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Vermillion Reports Financial Results for the Third Quarter 2010
Date:11/11/2010

vide for more favorable payments terms.  As the diagnostic industry leader, Quest Diagnostics is well positioned to continue to help us drive growth for the test with its installed physician client base.  We look forward to building upon the success to date of our combined efforts to drive steady growth in adoption of OVA1.  The 74% quarterly increase in the number of OVA1 tests performed reinforces the value proposition within the clinical community and reflects the success of our sales and marketing initiatives.  However, given the time to implement these initiatives and a modification to our selling model, we are revising our 2010 guidance to 5,000-5,500 OVA1 tests performed," said Gail S. Page, CEO and Chairperson of the Board of Directors of Vermillion.  "The early indicators in the fourth quarter remain encouraging and we are confident in our ability to capture the long-term market opportunity."

Based on calculating revenue under the 2005 agreement with Quest Diagnostics, total revenues for the third quarter of 2010 were $413,000 compared to none for the third quarter of 2009 and $344,000 for the second quarter of 2010.  Revenues for the third quarter of 2010 included $114,000 from product sales of OVA1 and $299,000 of license revenue related to the Company's achievement of certain milestones under the Strategic Alliance Agreement with Quest Diagnostics. As of September 30, 2010, the Company's cash and short-term investments totaled $25.3 million.  The Company utilized $3.3 million in cash and cash equivalents during the third quarter and confirms previous guidance of $3-$4 million cash utilization during the fourth quarter.

Total operating expenses increased in the third quarter of 2010 to $4.0 million from $0.7 million in the same period last year.  Operating expenses increased to $11.2 million for the first nine months of 2010, compared to $3.9 million in the same period in the previous year.  These
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SOURCE Vermillion, Inc.
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