This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

U.S Court Of Appeals Upholds Myriad's Gene Patents

Stocks in this article: MYGN

SALT LAKE CITY, Aug. 16, 2012 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) reported today that the United States Court of Appeals for the Federal Circuit declared that the Company's composition of matter claims covering isolated DNA of the BRCA 1 and BRCA 2 genes are patent-eligible material under Section 101 of the United States Patent Act. This decision reinstates the prior decision by the Court on July 29, 2011.

"We are very pleased with the favorable decision the Court rendered today which again confirmed that isolated DNA is patentable," said Peter Meldrum, President and CEO of Myriad Genetics. "Importantly, the Court agreed with Myriad that isolated DNA is a new chemical matter with important utilities which can only exist as the product of human ingenuity."

It is important to correct some common misconceptions on the societal impact of "gene" patents; namely that such patents impede research, result in high-cost testing and takeaway a patient's option for second-opinion testing. Myriad believes that statements made to these points in the public press are incorrect. To set the record straight,

  • "Gene" patents have not hindered research on BRCA 1 and BRCA 2 and Myriad has never denied, opposed or impeded any research studies on these, or any other , genes. Further, more than 18,000 scientists have researched the BRCA genes, publishing more than 9,000 research papers.
  • The cost of the BRAC Analysis test is not prohibitive and patient access is extensive. Myriad has provided close to one million patients with BRAC Analysis test results. Approximately 95% of appropriate patients in the United States have access to BRAC Analysis either through private insurance, Medicare, Medicaid or Myriad's Financial Assistance Program, which provides coverage at no charge to low-income, uninsured patients. Over the past 3 years alone, more than 5,000 patients have benefitted from this assistance program.
  • Lastly, second opinion testing is available for patients with positive test results in a number of U.S. laboratories, including a large reference laboratory licensed by Myriad in 2001.

Brian M. Poissant, Gregory A. Castanias, Laura A. Coruzzi, Eileen Falvey, Jennifer L. Swize and Sasha Mayergoyz and other members of the law firm of Jones Day represented Myriad in this matter.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs