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Vermillion Reports Results for the Second Quarter 2011
Date:8/4/2011

AUSTIN, Texas, Aug. 4, 2011 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML), a molecular diagnostics company, today reported financial results for the second quarter ended June 30, 2011. Key milestones we have achieved since the last quarterly conference call include:

  • Performance of an estimated 3,920 OVA1® tests during the second quarter of 2011, exceeding the guidance range of 3,200-3,500 tests and representing volume growth of 27% over the first quarter of 2011.
  • Publication of two articles in the June issue of Obstetrics & Gynecology, which is the official publication of the American College of Obstetricians and Gynecologists (ACOG), showing OVA1's value in evaluating women with an adnexal mass for the likelihood of ovarian cancer prior to surgery.
  • Expanded payer coverage for OVA1 with additional independent Blue Cross Blue Shield plans issuing positive coverage policies. In all, 22 independent Blue Cross Blue Shield plans, representing approximately 36 million lives, are covering OVA1. Including Medicare and other regional plans, total coverage for OVA1 is estimated to be roughly 82.5 million lives.
  • Signed an exclusive distribution agreement with Pronto Diagnostics Ltd. to make OVA1 available in Israel and related territories as we continue to expand OVA1 into international markets.  
  • Progressed our peripheral arterial disease (PAD) intended use study being performed in collaboration with the Colorado Prevention Center. The study remains on track to yield top-line data during the third quarter of 2011.
  • Enhanced our patent portfolio by announcing receipt of a notice of allowance for four patents: three for PAD and one for Alzheimer's disease.
  • Appointed Bruce Huebner, an industry veteran with 35 years of senior management experience in the diagnostic industry, to our Board of Directors.

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