This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Vermillion Sharpens Focus And Streamlines Operations In 2012





 

 

AUSTIN, Texas, Jan. 4, 2012 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML ), a molecular diagnostics company focusing on cancer and cardiology, announced a plan to streamline its organization and extend its cash runway.

Vermillion's management and Board of Directors have reviewed the company's first complete year of commercialization progress and put in place a plan aimed to leverage the milestones achieved in 2011.   

With approximately $22.5 million in cash as of December 31, 2011, the company has commenced a restructuring program to reduce headcount and other expenses. The company intends to reduce cash-based operating expenses to approximately $12 million in 2012. Cash utilization will likely range between $3-4 million in the first quarter of 2012 as the company concludes remaining claim activities related to its emergence from Chapter 11.

  1. Operating activities in 2012 will concentrate on supporting Quest's OVA1® commercialization. This will involve building market awareness for OVA1, expanding payer coverage, supporting Quest's reimbursement activities, and growing test volumes.
  2. Product development activities will focus on advancing OVA2™, a next generation test for ovarian cancer, and VASCLIR® for the diagnosis of peripheral artery disease which will involve publication support for the positive results achieved in the VASCLIR intended use study, as well as further development of the company's IP portfolio.
  3. The company has begun to explore partnerships for its product pipeline, with the goal of accelerating development and bringing additional resources to the commercial effort.

"Given the short-term challenges in both our business and the industry, the company will sharpen its operational focus resulting in an extended runway," said Gail Page, Vermillion's chief executive officer. "The company will place greater focus and priority on those activities that it can deliver upon and explore partnerships which can accelerate the development and commercialization of the oncology and cardiovascular programs."



1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs