AUSTIN, Texas, Jan. 5, 2011 /PRNewswire/ -- Vermillion, Inc. , a molecular diagnostics company, today provides the following highlights for the fourth quarter ended December 31, 2010:
-- Performed an estimated 2,935 OVA1(TM) tests during the fourth quarter of 2010, representing volume growth of 48.8% over the third quarter of 2010. For the full year 2010, Vermillion performed an estimated total of 6,155 tests, exceeding the 2010 guidance range of 5,000-5,500 tests. -- As of December 31, 2010, the Company's cash and cash equivalents were approximately $22.8 million. This compares to a cash balance of $25.3 million at the end of the third quarter. -- Vermillion will be hosting a web cast and conference call to provide full financial results and a Company update on Thursday, February 10, 2011. Dial-in specifics will be provided closer to that date.
"We are very pleased with the on-going adoption of OVA1 as reflected in the fourth quarter results. The 48.8% quarterly increase in the number of OVA1 tests performed, given the influence of the holiday season, reinforces the importance of this test as an aid for physicians in the assessment of adnexal masses," said Gail S. Page, Chair of the Board of Directors and CEO. "I am confident our sales and marketing initiatives are effectively increasing awareness among the clinical community and are positioning us well to capture the long-term market opportunity."
About Vermillion
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, are engaged in diagnostic programs in oncology, hematology, cardiology and women's health. Additional information about Vermillion can be found on the Web at http://www.vermillion.com/.
About OVA1(TM)
OVA1(TM) is a qualitative serum test that combines the results of five immunoassays into a single numerical score. It is indicated for women who meet the following criteria: over age 18, ovarian adnexal mass present for which surgery is planned, and not yet referred to an oncologist. The test utilizes five well-established biomarkers - Transthyretin (TT or prealbumin), Apolipoprotein A-1 (Apo A-1), beta 2-Microglobulin (beta 2M), Transferrin (Tfr) and Cancer Antigen 125 (CA 125 II) - and a proprietary FDA-cleared software device to determine the likelihood of malignancy in women with pelvic mass for whom surgery is planned. OVA1(TM) is a trademark of Vermillion Inc. Additional information about OVA1(TM) can be found on the Web at http://www.ova-1.com/.
Forward-Looking Statement
Certain matters discussed in this press release contain forward-looking statements that involve significant risks and uncertainties, including statements regarding Vermillion's plans, objectives, expectations and intentions. These forward-looking statements are based on Vermillion's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Vermillion notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Factors that could cause actual results to materially differ include but are not limited to: (1) uncertainty as to Vermillion's ability to protect and promote its proprietary technology; (2) limited track record of Vermillion in developing, and commercializing diagnostic products; (3) uncertainty as to whether Vermillion will be able to obtain any required regulatory approval of its future diagnostic products; (4) uncertainty of the size of market for its existing diagnostic tests or future diagnostic products, including the risk that its products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for its products from third party payers such as private insurance companies and government insurance plans; (5) uncertainty that Vermillion will successfully license or otherwise successfully partner with third parties to commercialize its future products; (6) uncertainty whether the trading in Vermillion's stock will become significantly less liquid; and (7) other factors that might be described from time to time in Vermillion's filings with the Securities and Exchange Commission. All information in this press release is as of the date of this report, and Vermillion expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Vermillion's expectations or any change in events, conditions or circumstances on which any such statement is based, unless required by law. In addition, any financial information presented in this press release is unaudited and subject to adjustment following Vermillion's internal review and quarterly processes as well as annual audit.
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at http://www.sec.gov/.
Vermillion, Inc.
CONTACT: Ashish Kohli of Vermillion, Inc., +1-312-909-4786,
akohli@vermillion.com
Web Site: http://www.vermillion.com/
http://www.ova-1.com/
