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Vermillion Announces First Quarter 2008 Financial Results and Business Progress
Date:5/15/2008

- Company Focused on Commercialization in 2008 -

FREMONT, Calif., May 15 /PRNewswire-FirstCall/ -- Vermillion, Inc. (Nasdaq: VRML), a molecular diagnostics company, today announced financial results for the first quarter ended March 31, 2008, and provided an update on recent corporate and clinical developments.

"During the first quarter of 2008, we demonstrated significant clinical and commercialization progress in each of our diagnostic programs. These programs target significant unmet clinical needs and present attractive revenue opportunities. It is an exciting time as we explore strategic business development options that are synergistic with our Quest Diagnostics' alliance," said Gail Page, President and CEO of Vermillion.

The Company plans to finalize its clinical study examining the Ovarian Tumor Triage Test, now named OVA1(TM), and submit OVA1 to the U.S. Food and Drug Administration (FDA) in the second quarter of this year. Additionally, Vermillion is working on clinical studies and building market awareness of the PAD blood test, now named VASCLIR(TM) the PAD test. Throughout the remainder of 2008, the Company will focus on commercialization efforts.

First Quarter 2008 Financial Results

As a result of the November 13, 2006 sale of its former instrument business to Bio-Rad Laboratories, the Company does not anticipate significant revenue until its diagnostic tests are commercialized. During the first quarter of 2008, products revenue of $5,000 was generated from the sale of thrombotic thrombocytopenic purpura ("TTP") test component materials to The Ohio State University Research Foundation ("OSU").

Total operating expenses decreased in the first quarter of 2008 to $4.6 million,
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SOURCE Vermillion, Inc.
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