Myriad Genetics Licenses Novel Technology From Chronix Biomedical (MYGN)

Myriad Genetics, Inc. MYGN today announced that it has signed an agreement to license proprietary technology for the early detection of cancer from Chronix Biomedical of San Jose, California. Under the agreement, Myriad has rights in North America, South America, and Europe to commercialize tests derived from the technology for the early detection of breast cancer, colon cancer and prostate cancer in exchange for upfront fees, milestone payments, and royalty payments based upon the technical and commercial success of the products.  "The technology we have licensed from Chronix Biomedical has the potential to revolutionize the early detection of cancer through the analysis of unique DNA sequences in blood samples," said Mark Capone, President of Myriad Genetic Laboratories, Inc. "This acquisition is consistent with our strategy to broaden our preventive care portfolio beyond predictive medicine products for women's health, and supply healthcare providers with enhanced tools to catch disease early, when it is most treatable."