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Vermillion Reports First Quarter 2012 Results
Date:5/15/2012

AUSTIN, Texas, May 15, 2012 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML), a leading molecular diagnostics company, reported financial and operational results for the first quarter ended March 31, 2012.

Q1 2012 Operational Highlights

  • In Q1, the volume of OVA1®, the company's flagship diagnostic test designed to help differentiate benign from malignant ovarian masses, was generally in line with the forecast set by management for the quarter and demonstrated an increase of 28% to 3,952 from the same year-ago quarter.
  • Received a Category 1 Current Procedural Terminology (CPT®) code approval from the American Medical Association (AMA) CPT Panel for OVA1. The company expects this major endorsement to help streamline claims processing and accelerate further coverage and adoption by private payers.
  • Expanded payer coverage for OVA1 with the addition of Excellus BCBS (3.3 million lives), BCBS LA (1.1 million lives), and Wellmark South Dakota and Wellmark Iowa (2.1 million lives). Currently, there are 26 independent Blue Cross Blue Shield plans representing in excess of 42 million lives. Including Medicare and other regional plans, total coverage for OVA1 is estimated to be approximately 89 million lives.
  • In January, the Department of Defense added OVA1 to their contract, giving more than 45 military medical centers in the U.S. and numerous military medical clinics and facilities around the world access to OVA1 for the first time. This provides coverage to approximately 1.4 million uniformed service members.
  • Strengthened the company's patent portfolio with two notices of allowance for patents, including platelet biomarkers for cancer and methods for diagnosing ovarian cancer.
  • Settled Bio-Rad litigation and returned $1.1 million in escrow funds to Vermillion in April 2012.
  • Settled Molecular Anal
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  • SOURCE Vermillion, Inc.
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