As its name would imply, Myriad Genetics
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
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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