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

ion in the same period last year. Operating expenses increased to $10.7 million for the six months ended June 30, 2011, compared to $7.2 million during the same period of 2010. These increases were primarily due to the increased payroll expenditures relating to hiring, investments in sales and marketing to accelerate the adoption of and reimbursement for OVA1, as well as an increase in clinical trial and collaboration costs for the ongoing development of the Company's ovarian cancer program and PAD blood test, VASCLIR™. The Company had 29 employees at June 30, 2011 compared to 17 employees at June 30, 2010. Operating expenses included $1.3 million and $2.5 million in non-cash stock-based compensation in the three and six months ended June 30, 2011, respectively. Non-cash stock-based compensation included in operating expenses in the three and six months ended June 30, 2010 was $1.2 million and $2.1 million, respectively.

Net loss for the second quarter was $5.7 million, or $0.39 per share, compared to $698,000, or $0.07 per share, for the same period in 2010. Other income and expense for the second quarter of 2010 included approximately $3.5 million of non-cash gains resulting from the fair value revaluation of common stock warrants. Weighted average shares outstanding were 14.7 million for the second quarter of 2011, compared to 10.3 million weighted average shares outstanding for the same period in 2010.

For the six months ended June 30, 2011, net loss was $10.0 million, or $0.73 per share, compared to $12.3 million, or $1.20 per share, for the same period in 2010. Other income and expense for the six months ended June 30, 2010 included approximately $8.5 million in reorganization items and $3.4 million of non-cash gains resulting from the fair value revaluation of common stock warrants. Weighted average shares outstanding were 13.6 million and 10.2 million for the six months ended June 30, 2011 and 2010, respectively.

Quarterly confe
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SOURCE Vermillion, Inc.
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