Featured Company News - Myriad Genetics' EndoPredict Receives Positive Coverage Decisions from Palmetto and Anthem
Research Desk Line-up: Bioanalytical Systems Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 22, 2017 /Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Myriad Genetics, Inc. (NASDAQ: MYGN) ("Myriad"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MYGN. The Company announced on August 17, 2017, that it has received positive coverage decisions for EndoPredict® testing from Palmetto GBA, the Medicare contractor who oversees the MolDx program, and Anthem, Inc. Once the decisions are fully implemented, Myriad will have coverage for over 90% of breast cancer patients. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Anthem is an American private health insurance company offering a broad range of medical and specialty products. MolDx program, developed by Palmetto GBA, identifies and establishes coverage and reimbursement for molecular diagnostics tests.
EndoPredict Test Outperformed Leading First-Generation Test
Mark C. Capone, President and Chief Executive Officer of Myriad Genetics, mentioned that the Company has nearly full coverage for EndoPredict testing in the United States which was accomplished in an unprecedented time of less than six months after its launch. Mark believes that this rapid expansion of coverage reflects the strong scientific evidence and compelling head-to-head data where the EndoPredict test markedly outperformed the leading first-generation test, and the value of avoiding frustrating and costly intermediate results.
EndoPredict's Positive Coverage Strengthens the Use of Second Generation Test for Predicting Recurrence
Commenting on the positive coverage decisions for EndoPredict® testing, Johnathan Lancaster M.D., Ph.D., Chief Medical Officer of Myriad Genetics, stated that increased physician interest in EndoPredict testing and broad reimbursement has been observed, thereby strengthening the Company's conviction to use a second generation test with clear superiority in predicting recurrence in the critical five- to ten-year timeframe.
Myriad's Recent Announcement
News release suggests that on June 04, 2017, Myriad's BRACAnalysis CDx® companion diagnostic test successfully identified BRCA-mutated patients with HER2- metastatic breast cancer in the OlympiAD trial, which responded better to treatment with olaparib than standard chemotherapy.
EndoPredict is a gene expression test that helps patients with breast cancer to determine the best treatment option for their individual cancer. The diagnostic test accurately determines the likelihood of cancer recurrence 10 years after diagnosis, allowing physicians to decide which patients can safely forgo chemotherapy. EndoPredict has been validated in approximately 4,000 patients with node-negative and node-positive cancer and has been used clinically in over 15,000 patients.
About Myriad Genetics
Formed in 1991, Myriad Genetics is a leading molecular diagnostic company dedicated to making a difference in patient's lives through the discovery and commercialization of transformative tests, for assessing persons risk of developingdisease, guide treatment decisions and assess risk of disease progression and recurrence. The Company is focused on three strategic imperatives: transitioning and expanding its hereditary cancer testing markets, diversifying its product portfolio through the introduction of new products and increasing the revenue contribution from international markets. Myriad is based in Salt Lake City, Utah.
About Palmetto GBA
Palmetto GBA is one of the US's largest providers of high volume claims and transaction processing, contact center operations and technical services to the federal government and other commercial customers. Headquartered in Columbia, South Carolina, the Company employs more than 1,300 associates across the US.
Last Close Stock Review
Myriad Genetics' share price finished yesterday's trading session at $28.94, rising slightly by 0.49%. A total volume of 1.18 million shares have exchanged hands, which was higher than the 3-month average volume of 1.06 million shares. The Company's stock price soared 36.83% in the last three months, 51.68% in the past six months, and 36.06% in the previous twelve months. Additionally, the stock skyrocketed 73.61% since the start of the year. Shares of the Company have a PE ratio of 92.17 and currently have a market cap of $1.99 billion.
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