AUSTIN, Texas, Nov. 11, 2010 /PRNewswire-FirstCall/ —
Vermillion, Inc. (Nasdaq:
VRML), a molecular diagnostics company, today reported
financial results for the third quarter ended
September 30, 2010. Key milestones achieved since our
last quarterly conference call include:
Performed 1,973 OVA1 tests during the quarter, representing volume
growth of 74.4% over the second quarter of 2010; we recognized
product revenue from 1,250 tests in the third quarter of 2010
Extended Strategic Alliance agreement with Quest Diagnostics which
includes a more favorable revenue split for Vermillion; payment
will consist of a fixed upfront payment per test performed and a
royalty based on Quest Diagnostics gross profit for OVA1 Achieved
CE mark for OVA1, a requirement for marketing the test in the
European Union Presented OVA1 high sensitivity data by Dr. Fred
Ueland, Markey Cancer Center, University of Kentucky at the 13th
Annual International Gynecologic Cancer Society Meeting in Prague
Initiated an intended use study for our VASCLIR™ test for
peripheral artery disease (PAD) in October; this study is designed
to allow us to finalize the VASCLIR algorithm Received a notice of
allowance from the United States Patent and Trademark Office
(USPTO) for our patent entitled “B2-microglobulin as a biomarker
for peripheral artery disease” Received $489,000 in Therapeutic
Discovery Project tax credits, $244,479 for each of the OVA2™
and VASCLIR programs
“We are very pleased with our progress towards achieving
multiple key strategic and operational milestones in the third
quarter. Most importantly, our launch of OVA1 continues to show
strong physician adoption, with a 74 percent increase in volume
compared to the second quarter. We also extended our
Strategic Alliance agreement with Quest Diagnostics to pro
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