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Vermillion Reports Second Quarter 2012 Results
Date:8/14/2012

y of OVA1 combined with clinical assessment at 96% for a broad range of adnexal malignancies, with 91% sensitivity for early-stage ovarian cancer (stage I and II). Overall NPV was 98%, a substantial improvement from the previously reported value of 95%. Overall combined specificity was also higher, at 51% in this intended use population, and OVA1 showed 61% specificity as a risk stratification tool in pre-menopausal women. These results independently confirm and extend the evidence of OVA1's clinical utility in the presurgical detection and management of adnexal malignancies.

Q2 2012 Financial Highlights
Total revenue in the second quarter of 2012 was $321,000, comprised of $208,000 in OVA1 sales and $113,000 in license fees from Quest Diagnostics. Product revenue from OVA1 sales in the second quarter of 2012 represented an increase of 9% compared to $191,000 in the same year-ago quarter.

Total operating expenses decreased in the second quarter of 2012 to $4.0 million from $5.9 million in the same period a year ago. The second quarter of 2012 included $0.4 million in non-cash stock-based compensation as compared to $1.3 million in the same year-ago quarter. The remainder of the decrease was due primarily to the company's restructuring program announced in January 2012, as well as lower clinical trial costs as compared to the same year-ago quarter. For the six months ended June 30, 2012, total operating expenses were $6.4 million as compared to $10.7 million in the same year-ago period.

Net loss for the second quarter was $2.0 million or $(0.13) per share as compared to $5.7 million or $(0.39) per share in the same year-ago quarter. The second quarter of 2012 net loss included a $1.8 million gain from the release of an escrow account related to our 2006 sale of the instrument business. For the six months ended June 30, 2012, net loss was $3.8 million or $(0.25) per share as compared to $10.0 million or $(0.73) per share in the same year-ago p
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SOURCE Vermillion, Inc.
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