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Vermillion Cuts Q2 Loss by 35 Percent

NEW YORK (GenomeWeb News) – Vermillion today reported a 35 percent improvement for its second-quarter net loss but no revenues for the three months ended June 30, 2008.
 
The company’s net loss shrank to $4.5 million, or $.70 per share, from $6.8 million, or $1.74 per share, in the second quarter of 2007.
 
Earnings-per-share calculations for both years account for the 10-for-one reverse stock split that the company enacted in March.
 
The company reported no revenues for the second quarter of 2008 or for the prior-year period.
 
Vermillion reduced its R&D costs by 43 percent to $1.3 million from $2.2 million in the second quarter of 2007. General and administrative expenses also dropped, to $1.7 million from $3.3 million, while sales and marketing costs increased to $503,000 from $353,000 in the prior-year quarter.
 
The company cut its total operating expenses by 42 percent to $3.4 million from $5.9 million.
 
As of June 30, Vermillion held cash and cash equivalents of $5.3 million. Including long-term investments, the company’s cash position was $9.9 million as of that date.
 
The company said that it “continues to conscientiously manage expenses and cash utilization.”