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
|SOURCE Vermillion, Inc.|
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