Myriad Genetics (MYGN) - Get Report said on Monday that it plans to launch Prolaris, a new test that will let individuals know if they are at risk of developing hereditary forms of prostate cancer and melanoma, a deadly form of skin cancer.
Prolaris is a test for individuals to detect the presence of a specific prostate cancer gene, which Myriad discovered earlier this year. The gene is believed to be responsible for 90% of all hereditary cases of melanoma, which include the 45,000 Americans diagnosed each year. Myriad plans to release Prolaris within 18 months.
Shares of Myriad closed Monday down 88 cents, or 0.7%, to $127, despite having traded as high as $132 intraday.