Vermillion Announces First Quarter 2008 Financial Results and Busines... (new protein biomarkers and use suchinfor...)

Vermillion Announces First Quarter 2008 Financial Results and Business Progress

Date:5/15/2008

new protein biomarkers and use such information to develop PAD, ovarian cancer or hematology diagnostic products; (4) uncertainty as to whether Vermillion will be able to obtain any required regulatory approval of its PAD, ovarian cancer or hematology diagnostic products; (5) uncertainty of market acceptance of its PAD, ovarian cancer or hematology 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 payors such as private insurance companies and government insurance plans; and (6) 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 the release, 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.

- Financial statements follow -

Vermillion, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands)

(Unaudited)

March 31, December 31,

2008 2007 (1)

Assets

Current assets:

Cash and cash equivalents $8,283 $7,617

Short-term investments, at fair value - 8,875

Accounts receivable 51 19