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Vermillion Files Reorganization Plan

NEW YORK (GenomeWeb News) – Vermillion has filed its plan of reorganization and disclosure statement with the US Bankruptcy Court for the District of Delaware, the firm said yesterday.

The Fremont, Calif.-based molecular diagnostics firm said that a hearing to consider approval of the disclosure statement is scheduled for Dec. 8, with a hearing on confirmation of the plan scheduled for Jan. 7, 2010.

According to Vermillion, the plan calls for it to pay all claims in full, and if approved, it is expected to allow holders of the company's common stock to retain their equity interests.

Vermillion filed for Chapter 11 bankruptcy protection several months ago, citing the "global liquidity crisis" that made it impossible for the firm to identify and raise necessary sources of capital.

Since then, Vermillion has received clearance from the US Food and Drug Administration to market its OVA1 test for helping physicians determine if a woman is at risk for a malignant pelvic mass prior to surgery. Quest Diagnostics, which subsequently provided Vermillion with $1.5 million through a debtor-in-possession financing agreement, holds exclusive rights to offer the test to the clinical lab market in the US for three years.

"With the support of our equity holders and major creditor constituencies, we are looking forward to our expeditious emergence from Chapter 11 as a healthier and stronger company," Gail Page, executive chairperson of Vermillion's board of directors, said in a statement.

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