NEW YORK (GenomeWeb News) – Vermillion today said that it has completed the acquisition of the assets associated with Correlogic Systems' ovarian cancer diagnostics business for $435,000 in cash.
Vermillion said early last month that it had acquired the assets of Correlogic, a firm operating under Chapter 11 bankruptcy protection.
According to Austin, Texas-based Vermillion, the assets include more than 1,000 prospectively collected diagnostic samples from ovarian tumor studies, three biomarker-related US patents that are pending, software, and other intellectual property. The firm plans to use the assets in advancing its ovarian cancer testing franchise, including in the development of its OVA2 next-generation test.
"While Vermillion notes the loss of a substantial competitor, the acquisition of these assets will enhance our development efforts, and offers significant savings in terms of time and cost," Vermillion CEO Gail Page said in a statement.