US Bankruptcy Court

The plan, the company said in a motion filed last week, is not to keep its three remaining directors from abandoning ship during its Chapter 11 proceedings, but rather to reward them if they achieve specific performance goals "designed to maximize the value of [Vermillion's] estates for all constituents."

The company remains in business and continues work to get FDA approval for its ovarian tumor triage diagnostic. In its filing, the company said it had assets of about $7.2 million and liabilities of approximately $32 million as of Sept. 30, 2008.

The firm formerly called Ciphergen Biosystems filed for bankruptcy protection earlier this week.