NEW YORK (GenomeWeb News) – Vermillion yesterday reported no revenue for its third quarter ended Sept. 30, yet the firm managed to cut its net loss by 27 percent.
The firm, which changed its name in August to Vermillion from Ciphergen Biosystems, had no revenue for the quarter after selling its proteomics tools business to Bio-Rad Laboratories a year ago. The company had revenues of $4.7 million in the third quarter of 2006.
Vermillion cut its net loss to $5.1 million from $7 million year over year, due primarily to a drop in its sales and marketing costs to $516,000 from $3.2 million.
The firm’s R&D expenses also dropped 24 percent to $2.2 million from $2.9 million.
In addition to changing its name during the quarter, Vermillion also raised $20.6 million in a private placement. It intends to use the funds to support clinical studies on a variety of diagnostic tests it is developing.
Vermillion finished the quarter with $19.5 million in cash and cash equivalents.