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.
- 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.
- 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.
- 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV