-- Establish a clinical steering committee to guide and provide advice on
additional clinical studies to support registration of the PAD test
with the FDA and to further potential market adoption.
-- Continue to build the product pipeline by partnering with collaborators
to identify and in-license biomarkers for future diagnostics.
Fourth Quarter and Year-End 2007 Results
As a result of the November 13, 2006 sale of its former instrument business to Bio-Rad Laboratories, the Company anticipates no major revenue until its diagnostic tests are commercialized. Accordingly, the Company had minimal revenue from service of $23,000 in the fourth quarter of 2007 and $44,000 for the full year of 2007, compared to $1.2 million and $18.2 million for the fourth quarter of 2006 and full year of 2006, respectively.
Total operating expenses for the fourth quarter of 2007 were $4.9 million, compared to $7.7 million in the same period last year. The decrease in operating expenses was due to reductions in research and development and general and administrative expenses, as well as the elimination of selling and marketing expenses associated with the Company's former instrument business.
The net loss for the fourth quarter of 2007 was $3.3 million, compared to $1.9 million for the fourth quarter of 2006. Basic and diluted net loss per share for the fourth quarter of 2007 was $0.52 per share based on 6.4 million shares outstanding after the effect of the reverse stock split, compared to a basic and diluted net loss per share of $0.49 per share for the same period in 2006 adjusted for the retroactive treatment of the reverse stock split.
For the full year of 2007, the net loss was $21.3 million or $4.47 per
share, compared to a net loss of $22.1 million or $6.05 per share in the
same period in 2006. All earnings per share calculations are on a post
reverse stock split basis. Gain on the sale of the
|SOURCE Vermillion, Inc.|
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