AUSTIN, Texas, March 28, 2012 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML), a leading molecular diagnostics company, has received a notice of allowance from the United States Patent and Trademark Office for a patent, "Methods for Diagnosing Ovarian Cancer."
This patent further expands the list of biomarkers Vermillion has employed in the diagnosis or status determination of ovarian cancer. In this case, the granted claims cover the use of Protein C Inhibitor (PCI) in ovarian cancer tests using blood and several other sample types.
"Vermillion continues to expand its already extensive portfolio of biomarker-related patents in ovarian cancer and other important disease states," said Donald Munroe, Ph.D., chief science officer and VP of research & development at Vermillion. "The latest patent allowance further strengthens the ovarian cancer franchise behind our lead product, OVA1®, and offers creative new options to detect and manage this silent killer."
OVA1 was the first FDA-cleared blood test for pre-surgical cancer diagnosis that achieved 99% accuracy in clinical trials for detecting epithelial ovarian cancers.(1) In other studies, OVA1 found 70% of malignancies missed by non-specialist pre-surgical assessment,(2) and it increased detection of malignancy over ACOG guidelines from 77% to 94%.(3) As the first protein-based, In Vitro Diagnostic Multi-Variate Index Assay (IVDMIA) cleared by the FDA, OVA1 also represents a new class of software-based diagnostics.
1) Ueland, FR, et al. Obstet Gynecol 2011:VOL 117, NO. 6, June 2011
2) Ueland, FR, et al. Obstet Gynecol 2011:VOL 117, NO. 6, June 2011
3) Miller R, et al. Obstet Gynecol 2011:VOL 117, NO. 6, June 2011
Vermillion, Inc. (NASDAQ: VRML) is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in oncology, hematology, cardiology and women's health. Additional information about Vermillion can be found at www.vermillion.com.
Certain matters discussed in this press release contain forward-looking statements that involve significant risks and uncertainties, including statements regarding Vermillion's plans, objectives, expectations and intentions. These forward-looking statements are based on Vermillion's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Vermillion notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Factors that could cause actual results to materially differ include but are not limited to: (1) uncertainty as to Vermillion's ability to protect and promote its proprietary technology; (2) Vermillion's lack of a lengthy track record successfully developing and commercializing diagnostic products; (3) uncertainty as to whether Vermillion will be able to obtain any required regulatory approval of its future diagnostic products; (4) uncertainty of the size of market for its existing diagnostic tests or future diagnostic products, including the risk that its products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for its products from third party payors such as private insurance companies and government insurance plans; (5) uncertainty that Vermillion will successfully license or otherwise successfully partner with third parties to commercialize its future products; (6) uncertainty whether the trading in Vermillion's stock will become significantly less liquid; and (7) other factors that might be described from time to time in Vermillion's filings with the Securities and Exchange Commission. All information in this press release is as of the date of this report, and Vermillion expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Vermillion's expectations or any change in events, conditions or circumstances on which any such statement is based, unless required by law.
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov.
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