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Vermillion Reports Results for Third Quarter 2011
Date:11/9/2011

AUSTIN, Texas, Nov. 9, 2011 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML), a leading molecular diagnostics company, reported financial results for the third quarter ended September 30, 2011.

Q3 2011 Highlights

  • Performed an estimated 4,108 OVA1® tests during the third quarter, up 5% from the previous quarter.
  • In October, released positive top-line data from intended use clinical study of the company's peripheral artery disease (PAD) blood test. Developed a biomarker panel which identifies more than 80% of PAD patients who are missed by the Framingham Risk Score.
  • In November, strengthened patent portfolio with notice of allowance received for key PAD biomarker patent, as well as issued a patent for lung cancer biomarker.
  • Enhanced management team with addition of Donald Munroe, Ph.D. as chief scientific officer and vice president of research and development.
  • Presented data at the European Society of Gynecologic Oncology meeting in Milan, highlighting the improvement in sensitivity when using imaging in conjunction with OVA1 to evaluate adnexal masses for disease.
  • Entered into an asset purchase agreement with Correlogic Systems, Inc., whereby Vermillion has agreed to pay $435,000 in cash for substantially all of Correlogic's assets in connection with its ovarian cancer diagnostics business, which include certain diagnostic samples, software and IP.  Correlogic is in Chapter 11 proceedings in the United States Bankruptcy Court for the District of Maryland and the transaction is subject to Court approval.

  • Q3 2011 Financial HighlightsRevenue for the third quarter of 2011 included $206,000 from sales of OVA1, as compared to $114,000 in the same year-ago quarter. Total revenue for the third quarter of 2011 was $320,000 versus $413,000 in the same year-ago quarter. License revenue for the third quar
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    SOURCE Vermillion, Inc.
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