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

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As of June 30, 2012, the company's cash and cash equivalents totaled $18.3 million, as compared to $19.9 million at March 31, 2012. The company utilized $2.7 million in cash for operations in the second quarter of 2012, offset by the receipt of escrow funds during the second quarter. Management expects $2.5 million to $3.5 million in cash utilization during the third quarter of 2012.

Management Commentary
"During the second quarter, we realized solid momentum in our efforts to expand payer coverage for OVA1," said Gail S. Page, Vermillion's president and chief executive officer. "In fact, as one of the largest independent payers within the Blue Cross Blue Shield system, the addition of BCBS of Michigan alone represents a 10% increase in OVA1 covered lives in the BCBS network. The addition of BCBS Louisiana was also significant, as it demonstrated our success with influential opinion leaders, like Patricia Braly, M.D. of Covington, Louisiana, who provide valuable support for the use of OVA1 by general clinicians."

"We recently reported outstanding top-line results from OVA500, a new prospective, multi-center clinical study of OVA1 that will encourage greater payer coverage and clinical adoption. The study not only demonstrates that OVA1 has exceptional performance in detecting adnexal malignancies in a pre-referral population, it showed sensitivity and negative predictive values that met or exceeded levels reported in OVA1's pivotal trial. These outstanding results further establish the valuable clinical utility of OVA1, and especially how it can help doctors identify high-risk patients with unrivaled sensitivity so that they may refer such patients appropriately to a gynecological oncologist.

"Even more exciting, OVA1 performed exceedingly well for both pre-menopausal women at 94% sensitivity and early-stage ovarian cancer at 91% sensitivity. According to the study leader, Dr. Bristow, these results point to the possibility
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SOURCE Vermillion, Inc.
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