NEW YORK (GenomeWeb News) – Vermillion today said that is moving its headquarters from Fremont, Calif., to Austin, Texas.
The molecular diagnostics firm, which emerged from bankruptcy protection earlier this year, said that it will continue to perform R&D, regulatory, and quality operations at its facilities in California. All other functions will be conducted in Austin, where the firm has signed a two-year lease on its new principal place of business.
"This move allows us to take advantage of Austin's strong talent pool and cost-effective environment," Vermillion CEO and Chair of the Board of Directors Gail Page said in a statement. "Austin's central location also facilitates more efficient and effective interaction with our national sales force and our strategic partners on the East Coast, such as Quest Diagnostics and Johns Hopkins University, as well as our colleagues on the West Coast, such as PrecisionMed and Stanford University."
Vermillion expects to complete the move in September 2010.
In early trade on the Nasdaq, Vermillion's shares were unchanged at $10.74.