Myriad Genetics Inc. (NASDAQ:MYGN), owner of patents for genes linked to cancer risks, soared to the highest intraday price in more than four years after the U.S. Supreme Court upheld the company's patent claims on complementary DNA, known as cDNA.
The shares climbed as much as 12.8 percent to $38.27, the highest intraday price since May 4, 2009. They were trading at $36.51, up 7.6 percent. at 1:37 p.m. in New York.
The court said DNA molecules synthesized in a laboratory were eligible for patent protection, because they are not naturally occurring. That leaves an opening for Myriad to continue making money, Justice Clarence Thomas wrote in the court's majority decision.
The Court, however, ruled that five of Myriad's claims covering isolated DNA were not patent eligible because they are naturally occurring. Laws of nature, natural phenomena and abstract ideas are not patentable, the Court said.
It's a blow to Salt Lake City, Utah-based Myriad Genetics, which was holding patents on two isolated genes, known as BRCA1 and BRCA2, and was at the center of the case. The genes can help indicate whether a woman has a heightened risk of developing breast or ovarian cancer.
Following Thursday's decision, Myriad has more than 500 valid and enforceable claims in 24 different patents conferring strong patent protection for its BRACAnalysis test, Myriad said in a statement.
"We believe the Court appropriately upheld our claims on cDNA, and underscored the patent eligibility of our method claims, ensuring strong intellectual property protection for our BRACAnalysis test moving forward," Chief Executive Officer Peter D. Meldrum, said in the statement.
"More than 250,000 patients rely upon our BRACAnalysis test annually, and we remain focused on saving and improving peoples' lives and lowering overall healthcare costs," he added.
Last month, actress Angelina Jolie said she had a double mastectomy after Myriad’s tests showed she had a gene mutation linked to breast cancer.
Patents give inventors the right to prevent others from making, using or selling a novel device, process or application, usually for a number of years. Reported by Proactive Investors 2 days ago.
The shares climbed as much as 12.8 percent to $38.27, the highest intraday price since May 4, 2009. They were trading at $36.51, up 7.6 percent. at 1:37 p.m. in New York.
The court said DNA molecules synthesized in a laboratory were eligible for patent protection, because they are not naturally occurring. That leaves an opening for Myriad to continue making money, Justice Clarence Thomas wrote in the court's majority decision.
The Court, however, ruled that five of Myriad's claims covering isolated DNA were not patent eligible because they are naturally occurring. Laws of nature, natural phenomena and abstract ideas are not patentable, the Court said.
It's a blow to Salt Lake City, Utah-based Myriad Genetics, which was holding patents on two isolated genes, known as BRCA1 and BRCA2, and was at the center of the case. The genes can help indicate whether a woman has a heightened risk of developing breast or ovarian cancer.
Following Thursday's decision, Myriad has more than 500 valid and enforceable claims in 24 different patents conferring strong patent protection for its BRACAnalysis test, Myriad said in a statement.
"We believe the Court appropriately upheld our claims on cDNA, and underscored the patent eligibility of our method claims, ensuring strong intellectual property protection for our BRACAnalysis test moving forward," Chief Executive Officer Peter D. Meldrum, said in the statement.
"More than 250,000 patients rely upon our BRACAnalysis test annually, and we remain focused on saving and improving peoples' lives and lowering overall healthcare costs," he added.
Last month, actress Angelina Jolie said she had a double mastectomy after Myriad’s tests showed she had a gene mutation linked to breast cancer.
Patents give inventors the right to prevent others from making, using or selling a novel device, process or application, usually for a number of years. Reported by Proactive Investors 2 days ago.