Vermillion (Formerly Ciphergen) Announces $20.5 Million Private Placement of Co...( - Company Conference Call Originally...)

- Company Conference Call Originally Scheduled for 9:00 a.m. Eastern Time

Today to Be Rescheduled After Private Placement Closes -

FREMONT, Calif., Aug. 24 /PRNewswire-FirstCall/ -- Vermillion, Inc., formerly Ciphergen Biosystems, Inc. (Nasdaq: CIPH), today announced that it has entered into securities purchase agreements in connection with a private placement with a group of existing and new investors. Under the terms of the agreement, Vermillion will receive approximately $20.5 million in gross proceeds from the sale of approximately 24.4 million shares of its common stock and the issuance of warrants for the purchase of approximately 19.5 million additional shares of Vermillion's common stock with an exercise price of $0.925 per share.

Subject to the satisfaction of customary closing conditions, the transaction is expected to close on or about August 29, 2007. Net proceeds from the transaction will be used for general working capital needs.

Earlier this week, the company changed its name to Vermillion, Inc. and expects to begin trading on Monday, August 27, 2007 under a new Nasdaq stock symbol: VRML.

The conference call scheduled for 9:00 a.m. Eastern Time today will be rescheduled after the private placement closes.

Neither the shares of Vermillion's common stock nor the warrants issued in connection with the private placement have been registered under the Securities Act of 1933, as amended (the "Securities Act"). Accordingly, these securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Vermillion has agreed to file within 30 days a
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