Vermillion Meets Minimum Bid Price and Receives NASDAQ Staff Determination Letter for Minimum Market Capi...( - Company Plans to Request Timel...)

- Company Plans to Request Timely Hearing before a NASDAQ Listing

Qualifications Panel -

FREMONT, Calif., March 28 /PRNewswire-FirstCall/ -- Vermillion, Inc. (Nasdaq: VRML, VRMLD) (the "Company"), a molecular diagnostics company, announced today that on March 18, 2008, the Company received communication from The NASDAQ Stock Market ("NASDAQ") that, as a result of the Company's common stock closing at $1.00 per share or more for a minimum of 10 consecutive business days, it has achieved compliance with the minimum bid price requirement for continued listing set forth in NASDAQ Marketplace Rule 4310(c)(4) ("Rule 4310(c)(4)").

The communication follows a notice of noncompliance from NASDAQ dated September 6, 2007, which was disclosed by the Company on September 7, 2007, that indicated that the Company failed to comply with the minimum bid price requirement for continued listing set forth in Rule 4310(c)(4). The notice of noncompliance gave the Company notice that the bid price of its common stock had closed under $1.00 per share for the previous 30 business days, and stated that if the Company could not demonstrate compliance with Rule 4310(c)(4) by March 4, 2008, the NASDAQ staff would determine whether or not the Company meets The NASDAQ Capital Market initial listing criteria set forth in NASDAQ Marketplace Rule 4310(c), except for the bid price requirement.

The bid price requirement was met in part as a result of the 1-for-10 reverse stock split of the Company's outstanding common stock effected by the filing of the Company's Third Amended and Restated Certificate of Incorporation on February 29, 2008, which was disclosed by the Company on March 3, 2008. The reverse stock split was effec
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