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Vermillion Lowers Price Target on Public Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Vermillion lowered the target of its follow-on offering of stock on Friday after the close of the market.

In a document filed with the US Securities and Exchange Commission, the Austin, Texas-based molecular diagnostics firm said it will register 4.6 million shares of its common stock at $6.49 per share, raising a maximum of almost $29.9 million.

In January, the company said it planned to register more than 2 million shares at a maximum of $8.22 per share, with plans of raising up to $17.3 million. Less than two weeks ago, it amended its S-1 form to offer 4 million shares at a maximum price of $7.36 per share, which would have brought in up to $33.9 million.

Vermillion also gave Roth Capital Partners, the underwriter on the planned offering, the option to purchase 600,000 shares to cover overallotments, if any.

Last week, the company reported $345,000 in fourth-quarter revenues and $1.2 million in revenues for full-year 2010.

In early Monday trade on the Nasdaq, shares of Vermillion were down 1 percent at $5.51.

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