FREMONT, Calif., April 20 /PRNewswire-FirstCall/ -- Vermillion, Inc. (Pink Sheets: VRML) today announced that the United States Bankruptcy Court for the District of Delaware approved the final fee application in the case. The total professional fees and expenses in the case were approximately $3.8 million of which approximately $2.7 million remained unpaid as of March 31, 2010. Vermillion’s consolidated cash and cash equivalents balances as of March 31, 2010 were approximately $37.7 million. Vermillion announced on April 16, 2010 that an aggregate of $5 million is to be paid out of that amount as the cash portion of a management incentive plan approved by the United States Bankruptcy Court for the District of Delaware.
Vermillion also announced that significant progress is being made on the commercialization and reimbursement efforts for its OVA1™ Test and that initial orders have been received. “We recently announced the favorable coverage decision from Highmark Medicare Services. We will be working with Premiere Source Diagnostics, a group with expertise in procuring reimbursement for high-value diagnostics, in an effort to fully capture the value proposition of OVA1,” said Gail Page, Chief Executive Officer of Vermillion. “Additionally, we continue to build our sales and marketing team which is now includes 8 full time employees. We are well on our way to assembling a small but effective group of seasoned sales and marketing professionals.”
Vermillion also announced that it expects to be current on its periodic reports required by the Securities and Exchange Act of 1934 by the middle of May, 2010.
Vermillion also announced that Dr. Zhen Zhang, Associate Professor at Johns Hopkins University School of Medicine, will be giving an oral presentation “OVA1: An in vitro diagnostic multivariate index assay for preoperative assessment of ovarian tumors” today, April 20, at the 101st Annual Meeting of the American Association for Cancer Research in Washington DC. Vermillion will also be attending the 58th Annual Clinical Meeting of the American Congress of Obstetricians and Gynecologists to be held in San Francisco from May 15th through the 19th. Dr. Karen Nishida from Gynecologic Oncology Associates, Inc., Miramar, FL., will be speaking about the OVA1 test to aid in the detection of malignant versus benign ovarian tumors.
About Vermillion
Vermillion, Inc. 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. Vermillion is based in Fremont, California. Additional information about Vermillion can be found on the Web at www.vermillion.com.
About OVA1(TM)
OVA1(TM) is a qualitative serum test that combines the results of five immunoassays into a single numerical score. It is indicated for women who meet the following criteria: over age 18, ovarian adnexal mass present for which surgery is planned, and not yet referred to an oncologist. The test utilizes five well-established biomarkers - Transthyretin (TT or prealbumin), Apolipoprotein A-1 (Apo A-1), beta 2-Microglobulin (beta 2M), Transferrin (Tfr) and Cancer Antigen 125 (CA 125 II) - and a proprietary FDA-cleared software device to determine the likelihood of malignancy in women with pelvic mass for whom surgery is planned. OVA1™ is a trademark of Vermillion Inc.
Forward-Looking Statement
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. There are no guarantees that Vermillion will succeed in its efforts to commercialize ovarian cancer or OVA1™ diagnostics products in 2010 or during any other period of time. Factors that could cause actual results to materially differ include but are not limited to: (1) uncertainty in obtaining intellectual property protection for inventions made by Vermillion; (2) unproven ability of Vermillion to develop, and commercialize diagnostic products based on findings from its disease association studies; (3) uncertainty as to whether Vermillion will be able to obtain any required regulatory approval of its future diagnostic products; (4) uncertainty of market acceptance of its OVA1™ diagnostic test 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 payers 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 products; (6) uncertainty whether the trading in Vermillion’s stock will become significantly less liquid or Vermillion’s ability to relist its shares on the NASDAQ Global Market or on other national securities exchange; 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. In addition, any financial information presented in this press release is unaudited and subject to adjustment following Vermillion’s internal review and quarterly processes as well as annual audit.
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