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Vermillion Reports Financial Results for the First Quarter 2011
Date:5/10/2011

the Johns Hopkins University School of Medicine to identify biomarkers that improve on the specificity of CA125 for the identification of malignant ovarian tumors.
  • Commenced enrollment of subjects in the PAD intended use study being performed in collaboration with the Colorado Prevention Center. The study remains on track to result in top-line data during the third quarter of 2011.
  • Strengthened our balance sheet by completing an underwritten follow-on public offering of our common stock, resulting in approximately $20.2 million net proceeds to the Company.

  • "We continued to make progress in multiple areas during the first quarter.  We grew OVA1 sales as well as had several presentations highlighting the benefit of OVA1 as an aid for physicians in the assessment of adnexal masses.  On the clinical development front, our PAD and OVA2 programs moved forward and remain on track to generate data later this year.  We also strengthened our balance sheet, which affords us the flexibility to help accelerate our current initiatives as well as opportunistically act on potential new growth drivers," said Gail S. Page, Chair of the Board of Directors and CEO.

    For the second quarter of 2011, we expect 3,200 to 3,500 OVA1 tests to be performed.  This forward guidance takes into consideration numerous factors including the number of days in the quarter, continued limited coverage by the larger payers, and the ability to expand the number of diagnosis codes currently approved by Medicare.

    Total revenues for the first quarter of 2011 were $431,000 compared to $73,000 for the first quarter of 2010.  Revenues for the first quarter of 2011 included $317,000 from product sales of OVA1 and $114,000 of license revenue related to the Company's achievement of certain milestones under the Strategic Alliance Agreement with Quest Diagnostics.  As of March 31, 2011, the Company's cash and short-term investments totaled $40.2
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    SOURCE Vermillion, Inc.
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