NEW YORK (GenomeWeb) — Vermillion today filed a $50 million shelf registration with the US Securities and Exchange Commission.
The Austin, Texas-based protein diagnostics firm said in the filing that it may from time to time offer shares of common stock, preferred stock, warrants, rights, and units under the shelf registration.
The registration also covered an at-the-market offering comprising issuance and sale of up to $15 million of Vermillion common stock pursuant to a sales agreement with Cantor Fitzgerald.
The company said that it planned to use proceeds from the offerings for "general corporate purposes as well as for further research and development and ongoing sales and marketing expenses." It added that it might potentially use the funds for capital expenditures and licensing of additional technologies or acquisition of complementary companies.
Vermillion has recently ramped up spending as it expands its sales force and focuses on research and development of a second-generation version of its OVA1 ovarian cancer test. In Q2 2014, R&D expenses were $1.1 million, up 91 percent from $554,000 in Q2 2012, and SG&A expenses were $4.7 million, up 156 percent from $1.9 million in the same period a year ago.
According to the shelf registration, as of Aug. 31, 2014, the company had 35,897,776 shares of common stock outstanding.
In mid-afternoon trade on Nasdaq, shares of Vermillion were down nearly 5 percent at $2.07.