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

from $5.7 million in the same period last year. The decrease was due primarily to restructuring of personnel and reduced general and administrative expenses.

The Company's net loss for the first quarter of 2008 was $4.8 million, compared to $6.0 million for the same period in 2007. Basic and diluted net loss for the first quarter of 2008 was $0.76 per share based on 6.38 million total shares outstanding, compared to a basic and diluted net loss of $1.54 per share based on 3.92 million total shares outstanding for the same period in 2007. Earnings per share calculations are on a post reverse stock split basis.

At March 31, 2008, the Company's cash, short- and long-term investments totaled $14.3 million, compared to $20.4 million at December 31, 2007. Net cash used in operating activities in the first quarter of 2008 was $5.5 million. The semi-annual payment of interest of approximately $0.6 million on the senior convertible note is due during the first and third quarters, which results in higher net cash outflows for these quarters. Vermillion continues to diligently manage expenses and cash utilization.

Recent Highlights and Accomplishments

During the first and into the second quarter of the year, Vermillion achieved numerous milestones in its three leading diagnostic programs and continued to progress in its corporate development efforts.

-- PAD Diagnostic Program

* Established a clinical steering committee to provide advice on

studies to support registration of VASCLIR with the FDA and to

further potential market adoption.

* Presented data from a study providing further confirmation that the

Company's test may aid in the diagnosis of PAD. The research, which

was presented at the American College of Cardiology 57th Annual

Scientific Session, suggests that such a test may be useful in

helping determine a patient's risk for de
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SOURCE Vermillion, Inc.
Copyright©2008 PR Newswire.
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