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Vermillion Reports Fourth Quarter and Full Year 2011 Results
Date:3/27/2012

010. The 2010 royalty was reported to the company and recorded in the first quarter of 2011.

Total operating expenses decreased in the fourth quarter of 2011 to $3.9 million from $4.5 million in the same period a year ago. Operating expenses in the fourth quarter of 2011 included $314,000 in non-cash stock-based compensation, as compared to $1.6 million in the same year-ago quarter. Total operating expenses increased in 2011 to $19.4 million from $15.7 million in 2010. Operating expenses in 2011 included $3.3 million in non-cash stock-based compensation, as compared to $4.9 million in 2010. The annual increase was due primarily to increased average headcount in sales and marketing and related costs, higher clinical trial and collaboration costs for the ongoing development of the company's ovarian cancer program and VASCLIR®, as well as an increase in legal fees including those associated with the company's MAS litigation. Research and development expenses for 2011 also included $435,000 for the Correlogic asset acquisition.

Net loss for the fourth quarter was $3.1 million or $(0.21) per share, as compared to $4.0 million or $(0.38) per share in the same year-ago quarter. Net loss for 2010 included $8.6 million in reorganization items and $4.4 million in gains resulting from the exercise and fair value revaluation of common stock warrants. Net loss for 2011 was $17.8 million or $(1.25) per share, as compared to $19.0 million or $(1.83) per share in 2010.

As of December 31, 2011, the company's cash and cash equivalents totaled $22.5 million. The company used $5.0 million in cash from operations during the fourth quarter, including $435,000 for the Correlogic asset acquisition.

Management Commentary"2011 showed substantial expansion in OVA1 tests usage leading to another year of revenue growth for Vermillion," said Gail S. Page, the company's president and chief executive officer. "In fact, more than 3,700 or 11% of the nation's gyne
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SOURCE Vermillion, Inc.
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