mission of the NIAID.
Specific interactions will undergo an initial phase of biological validation using methodologies such as microbial gene knockout and small interfering RNA targeting of host interacting proteins in appropriate experimental systems. Combined, these efforts are anticipated to enhance our understanding of the biology and mechanisms of pathogenesis of the organisms under study, facilitating the development of new approaches to combat their ability to cause disease.
Myriad Genetics, Inc. is a biopharmaceutical company focused on the development of novel healthcare products. The Company develops and markets predictive medicine products, and is developing and intends to market therapeutic 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, including statements relating to the Company's target discovery efforts for next generation of vaccines, therapeutics and diagnostics; the development of products that focus on microorganisms and pathogens; the Company's commercialization rights to discovered diagnostic and therapeutic targets; the development of comprehensive protein interaction maps between the human proteome and the proteomes of selected pathogens; the enhancement of the Company's understanding of the biology and mechanisms of pathogenesis of the organisms under study; and annual funding of the contract award amount. These forward looking statements are based on management's current expectation and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth or implied by forward-looking statements. These include, but are not limited to, uncertainties as to the extent of future government regulation of Myriad Genetics' business; uncertainties as to whether Myriad Genetics and its collaborators will be successful in developing, and obtaining regulatory approval for, and commercial acceptance of, therapeutic compounds; the risk that markets will not exist for therapeutic compounds that Myriad Genetics develops or if such markets exist, that Myriad Genetics will not be able to sell compounds, which it develops, at acceptable prices; and the risk that the Company will not be able to sustain revenue growth for its predictive medicine business and products. These and other risks are identified in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2003. All information in this press release is as of July 8, 2004, and Myriad undertakes no duty to update this information unless required by law.
(nice!..... good job, MYGN employees, thanks!) |
