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Myriad Pharmaceuticals Inc. Reports Operating Results (10-K)

September 13, 2010 | About:

Myriad Pharmaceuticals Inc. (MYRX) filed Annual Report for the period ended 2010-06-30.

Myriad Pharmaceuticals Inc. has a market cap of $96.37 million; its shares were traded at around $3.86 with and P/S ratio of 1070.76. MYRX is in the portfolios of Jean-Marie Eveillard of First Eagle Investment Management, LLC, John Rogers of ARIEL CAPITAL MANAGEMENT LLC.

Highlight of Business Operations:

Melanomas, like GBM, are highly vascularized tumors. There are expected to be approximately 62,000 Americans diagnosed with melanoma this year. Advanced metastatic melanoma is associated with a poor prognosis, and effective treatment options are limited. Patients with stage IV melanoma generally have a median survival of only six to nine months, and a low probability of 10% to 20% for five-year survival. Up to 75% of patients with metastatic melanoma develop brain metastases during the course of their disease. In fact, patients with metastatic melanoma who respond to aggressive systemic therapy often relapse with metastases in the CNS. Once patients develop brain metastases, treatment is palliative. Surgery and radiosurgery can produce effective palliation in selected cases but are usually restricted to patients with solitary CNS lesions. Radiation therapy is the current standard of care for multiple brain metastases and it can improve neurologic symptoms but does not alter disease outcome. Metastatic melanoma is poorly responsive to chemotherapy, with dacarbazine being the most widely used agent for treatment. Temozolomide is not an FDA-approved therapy for melanoma but is sometimes used, as recent studies indicate patients treated with temozolomide experienced an improvement in quality of life without increasing overall survival. However, only 20% of the temozolomide plasma concentration penetrates the blood brain barrier. Novel agents with better brain penetration are needed.

In completed and ongoing clinical trials in which a total of 163 subjects have been treated with Azixa, 12 serious adverse events in 11 subjects have been reported as possibly, probably or definitely related to Azixa: non fatal myocardial infarction (single events in three subjects), cerebral hemorrhage (single events in two subjects), cerebral ischemia (one event in one subject), troponin I increase (one event in one subject), hypersensitivity (two events in one subject), pulmonary embolism (one event in one subject), hypertension (one event in one subject), and headache (one event in one subject). To date, the overall incidence of myocardial infarction is 1.8%, the incidence of cerebral hemorrhage is 1.2% and the incidence of cerebral ischemia, pulmonary embolism, hypertension, headache and troponin I increase is 0.6% each.

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