Who would have guessed that Angelina Jolie would do a multi-million-dollar favor to Myriad Genetics, Inc.? Jolie caused quite a stir earlier this year when she went public with the news that she had done a prophylactic double mastectomy after she had learned the results of her BRCA test for breast cancer risk. That news event was a financial bonanza for Myriad Genetics. When the company reported its third quarter earnings, its revenue exceeded the Wall Street consensus by tens of millions of dollars, surprising analysts. And the reason for this surge in revenues? Myriad executives attribute as much as $35 million of the company’s $208 million in Q-3 revenue to women asking to be tested in the weeks following the news of Jolie’s double mastectomy.
MORE ON: Myriad
Myriad Genetics will be closely watched by investors going forward. That is because, since the Supreme Court decision on the patenting of genes earlier this year, other laboratory companies have announced their intent to offer their own BRCA genetic tests. Such lab companies include Ambry Genetics, Bio-Reference Laboratories, Quest Diagnostics Incorporated, and GeneDx.
FDA ISSUES REPORT ON PERSONALIZED MEDICINE
Lab executives interested in the latest thinking within the Food & Drug Administration (FDA) about personalized medicine, companion diagnostics, and laboratory-developed tests may find useful insights in a new report issued by the federal agency. It is titled “Paving the Way for Personalized Medicine: FDA’s Role in a New Era of Medical Product Development.” Released last month, the FDA report covers efforts by the agency “to advance regulatory standards, methods, and tools in support of personalized medicine.”
GENE TEST FIRMS INVOLVED IN IPOS
CardioDx of Palo Alto, California, is preparing an initial public offering (IPO). It hopes to raise as much as $92 million for its molecular assays used in diagnosis of cardiovascular disease. Earlier this fall, Foundation Medicine, Inc., of Cambridge, Massachusetts, raised $102 million with its IPO. It offers molecular products to aid in the diagnosis and treatment of various cancers.
Dark Daily Update
Have you caught the latest e-briefings from DARK Daily? If so, then you’d know about…
…how private insurers are joining with large healthcare systems to create ACOs. One recent example is a new UnitedHealthcare partnership in Wisconsin with three large health systems that created one of the state’s largest ACOs.
You can get the free DARK Daily e-briefings by signing up at www.darkdaily.com.