Myriad Stops Work on Alzheimer's Drug (at SmartMoney.com)

Myriad Stops Work on Alzheimer's Drug |Published: June 30, 2008 9:50 AM By Thomas Gryta Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Myriad Genetics Inc. (MYGN) is discontinuing development of its lead drug candidate, Alzeimer's disease treatment Flurizan, but Wall Street is defending the value of the company's core diagnostics business. Shares of Myriad dropped $2.81, or 5.9%, to $45.12 moments after the opening bell.. Though the Salt Lake City company's 18-month Phase III study of Flurizan in patients with mild cases of the condition failed, analysts highlighted the company's existing operations and dismissed the trial as widely predicted to fail. Myriad, which also has a diagnostics business that includes a test that identifies a woman's risk for hereditary breast and ovarian cancer, expects to report a profit for the... [read full story]