AUSTIN, Texas, Feb. 15, 2011 /PRNewswire/ — Vermillion, Inc.
(Nasdaq:
VRML), a molecular diagnostics company, announced today that it
has agreed to sell 4,000,000 shares of its common stock in an
underwritten public offering at a price of $5.45 per share.
The Company expects that the net proceeds of the offering
will be approximately $20,210,000 after deducting underwriting
discounts and expected offering expenses. The Company intends
to use the net proceeds from this offering to fund the expansion of
the US Sales organization and the associated reimbursement
activities, to pursue its expansion and capitalize upon the
international opportunities, to accelerate the clinical trials of
its diagnostic test for peripheral arterial disease and OVA2, to
develop additional diagnostic tests, to pursue product
diversification opportunities, and for other general corporate
purposes. The offering is expected to close on or about
February 18, 2011, subject to customary closing conditions.
Roth Capital Partners acted as the sole manager of the offering.
The underwriter has been granted a 30-day option to purchase
up to 500,000 additional shares from the Company and 100,000 shares
from a selling stockholder to cover over-allotments, if any.
The offering is being made under the Company’s registration
statement on Form S-1 (File No. 333-171797). This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation, or
sale would be unlawful prior to registration or qualification of
such securities under the securities laws of any such state or
jurisdiction.
A prospectus relating to the offering has been filed with the
Securities and Exchange Commission. A copy of the prospectus
can be accessed direc
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