Soon after the release of its first quarter fiscal 2014
) launched its much talked molecular diagnostic test myPath
Melanoma. Meeting the targeted time of launch, this test marks
Myriad's foray into the area of dermatology through efficient
detection of malignancy in skin biopsy.
Two independent clinical studies have already been conducted
to examine this test. As per the findings which were recently
published at the American Society of Dermatopathology, myPath
Melanoma provides 90% accuracy in distinguishing malignant
melanoma from benign pigmented skin lesions in a variety of
subtypes. Furthermore, these positive outcomes have recently been
confirmed in an independent clinical validation study to be
presented at the American Academy of Dermatology in Mar 2014.
Each year, nearly 76,000 new cases are diagnosed with
melanoma, a fatal type of skin cancer, with death-figures tolling
9,000 annually. Malignancy in suspicious skin lesions are
difficult to diagnose. Myriad's newly launched test promises to
make such diagnosis easier and is thus expected to be widely
accepted among healthcare providers. With an expected market
worth of $1 billion through 2018 (based on the average selling
price of $1,500), the offering is expected to generate
incremental revenues for Myriad going forward.
The current fiscal so far has been quite eventful for Myriad.
Last month the company launched Myriad myPlan Lung Cancer
catering to leading oncologists throughout the U.S. Data
presented at the International Association for the Study of Lung
Cancer showed that patients with high-risk myPlan Lung Cancer
scores resulted in approximately twice the number of lung-cancer
deaths over a five-year period, compared to patients with a
In September, the company's myRisk Hereditary Cancer test was
successfully launched in the U.S. for eight major hereditary
cancer including breast, colorectal, ovarian, endometrial,
pancreatic, prostate, gastric and melanoma. Myriad presented data
at the Collaborative Group of the Americas on Inherited
Colorectal Cancer. The data demonstrated that the test
significantly improved the sensitivity of colon cancer risk
assessment by identifying 60% more harmful mutations in 1,133
patients who met the clinical criteria for hereditary colon
We believe that these developments should augur well for the
long-term development of the company. With encouraging results
from the company's major cancer tests and forthcoming
collaborations, we believe Myriad Genetics will tread steadily on
the growth path in the near term.
Currently, the stock carries a Zacks Rank #3 (Hold). Stocks in
the MedTech sector that are worth a look include
Align Technologies Inc.,
Cardinal Health, Inc.
Mindray Medical International Limited
), each carrying a Zacks Rank #1 (Strong Buy).
ALIGN TECH INC (ALGN): Free Stock Analysis
CARDINAL HEALTH (CAH): Free Stock Analysis
MINDRAY MEDICAL (MR): Free Stock Analysis
MYRIAD GENETICS (MYGN): Free Stock Analysis
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