Paul Tauber served as lead counsel for Chronix Biomedical in solidifying an exclusive license agreement with Myriad Genetics to commercialize Chronix’s early cancer detection technology. Chronix is extremely pleased with the closing of this significant deal, one that will ultimately progress Chronix’s proprietary technology and tests.
Chronix Biomedical has pioneered a breakthrough approach to the diagnosis, monitoring and management of a broad range of cancers and other conditions through proprietary technology that measures and categorizes DNA sequences circulating in the blood that are associated with specific changes in disease and health status. Myriad Genetics, Inc., is a leading molecular diagnostic company dedicated to developing and marketing novel predictive, personalized and prognostic medicine products to assess a person’s risk of developing disease and guide treatment decisions.
“We are pleased with the partnership of our technology with Myriad Genetics given their expertise in developing and commercializing molecular diagnostic products,” said Dr. Howard Urnovitz, Chief Executive Officer of Chronix Biomedical. “The technology we have licensed from Chronix Biomedical has the potential to revolutionize the early detection of cancer through the analysis of unique DNA sequences in blood samples,” said Mark Capone, President of Myriad Genetic Laboratories, Inc.
Under the terms of the agreement, Myriad has exclusive rights in North America, South America, and Europe to commercialize tests developed from the Chronix Biomedical technology for the early detection of breast, colon, and prostate cancer. In turn, Myriad will help validate these tests and will pay Chronix an undisclosed sum in upfront fees, milestone payments, and royalty payments upon the technical and commercial success of the products. The success of the development and commercialization of these early detection cancer tests could end up being a highly profitable investment for Myriad and a significant authentication for Chronix.
