As of March 31, 2010, the Company had $148.4 million in cash, cash equivalents and marketable securities.  The Company subsequently received a payment of $12.7 million from Javelin Pharmaceuticals, Inc. pursuant to the termination of the merger agreement between the companies, approximately $8.3 million of which represented all amounts owed to the Company by Javelin under a loan and security agreement that had been entered into in connection with the proposed merger.  In connection with the current reduction if force, the Company expects to incur a one-time charge of approximately $1.2 million in severance obligations.

"This proactive operational restructuring, allows us to focus our substantial resources to advance our portfolio of exciting oncology candidates," commented Robert Lollini, CFO of Myriad Pharmaceuticals.  "In addition, we can continue to draw from the proven productivity of our of internal drug discovery team, whose efforts have generated our current oncology candidates, to enable us to have a renewable source of drug development candidates for both partnering and for our own proprietary development."

SOURCE Myriad Pharmaceuticals, Inc.