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Vermillion Reports $73K in Q1 Revenues

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) - Vermillion yesterday filed its form 10-Q with the US Securities and Exchange Commission, in which it reported first-quarter 2010 revenues of $73,000, compared to no revenues for the first quarter of 2009.

For the three months ended March 31, the company's net loss rose to $11.6 million, or $1.14 per diluted share, four times its net loss of $2.8 million, or $0.44 per share, in Q1 2009.

Vermillion reported the figures as part of a bolus of documents filed with the US Securities and Exchange Commission during the past week, as the company caught up on required filings. It had been delinquent on the filings as a result of its Chapter 11 bankruptcy protection, which tied up its resources, the company said.

Vermillion emerged from Chapter 11 in January following clearance from the US Food and Drug Administration for its OVA1 triage ovarian cancer test last fall.

During the first quarter, Vermillion and its partner Quest Diagnostics began marketing the test.

In the first quarter, the company spent $748,000 on R&D, a 39 percent increase from $538,000 in Q1 2009. Expenses for sales, marketing, general and administration purposes increased 46 percent to $2.3 million from $1.6 million.

As of March 31, the company had $37.7 million in cash and cash equivalents.

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