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Vermillion Cuts Q1 Loss, Prepares to File Ovarian Tumor Test with FDA

NEW YORK (GenomeWeb News) – Vermillion today reported that it had first-quarter revenues of $53,000, compared to $21,000 in the first quarter of 2007, and that it cut its net loss 20 percent year over year.
The Fremont, Calif.-based firm is developing molecular diagnostic tests and expects to file its ovarian tumor triage test, called OVA1, with the US Food and Drug Administration within the next couple of months. It also is conducting clinical trials on a test for peripheral arterial disease.
Vermillion’s first-quarter product revenues of $5,000 were from sales of thrombotic thrombocytopenic purpura test component materials to the Ohio State University Research Foundation.
The firm’s net loss for the quarter was $4.8 million, or $.76 per share, compared to a net loss of $6 million, or $1.54 per share, in the first quarter of 2007.
Vermillion’s R&D expenses decreased 5 percent to $1.9 million from $2 million, and its SG&A costs fell 27 percent to $2.7 million from $3.7 million.
The company finished the quarter with $8.3 million in cash and cash equivalents.

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