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Vermillion Prices Offering at $5.45

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Vermillion today said that it has priced a public offering of 4 million shares of common stock at $5.45 per share.

The offering is expected to bring in gross proceeds of $21.8 million and net proceeds of around $20.2 million.

On Friday, the Austin, Texas-based molecular diagnostics firm had filed an amendment to its registration statement with the US Securities and Exchange Commission, saying it would register 4.6 million shares of its common stock at $6.49 per share, which would have raised nearly $29.9 million.

Proceeds from the offering will be used to expand its US sales organization and associated reimbursement activities; pursue expansion in international markets; accelerate clinical trials of its diagnostic test for peripheral arterial disease and its OVA2 test; develop additional diagnostic tests and diversify its product offerings; and for other general corporate purposes.

In early Tuesday trade on the Nasdaq, shares of Vermillion were up 3 percent at $5.77.

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