AUSTIN, Texas, Dec. 19, 2011 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML), a leading molecular diagnostics company, has completed the purchase of substantially all of the assets associated with the ovarian cancer diagnostics business of Correlogic Systems, Inc. for $435,000 in cash.
The assets include more than 1,000 prospectively collected diagnostic samples from ovarian tumor studies, three biomarker-related pending U.S. patents, proprietary software and other intellectual property.
Vermillion plans to use these assets to advance the goals of its ovarian cancer franchise, including the development of OVA2™, its next-generation ovarian cancer test. OVA2 is expected to expand Vermillion's ovarian cancer market opportunities by addressing unmet medical needs and additional indications for testing. Correlogic's valuable resource of patient samples enhances the company's strategic position as an industry leader in this important medical field.
"While Vermillion notes the loss of a substantial competitor, the acquisition of these assets will enhance our development efforts, and offers significant savings in terms of time and cost," said Vermillion's CEO, Gail Page. "Further, the acquisition adds to our growing IP portfolio."Before filing for bankruptcy protection under Chapter 11 in 2010, Correlogic Systems pioneered the use of pattern recognition technologies in the development of proteomic, metabolomic and genomic-based clinical diagnostic tests. The company applied its proprietary software and sample preparation technologies to a wide range of high-throughput bioassay platforms, including mass spectrometry, nuclear magnetic resonance spectrometry, nucleic acid arrays, and immunoassays. Correlogic's technology possessed a wide range of applications for the creation of disease classification models, biomarker discovery, and new drug discovery processes. It demonstrated results in cancer and non-cancer disease research, drug discovery, drug response monitoring, bio-security and other applications as published in 17 peer-reviewed journals.
About Vermillion Vermillion, Inc. (NASDAQ: VRML) is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in oncology, hematology, cardiology and women's health. Additional information about Vermillion can be found at www.vermillion.com .