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Vermillion Emerges from Bankruptcy Protection

NEW YORK (GenomeWeb News) - Vermillion today said that it has emerged from US Bankruptcy Protection less than 10 months after filing for Chapter 11.

The Fremont, Calif.-based molecular diagnostics firm said that all of its creditors have received 100 percent of allowed claims. It also said that its common stock has been fully restated.

"Vermillion is emerging from bankruptcy as a well-capitalized, leading diagnostics company, poised to launch our OVA1 test," Gail Page, executive chair of Vermillion, said in a statement. "We are in a position to resume development of our other programs in ovarian cancer and peripheral arterial disease."

Vermillion had filed for Chapter 11 bankruptcy protection on March 30, 2009, but stayed in business as it sought US Food and Drug Administration clearance for the OVA1 test, which the firm received in September.