Vermillion | GenomeWeb

Vermillion

The firms extended their OVA1 commercialization agreement an additional year while adding procedures for verifying the number of tests performed under the deal.

The company obtained out-of-state provider status from California's Medicaid program for its OVA1 test, giving it access to more than 12 million patients. 

The agreement provides coverage for more than 6 million people in Michigan and the larger Great Lakes region for the company's proteomic ovarian cancer test.

The company said investors have agreed to purchase $5.6 million of common stock as well as warrants that, if exercised, could raise an additional $5.1 million.

The company posted revenues of $623,000, up from $330,000 in the year-ago quarter, benefitting from higher revenue per OVA1 test despite lower sales volume.

CareFirst covers more than 3 million patients in Maryland, Washington DC, and Virginia, and is one several payors to recently issue a coverage decision for Vermillion.

The service business, which the company is calling Aspira IVD, generated $155,000 in revenue from two projects undertaken in the second quarter of 2016.

The revenues include the first sales from Vermillion's new IVD services business, Aspira IVD, which conducted two studies during the quarter.

Total revenues were down to $505,000 from $951,000 in the year-ago quarter as OVA1 test sales dropped to 2,265 from 3,783 in the first quarter of 2015.

The study found that in 122 patients with OVA1 results indicating high ovarian cancer risk, 109 had a gynecologic oncologist involved in their surgery.

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