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

million.  On February 18, 2011, we completed a sale of 4,000,000 shares of our common stock in an underwritten follow-on public offering at a price of $5.45 per share.  Net proceeds of the offering were approximately $20.2 million. The Company utilized $3.4 million in cash and cash equivalents during the first quarter and expects $4-$5 million cash utilization during the second quarter.

Total operating expenses increased in the first quarter of 2011 to $4.8 million from $3.1 million in the same period last year.  These increases were primarily due to the addition of personnel subsequent to the Company's emergence from Chapter 11 bankruptcy protection, investments in sales and marketing to establish 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 25 employees at March 31, 2011 compared to 10 employees at March 31, 2010.  Operating expenses included $1.3 million and $0.9 million in non-cash stock-based compensation expense in the three months ended March 31, 2011 and 2010, respectively.

Net loss for the first quarter of 2011 decreased to $4.3 million, or $0.34 per share, compared to $11.6 million, or $1.14 per share, for the same period in 2010.  Other income and expense for the three months ended March 31, 2010 included $8.3 million in reorganization items.

About VermillionVermillion, Inc. is dedicated to the 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 diagnostic programs in oncology, cardiology and women's health.  Additional information about Vermillion can be found on the Web at www.vermillion.com.


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SOURCE Vermillion, Inc.
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