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LONDON, UK / ACCESSWIRE / November 13, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Myriad Genetics, Inc. (NASDAQ: MYGN), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MYGN. The Company's wholly-owned subsidiary, Assurex Health, announced on November 10, 2017, that it has teamed up with the Department of Veterans Affairs (VA) and launched a nationwide, multi-center clinical trial to evaluate the effectiveness of its GeneSight® test. The test will study if the genetic testing helps in the deciding an effective treatment for veterans who have been diagnosed with major depressive disorder (MDD). The clinical trial has been named PRIME Care (PRecision medicine In MEntal Health Care). For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Details of the Collaboration
PRIME Care clinical trial is a randomized trial aimed to find out how providers use, and patients respond to GeneSight-guided therapy. The study will be conducted on 2000 patients with MDD and will be supported by 250 healthcare providers at 21 VA medical centers. The Prime Care studies are expected to be completed by FY21. VA has committed to provide funding of approximately $12 million for this trial.
Commenting on the collaboration with the VA, David Oslin, M.D., Principal Investigator and Chief of Behavioral Health at the Corporal Michael J. Crescenz VA Medical Center, said:
"Through this study we hope to learn if there is an association between the GeneSight test and more effective treatment for Veterans suffering from major depressive disorder, a condition which affects many veterans. We're excited to incorporate pharmacogenomic testing into our Prime Care study to help tailor treatment plans for our Veterans with the goal of improving their health outcomes."
Bryan Dechairo, Ph.D., EVP, Clinical Development, Myriad Genetics, added:
"We are extremely honored to collaborate with the VA by providing our high-quality GeneSight pharmacogenomics test to the PRIME Care study and to support the VA's mission to care for America's veterans."
About GeneSight® Test
GeneSight® Test is a genetic test conducted on patients that have been diagnosed with MDD. Usually, a patient with any MDD is prescribed several medications before finding the one that the patient best responds to. The GeneSight® Test combines the patient's personal genetic data with the medication information and provide doctors with exact information needed to prescribe the best medication for the patient. GeneSight is a painless test and studies how a person's DNA responds to specific medications, this allows the doctors to prescribe the most customized medication.
GeneSight® testing is based on advanced CPGx® technology, a patented approach that analyses variations and combinations of a person's genes along with FDA-approved medications for behavioral health conditions and chronic pain. Peer-reviewed, published studies have proven its clinical benefits and substantial healthcare cost savings. Till date over 18,000 healthcare professionals have used GeneSight® in treating more than 500,000 patients.
About PRIME Care Clinical trial
The trial is being conducted with the aim of finding whether genetic profile test results could help health care providers find tailor-made treatments for veterans suffering from MDD. The researchers will evaluate if its GeneSight® test can help in improving mental health of the veterans. The study will focus on whether and how patients and providers use genetic test results given to them when the veterans are about to be prescribed anti- depressant as for treatment of MDD. The study will determine if the use of the genetic testing improves the health outcomes for veterans diagnosed with MDD.
MDD is one of the most common conditions associated with military service and combat exposure, increases suicide risk, and worsens the course of common medical conditions, making it a leading cause of disability and mortality. According to an estimate that out of the 2.6 million veterans who deployed to Iraq or Afghanistan, nearly 20% of these veterans returned with MDD or a related mental health condition. It was also noted that the suicide rates in veterans was twice that of the US population. The clinical trial will help in proving that the use of pharmacogenomic testing to offer a customized treatment of MDD will be highly beneficial opportunity in improving the healthcare of Veterans. Assurex is currently accepting patients for the Prime Care clinical trials across 21 VA sites.
About Assurex Health
Mason, Ohio based Assurex Health was founded in 2006 and is a wholly-owned subsidiary of Myriad Genetics, Inc., It is a personalized medicine Company that specializes in pharmacogenomics. Assurex Health has developed GeneSight test based on patented technology licensed from Mayo Clinic and Cincinnati Children's Hospital Medical Center. Assurex Health is the only Company in the category with multiple peer-reviewed, published studies that demonstrate the clinical validity and clinical utility of the GeneSight® test, including its substantial healthcare cost savings benefit. The Company has grown every quarter and has expanded internationally through a partnership with Canada's Centre for Addiction and Mental Health (CAMH).
About Myriad Genetics
Salt Lake City, Utah based Myriad Genetics is a leading personalized medicine Company dedicated to transforming patient lives worldwide with pioneering molecular diagnostics. These molecular diagnostic tests determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across six major medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. The Company's growth strategy is based on three pillars - 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.
About the Department of Veterans Affairs
The VA is the second largest Federal agency with close to 300,000 employees. The Department's mission is to serve America's veterans and their families with dignity and compassion and to be their principal advocate in ensuring that they receive the care, support, and recognition earned in service to this Nation.
Last Close Stock Review
At the closing bell, on Friday, November 10, 2017, Myriad Genetics' stock rose 1.48%, ending the trading session at $31.55. A total volume of 811.62 thousand shares have exchanged hands. The Company's stock price soared 13.20% in the last three months, 41.73% in the past six months, and 81.53% in the previous twelve months. Moreover, the stock skyrocketed 89.26% since the start of the year. The stock is trading at a PE ratio of 21.26 and currently has a market cap of $2.16 billion.
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