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Court Approves Vermillion Reorganization; Firm Raises $43M

NEW YORK (GenomeWeb News) – Vermillion said after the close of the market Thursday that the US Bankruptcy Court for the District of Delaware has approved the firm's plan of reorganization.

Gail Page, executive chairperson of the firm's board of directors, said that the firm, in collaboration with its partner, Quest Diagnostics, is now poised to commercialize Vermillion's OVA1 ovarian tumor triage diagnostic test. "Additionally, we will be able to continue the development of the other potential tests in our pipeline," Page said.

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.

Vermillion also said that following the court's approval of the plan it had closed a private placement of its common stock, raising gross proceeds of roughly $43 million. The company sold approximately 2,328,000 shares of common stock at a price of $18.4932 per share.

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