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Tuesday November 2, 7:30 am Eastern Time
Company Press Release
SOURCE: Myriad Genetics, Inc.
Myriad Genetics and Empire Blue Cross and Blue Shield Sign Agreement to Provide Breast Cancer Testing
- 4.1 Million Empire BC/BS Members to Have Access to Breast Cancer Test -
SALT LAKE CITY, Nov. 2 /PRNewswire/ -- Myriad Genetics, Inc. (Nasdaq: MYGN - news) announced today that it has signed a multi-year agreement with Empire Blue Cross and Blue Shield of New York to provide its BRACAnalysis(TM) breast and ovarian cancer susceptibility test to Empire's members who have a heightened risk of these cancers. Under the agreement, Empire Blue Cross and Blue Shield will provide coverage for Myriad's BRACAnalysis(TM) test for their members who are at hereditary risk for breast or ovarian cancer, consistent with the terms of their policies.
Empire Blue Cross and Blue Shield, of New York City, serves the healthcare needs of over 4.1 million members in the New York metropolitan area through a network of 55,000 provider sites. BRACAnalysis(TM) test information will be used to provide improved healthcare management of their patients. The test can be used by a woman and her physician in complete confidence, results are not sent to Empire BC/BS. Myriad returns the results only to the requesting physician.
``Insurance coverage by Empire BC/BS for BRACAnalysis(TM) testing is an important advance for its members,' said Gregory Critchfield, M.D., President of Myriad Genetic Laboratories, Inc. ``Women at risk of inherited breast and ovarian cancer can now be tested, reimbursed through Empire BC/BS, and receive appropriate medical follow-up. Recent advances in medical care for individuals that test positive may allow them and their families to live longer, healthier lives.'
Empire BC/BS will also be distributing the American Medical Association's Continuing Medical Education material for physicians on Breast and Ovarian Cancer Genetic Testing to its 15,000 physicians specializing in women's health care.
Half of all women with a mutation in one of the two breast and ovarian cancer genes will get breast or ovarian cancer by age 50, and over her lifetime the risk of either disease approaches 95%. By establishing a woman's increased risk of breast and ovarian cancer, physicians and their patients can make therapeutic decisions to prevent or reduce the risk of these diseases. In addition, by creating a customized surveillance program, cancer is most likely to be detected at the earliest possible stage, when the patient survival rate is at its highest.
Empire Blue Cross and Blue Shield is the largest health insurer in New York State, providing health insurance coverage for 4.1 million indemnity and managed care subscribers. For more than 60 years, Empire has played a major role in helping to meet the health care needs of New Yorkers residing in the 28 counties of eastern New York as well as multi-state employer groups.
Myriad Genetics, Inc. is a leading genomics company focused on the development of therapeutic and diagnostic products based on the discovery of genes involved in major common diseases. The Company has established two wholly owned subsidiaries -- Myriad Pharmaceuticals, Inc., which develops therapeutic compounds ready for human clinical trials and expects to market them to pharmaceutical companies 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. The Company has established strategic alliances with Bayer, Eli Lilly, Monsanto, Novartis, Schering AG and Schering-Plough.
The Company's news releases are available on its website at www.myriad.com.
The discussion in this news release includes forward-looking statements based on management's current expectations. Factors that could cause future results to differ materially from such expectations include: the timely implementation by the Company of its plan to prepare its computer systems for the year 2000, the cost to the Company of such implementation, and the timely conversion by other parties on which the Company's business relies; intense competition related to the discovery of disease-related genes; the Company's limited marketing and sales experience and the risk that tests which the Company develops may not be able to be marketed at acceptable prices or receive commercial acceptance in the Company's target markets; uncertainty as to whether there will exist adequate reimbursement for the Company's service from the government, private healthcare insurers and third-party payors; uncertainties as to the extent of future government regulation of the Company's business, uncertainties as to whether the Company and its collaborators will be successful in developing, and obtaining regulatory approval for, and commercial acceptance of, therapeutics based on the discovery of disease-related genes and proteins; uncertainties as to the Company's ability to develop therapeutic lead compounds, which is a new business area for the Company; and the risk that markets will not exist for therapeutic lead compounds that the Company develops or if such markets exist, that the Company will not be able to sell compounds, which it develops, at acceptable prices.
SOURCE: Myriad Genetics, Inc.
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