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

increases were primarily due to the Company's emergence from Chapter 11 and its related cash and equity payments, investments in sales and marketing to establish the adoption of and reimbursement for OVA1, as well as significant efforts to bring current all periodic reports required by the Securities and Exchange Act of 1934.  Operating expenses included $1.2 million and $3.4 million in non-cash stock-based compensation expense in the three and nine months ended September 30, 2010, respectively.

The Company's net loss for the third quarter of 2010 was $2.7 million, compared to $11.0 million for the same period in 2009.  Net loss for the third quarter of 2010 included non-cash expenses of approximately $1.2 million in stock-based compensation expense ($828,000 related to the Debtor's Incentive Plan) and $980,000 in other income resulting from the fair value revaluation of common stock warrants.  Basic and diluted net loss per share for the third quarter of 2010 was $0.26 per share based on 10.5 million weighted average shares outstanding, compared to a basic and diluted net loss of $1.72 per share based on 6.4 million weighted average shares outstanding for the same period in 2009.

For the nine months ended September 30, 2010, the Company reported a net loss of $15.0 million or $1.45 per share, on a basic and diluted basis.  This compares with a net loss of $15.6 million or $2.45 per share on a basic and diluted basis, for the same nine-month period in 2009.  Net loss for the nine months ended September 30, 2010 included approximately $3.4 million in non-cash stock-based compensation expense, $4.4 million in non-cash other income resulting from the exercise and fair value revaluation of common stock warrants and $8.6 million in reorganization items.  Reorganization items included an additional $1.9 million in non-cash stock-based compensation expense related to the Debtor's Incentive Plan.  Weighted average
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SOURCE Vermillion, Inc.
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