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Vermillion Posts No Revenues in 2009

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Vermillion last week reported it had no revenues in 2009, compared to $124,000 in revenues in 2008. Meanwhile, its net loss for the year rose 20 percent to more than $22 million in 2009, compared to $18.3 million the year before.

The figures were reported as part of the company's annual earnings documents filed with the US Securities and Exchange Commission. The Fremont, Calif.- based proteomics diagnostics firm spent nine months of 2009 in Chapter 11 bankruptcy protection as it awaited a decision by the US Food and Drug Administration on its 510(k) submission for its triage ovarian cancer test, called OVA1.

The FDA cleared the test in September, and earlier this year Vermillion emerged from Chapter 11.

Vermillion and partner Quest Diagnostics began marketing the test in March.

For the year ended Dec. 31, 2009, Vermillion's R&D spending slid 56 percent to slightly more than $2.3 million, compared to nearly $5.3 million in 2008. Its SG&A costs dropped 67 percent to $3 million in 2009 from $9.3 million in FY 2008.

As of Dec. 31, Vermillion said it had $3.4 million in cash and cash equivalents.

In January, the company received about $43.1 million as part of a private placement with a group of investors, and late last month, it said its cash and cash equivalents as of March 31 were approximately $37.7 million.

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