Vermillion | GenomeWeb

Vermillion

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.

The company plans to use the funds to build its new Trumbull, Connecticut facility, which will include laboratory and information technology infrastructure.

Vermillion performed 2,529 OVA1 tests in Q4 2015, down from 4,474 in Q4 2014, a drop the company attributed to transitioning testing from Quest Diagnostics.

The test is a second-generation version of the company's OVA1 proteomic test for assessing the likelihood of malignancy in pelvic masses planned for surgery.

The company aims to enroll 3,000 women in the registry, which it plans to use for research and development of tests to detect and manage pelvic masses.

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