FREMONT, Calif., March 3 /PRNewswire-FirstCall/ -- Vermillion, Inc. (Nasdaq: VRML), a high-value molecular diagnostics company, announced today that it has entered into an exclusive license agreement with Stanford University to develop and commercialize a novel biomarker panel used to assess the risk of peripheral artery disease (PAD). Estimated to affect up to 12 million Americans, PAD is a serious condition that often goes undiagnosed. The disease can result in severe complications, including gangrene, amputation, heart attack, stroke and even death.
Under the terms of the agreement, Vermillion is granted exclusive rights to the biomarker panel, and will undertake the development and commercialization of a PAD blood test, which utilizes the multi-marker panel to stratify an individual's risk for developing the disease.
"PAD is underdiagnosed and undertreated. We need new, innovative tools to aid in the diagnosis and management of this life and limb-threatening disease," said John Cooke, M.D., Ph.D., Professor of Medicine at Stanford University whose research has formed the basis of the Vermillion PAD blood test. "Through our successful venture with Vermillion, we are working to develop these essential tools to improve diagnosis, with the intent of expediting treatment and enhancing patient outcomes."
Gail Page, President and CEO of Vermillion, stated, "The license agreement with Stanford demonstrates our commitment to developing high-value molecular diagnostic products that aid in the management of complex diseases, such as PAD. We are confident that our collaboration with this distinguished research institution will continue to result in important clinical advances in the vascular arena."
In collaboration with Stanford, Vermillion completed a 540-patient clinical study evaluating the ability of the biomarker panel to classify individuals into high and low risk groups for PAD. These results will be published in a peer-reviewed clinical journal in the coming months. Additionally, Vermillion is establishing a clinical steering committee to guide and provide advice on a clinical trial to support registration of the PAD test with the U.S. Food and Drug Administration. Dr. Cooke will serve as a key member of this group.
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has ongoing diagnostic programs in oncology, hematology, cardiology and women's health with an initial focus in ovarian cancer. Vermillion is based in Fremont, California. Additional information about Vermillion can be found on the Web at http://www.vermillion.com.
Forward Looking Statements
This news release contains forward-looking statements that involve significant risks and uncertainties, including statements regarding Vermillion's plans, objectives, expectations and intentions. These forward- looking statements are based on Vermillion's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Vermillion notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Factors that could cause actual results to materially differ include but are not limited to: (1) uncertainty in obtaining intellectual property protection for inventions made by Vermillion; (2) unproven ability of Vermillion to discover, develop, and commercialize diagnostic products based on findings from its disease association studies; (3) unproven ability of Vermillion to discover or identify new protein biomarkers and use such information to develop peripheral artery disease (PAD) products; (4) uncertainty as to whether Vermillion will be able to obtain any required regulatory approval of its diagnostic products; (5) uncertainty of market acceptance of its products, including the risk that its products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for its products from third party payors such as private insurance companies and government insurance plans; and (6) other factors that might be described from time to time in Vermillion's filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Vermillion expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Vermillion's expectations or any change in events, conditions or circumstances on which any such statement is based, unless required by law.
|SOURCE Vermillion, Inc.|
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