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Vermillion Plans to Raise up to $17.3M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Vermillion has filed to offer more than 2 million shares of its common stock to raise up to $17.3 million.

In a Form S-1 filed today with the US Securities and Exchange Commission, the Austin, Texas-based molecular diagnostics firm said it plans to offer up to 2,098,539 shares of its stock at a maximum price of $8.22 per share.

Proceeds from the raise will be used by Vermillion to expand into international markets, fund clinical trials for its peripheral artery disease test, "pursue opportunities to diversity our product and service lines and offerings," and general corporate purposes.

Roth Capital Partners is the underwriter on the offering.

In September 2009, Vermillion received clearance from the US Food and Drug Administration for its OVA1 triage ovarian cancer diagnostic, co-developed and co-marketed by Quest Diagnostics.

Earlier this month the company said that for 2010, it had performed an estimated 6,155 VA1 tests in 2010, exceeding a revised guidance of between 5,000 and 5,500 tests. The company had initially provided guidance of between 8,000 and 10,000 OVA1 tests for 2010.