Myriad Genetics (NASDAQ: MYGN) shares plunged 6.56% in pre-market trading on Monday after announcing a strategic collaboration with PATHOMIQ to exclusively license their AI technology platform for prostate cancer testing in the US.
The deal will allow Myriad to provide urologists and radiation oncologists with AI-powered testing solutions alongside its existing molecular diagnostic tests for prostate cancer. While touted as expanding Myriad's oncology portfolio, investors appear concerned about the potential costs and impact on near-term financials.
Myriad's President and CEO, Paul J. Diaz, highlighted the collaboration as accelerating innovation by leveraging PATHOMIQ's AI technology with Myriad's clinical expertise and commercial capabilities. The company plans to launch its first AI-driven prostate cancer test later this year.
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