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TheStreet Open House

Vermillion Announces CEO Succession Plan

AUSTIN, Texas, May 15, 2012 /PRNewswire/ -- The board of directors of Vermillion, Inc. (NASDAQ: VRML), a leading molecular diagnostics company, has begun the process of identifying a successor to Gail S. Page, president and CEO. The board has formed a search committee, with the goal of completing the search by September 2012.

James S. Burns, Vermillion's chairman of the board, commented: "During her tenure, Gail led the divestiture of the company's original research tools business, obtained FDA approval for OVA1® (the first proteomic IVDMIA to be cleared by the FDA), launched and commercialized OVA1 with Quest Diagnostics, created a molecular diagnostic development pipeline, and most recently, resolved major long-standing pieces of litigation with favorable outcomes for the company."

"Vermillion now enters a new commercial phase," continued Burns, "one in which we can expand the market for OVA1, continue OVA2™ and PAD development, and seek additional opportunities for Vermillion to build a molecular diagnostic franchise both on its own and in partnership with other companies. A leadership change at this point is consistent with our plans to advance the company to its next phase of growth. On behalf of the entire board, I would like to thank Gail for her dedication and outstanding service to Vermillion. Her achievements have been key to both the survival and early growth of our company. We wish her the very best in her new endeavors and look forward to a smooth transition."

Page commented: "I would like to thank the board, our shareholders and my colleagues who provided the opportunity to lead Vermillion during my tenure. The company has succeeded in a true pioneering effort, thanks to the hard work of its management and employees. I would especially like to thank those who worked tirelessly to help make OVA1 a life-saving test for the women who face the challenges associated with ovarian cancer. The company has a solid foundation for the future, and I remain committed to the tasks at hand and the smooth transition to a new president and CEO. The company has a first-class management team in place, and I am grateful for their support and that of our customers and collaborators."

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