Recently, favorable data from
Myriad Genetics Inc.
) PROCEDE 500 study was published in the journal
Current Medical Research and Opinion
. Per the findings of this data, 65% of physicians changed their
original treatment plan on prostate cancer patients based on
Myriad Genetic's 46-gene molecular diagnostic testProlaris.
Following this news, shares of Myriad Genetics gained 2.2% at
yesterday's market close.
As per the PROCEDE 500 study data, 65% cases were voted by
physicians as requiring a change in treatment options. Among
them, therapeutic burden had been reduced for 40% of the cases
while the remaining experienced an increase in therapeutic
burden. Further, 37% of the patients revealed a reduction in the
need for interventional therapy while 23% recorded an increase in
the need for the same.
Overall, there was a 50% reduction in surgical interventions
and 30% fall in radiation treatment. Moreover, 96% of the
patients whose treatment options were initially undecided,
selected non-interventional options after receiving the Prolaris
score. According to the company, all these positive data signify
high clinical utility of the Prolaris test among urologists.
Myriad is currently opting for Medicare reimbursement of
Prolaris and has submitted the PROCEDE 500 data as part of the
Prolaris clinical dossier to the Centers for Medicare &
Medicaid Services (CMS). Last month, the company had released
positive data on its Prolaris testin the
Journal of Urology.
According to the company, the Prolaris test has been evaluated in
more than 5,000 patients across 11 clinical studiesand six
publications in peer-reviewed medical journals. Based on this
strong data set, Myriad Genetics is highly optimistic about the
reimbursement coverage by CMS which the company expects by the
end of June 2014.
The Prolaris test correctly predicted those prostate cancer
patients who had the risk of biochemical recurrence (BCR) or
metastatic disease following a radical prostrate surgery. The
predictions were made based on biopsies conducted earlier on
these patients. With more than 30,000 patients who might perish
on account of this fatal disease in 2014, there is urgent need
for improved diagnosis. This is a clear indication of the huge
market potential that Prolaris test holds in the forthcoming
Myriad Genetics is currently targeting expansion of its
pipeline with products for diverse indications including
oncology, women's health, urology, dermatology, autoimmune and
inflammatory disease and neuroscience. To achieve this objective,
the company has decided to pursue internal developments,
in-licensing of technologies and acquisitions to expand its
business. We are sanguine about these developments as some of the
pipeline candidates look promising enough to cater to a
billion-dollar market size.
Myriad Genetics' increasing focus on the companion diagnostic
market should work in its favor fuelling growth. We look forward
to the expansion of indications and derive comfort from the
company's plan to foray into the dermatology, autoimmune and
neuroscience market in the near future, on the back of portfolio
Currently, the stock carries a Zacks Rank #3 (Hold).
Better-placed stocks that are worth a look include
Biogen Idec Inc.
). All the three stocks carry a Zacks Rank #2 (Buy).
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