"We are pleased to be able to report the results of our first quarter as an independent publicly-traded company," said Adrian N. Hobden Ph.D., President and CEO of Myriad Pharmaceuticals, Inc. "We believe that we have made a very smooth transition to becoming an independent company during this quarter having installed an initial infrastructure and established effective cost controls. We ended the quarter with $180.8 million in cash, cash equivalents and marketable investment securities. At the same time, we continue to make good progress with the development of our three clinical drug candidates, MPC-4326 for the treatment of HIV and Azixa and MPC-3100 for the treatment of cancer. In addition, we have made and are scheduled to make several public presentations of our clinical data. We also announced that one of our novel and exciting drug candidates for the treatment of cancer may also have great promise for the treatment of diabetes and obesity."

A summary of activities during the quarter is as follows:

Recent Accomplishments and Business Update

Upcoming Events:

 -- November 16, 2009, the Company expects to report interim
    results from the ongoing Phase 1 trial of its novel, orally
    bio-available Hsp90 inhibitor, MPC-3100 in cancer patients.
 -- November 18, 2009, the Company expects to report interim
    results from the ongoing Phase 2 trial of Azixa in metastatic
    melanoma.
    Both presentations are scheduled at the AACR-NCI-EORTC
    Molecular Targets and Cancer Therapeutics meeting in Boston.

Recent Events:

 -- November 12, 2009, Myriad Pharmaceuticals filed its Form 10-Q
    reporting its financial results for the Company's first fiscal
    quarter ended September 30, 2009 as an independent company.
 -- November 11, 2009, the Company entered into Amendment No. 1 to
    the Sublease Agreement with Myriad Genetics, pursuant to which
    Myriad Genetics has agreed to fund, or otherwise pay for, $4.25
    million of the leasehold improvements to our new facility in
    exchange for an additional $78,862 per month in rental payments
    during the initial three year term and for the first three year
    option period if the initial term is extended. Total leasehold
    improvements on the new facility are currently estimated at
    $5.1 million and the facility is expected to be ready for
    occupancy in January 2010.
 -- October 23, 2009, the Company presented non-clinical data
    demonstrating the potent anti-cancer activity of Azixa(TM) (MPC-
    6827), its small molecule microtubule destabilizing agent, in a
    model of brain cancer and its potential use in combination with
    bevacizumab.
 -- October 13, 2009, the Company announced a new IND candidate,
    MPI-0485520, targeting IKKe for the treatment of certain
    cancers. As indicated in the September issue of Cell (Chiang et
    al, (2009) Cell 138, 961-975), IKKe may also be an exciting new
    candidate for the treatment of obesity, diabetes and associated
    diseases.
 -- September 28, 2009 Myriad Pharmaceuticals filed its Form 10-K
    reporting its financial results for the Company's fiscal year
    ended June 30, 2009.
 -- Sept. 14, 2009, the Company presented data at the Interscience
    Conference on Antimicrobial Agents and Chemotherapy (ICAAC)
    Annual Meeting demonstrating safety and bioavailability of the
    new solid tablet formulation of the Company's HIV drug
    candidate MPC-4326.
 -- June 30, 2009, Myriad Pharmaceuticals completed its separation
    from Myriad Genetics, Inc. through a pro rata dividend
    distribution to the stockholders of Myriad Genetics.

First Quarter (2010) Financial Results

The Company ended the quarter with $180.8 million in cash, cash equivalents and marketable investment securities compared to $188.0 million at June 30, 2009. The Company used $8.0 million of cash to fund operating activities and capital expenditures during the quarter which was offset, in part, by $0.8 million in proceeds from the exercise of stock options issued in connection with our separation from Myriad Genetics in June 2009.

Research revenue for the three months ended September 30, 2009 was $60,000 compared to $3.7 million in the same quarter last year. Research revenue in the current period reflects revenues earned under recent short-term research service agreements utilizing our expertise to characterize protein -protein interactions. Research revenue in the prior year period reflects revenue earned pursuant to a long-term genomic sequencing research collaboration and a long-term research agreement to characterize protein - protein interactions. Both of these long-term agreements were completed during the fiscal year ended June 30, 2009.

Research and development expenses for the three months ended September 30, 2009 were $5.8 million compared to $12.8 million in the same period last year.