NEW YORK (GenomeWeb News) – Vermillion expects to raise $43 million in gross proceeds from a private placement of around 2.3 million shares with a group of unnamed investors.

The Fremont, Calif.-based molecular diagnostics firm is currently operating under Chapter 11 bankruptcy protection. It said that the private placement is subject to approval of Vermillion's reorganization plan by the US Bankruptcy Court in Delaware, and would take effect on or about Jan. 7, 2010, when a hearing on the reorganization plan is scheduled.

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