As its name would imply, Myriad Genetics (NASDAQ:MYGN) is involved in a range of activities, from chemistry research to drug development. Myriad's diversity extends into the indications for which the company is developing treatments, and the progress these various compounds have made. Yesterday, another one of Myriad's drug candidates advanced into a new stage of development.

The company announced that Azixa, a drug candidate designed to treat various cancers, will move into phase trials. Myriad acquired Azixa with a licensing agreement from Swedish biotech firm EpiCept (NASDAQ:EPCT).

The results of the phase 1 trial were not detailed in the announcement, but according to EpiCept, there was a "measured reduction in tumor size in certain patients." Remember that phase 1 trials rarely reveal a drug's true effectiveness, since trials in this phase are unblinded, short, and initiated mainly to find a drug's maximum tolerated dose.

Myriad has a stable of four compounds aimed at treating cancer, and Azixa will join a drug licensed from privately held Encore Pharmaceuticals, named Flurizan, as Myriad's most advanced cancer compounds in phase 2 testing.

Even with Azixa entering phase 2 trials, cash burn shouldn't be much of a concern for Myriad investors, since the company had $227 million left at the end of the second quarter.

Most investors following Myriad are mainly focused on Flurizan, which is also in phase 3 testing to treat Alzheimer's, or Myriad's rapidly growing sales of genetic testing products. Ushering Azixa past phase 1 trials proves that Myriad is no one-drug biotech wonder, though. Investors should take note, and make room for Myriad on their radar screens.

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Fool contributor Brian Lawler does not own shares of any company mentioned in this article. The Fool has a disclosure policy.