BioHealth Investor » alzheimer’s disease http://biohealthinvestor.com Biotech and Medical Business Information Sat, 31 Jul 2010 00:09:03 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Disappointment on the Alzheimer's War (MYGN) http://biohealthinvestor.com/2008/06/disappointment-on-the-alzheimers-war-mygn.html http://biohealthinvestor.com/2008/06/disappointment-on-the-alzheimers-war-mygn.html#comments Mon, 30 Jun 2008 12:08:32 +0000 247admin http://www.biohealthinvestor.com/?p=1487 Myriad Genetics (NASDAQ: MYGN) is seeing pressure in shares this Monday morning.  Shares are down nearly 10% around $43.30 in pre-market trading after the company announced that it plans to discontinue the development of Alzheimer treatment Flurizan.  The company had reported that its late-stage trial failed to meet endpoints.

The company had also spent some $60 million in the fiscal year (June) in its development of Flurizan.   The company also expects to spend roughly another $8 million to wrap up the program.

Its overseas partner in Denmark was H. Lundbeck A/S (HLUKY), and it also saw a similar drop in active trading.

Myriad isn’t a one-hit wonder as its quarterly revenues were $61.7 million last quarter.  But this was a blow and the Alzheimer’s franchise here could have led to a blockbuster potential for the company.   As of last quarter, the company had over $300 million between its cash and equivalents and its long-term investments; while its total liabilities were $37.66 million.  Unfortunately, its market cap was over $2.1 Billion before today’s price action and its 52-week trading range is $34.35 to $59.18.

Jon C. Ogg
June 30, 2008

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