130% Revenue Rise At Myriad Genetics

Genomics company Myriad's total revenues for the fiscal year ended June30, 1997, rocketed to $15.2 million, compared to $6.6 million for the same period last year, due primarily to the addition of research revenue from the company's cancer collaboration with Schering-Plough and genetic-testing revenue resulting from the launch of the company's first commercial genetic test BRACAnalysis, for breast and ovarian cancer susceptibility.

Operating expenses rose $6.2 million to $8.7 million, due to costs associated with the marketing launch, sales and educational programs for BRACAnalysis, while R&D expenses grew 43% to $18.6 million, as a result of Myriad's other gene discovery programs. Peter Meldrum, chief executive, said the company was encouraged that 35 insurers have now pre-authorized BRACAnalysis for reimbursement and over 200 cancer centers in the USA have used the test.