Toronto, Ontario--(Newsfile Corp. - May 13, 2013) - Leading smallcap investor portal Smallcappower is pleased to highlight Vermillion Inc (NASDAQ: VRML) as their Daily Momentum Gainer to watch. You can see the chart and view the analyst's summary here: http://www.smallcappower.com/posts/article-top-momentum-gainer-13-5-2013.
During Friday's trading session, VRML was among the top gainers in the U.S. healthcare space having gained 25% and closed the day at $2.37 recording significant volumes of over 1.8 million shares. During the past 5 trading sessions, VRML surged more than 65% with 5-day average volume of over 787,047 shares, while the stock accumulated over 106% during the past month with 1-Month average volume of 183,162 shares. On May 9, 2013, VRML announced initial investment of $13.2 million by Oracle Investment Management, Jack W. Schuler, Matthew W. Strobeck and other investors by purchasing 8.0 million shares of the company's common stock. Upon closing of the transaction, Vermillion will issue 12.5 million warrants with a strike price of $1.46, adding $18.3 million in proceeds upon exercise, bringing the total investment to $31.5 million. Proceeds from the financing will be used to increase test sales and improve reimbursement for OVA1, expand the commercial opportunity into new markets and advance one or more next-generation ovarian cancer diagnostic tests.
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