NEW YORK (GenomeWeb News) – Vermillion today said that Nasdaq has approved its application to get relisted on the exchange's Global Market.
As a result, the company's common stock began trading on the Nasdaq under ticker symbol "VRML" this morning.
Vermillion's stock had been trading on the Pink Sheets since being delisted in September 2008 for failing to meet minimum listing requirements. The Fremont, Calif.-based molecular diagnostics company soon after filed for Chapter 11 bankruptcy protection. Earlier this year, it emerged from bankruptcy protection, which had followed clearance from the US Food and Drug Administration for its OVA1 triage ovarian cancer diagnostic test.
"With today's announcement of Vermillion's relisting on Nasdaq, we expect to provide our shareholders with enhanced market maker support, more efficient access to institutional investors and investment capital, improved liquidity, and greater visibility for the company within the investment community — all part of our strategy to increase shareholder value," Sandra Gardiner, VP and CFO of Vermillion, said in a statement.
In early Tuesday trade, Vermillion's shares were up 4 percent at $12.22.