NEW YORK (GenomeWeb News) — Vermillion today said it has completed its previously announced name change from Ciphergen Biosystems, and its new ticker symbol, VRML, began trading on the Nasdaq Capital Market this morning.
Its shares are down 2.29 percent, or $.02, at $.81 in mid-afternoon trading.
"Our new name reflects health, life and passion, as well as our commitment to becoming a leading provider of high-value diagnostics tests that help physicians diagnose, select appropriate treatments and improve outcomes for patients," Vermillion CEO Gail Page said in a statement.
On Friday, Vermillion said it plans to gross around $20.5 million in a private stock placement to a group of existing and new investors.
Vermillion said it plans to use the net proceeds from the transaction for general working capital needs.
The investment, expected to close around Aug. 29, would come three months after Vermillion, then still known as Ciphergen, said in a US Securities and Exchange Commission filing that its current cash balances “may not be sufficient to fund planned expenditures."
"This raises substantial doubt about our ability to continue as a going concern," the company said at the time.
Under the terms of the private placement announced today, Vermillion will sell approximately 24.4 million shares of its common stock and issue warrants for around 19.5 million additional shares with an exercise price of $0.925 per share, the company said.