(RTTNews) - Myriad Pharmaceuticals, Inc. (MYRX) Wednesday said it completed its previously announced spin-off from Myriad Genetics, Inc. (MYGN). The new company formed as a result of the spin-off would start regular trading today on the Nasdaq global market under the ticker symbol - MYRX.

Adrian Hobden, President and Chief Executive Officer of Myriad Pharmaceuticals said, “Myriad Pharmaceuticals has a robust pipeline of novel oncology and anti-HIV candidates and an experienced leadership team to advance these assets.”

Commenting on future programs, Myriad Pharmaceuticals indicated that it plans to advance three clinical development programs in Oncology and Infectious diseases.

Myriad Pharmaceutical is currently involved in the development of its most advanced cancer drug candidate Azixa. Interim result from the ongoing Azixa Phase 2 trial is expected to be released by the end of 2009.

“We are especially enthusiastic to see the data from Azixa efficacy trials by the end of 2009, as well as to begin a Phase 2b trial for our HIV maturation inhibitor later this year,” Hobden added.

Myriad Pharmaceuticals also indicated developing MPC-3100, a second clinical stage cancer drug candidate, for treating multiple cancers. The company expects to report results from Phase 1 testing of MPC-3100 during the first half of 2010.

MPC-4326 is yet another drug that is being developed by the company as an oral treatment of human immunodeficiency virus 1 (HIV-1) infection. MPC-4326 or bevirimat dimeglumine is expected to begin a Phase 2b clinical trial in the second half of 2009.

As of July 1, 2009, Myriad Pharmaceuticals had $188 million in cash and cash equivalents.

MYRX is currently trading at $4.00, down $0.65 or 13.98%, on a volume of 1.96 million shares.

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Posted in Categories: Economy, Releases, USA.

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