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Vermillion Public Offering Nets $17.5M

NEW YORK (GenomeWeb News) – Vermillion today announced the closing of a public offering of stock that raised $17.5 million in net proceeds.

The company offered 9,602,500 shares of common stock at $1.96 per share, including 1,252,500 shares sold pursuant to the underwriters' option to purchase additional shares.

Canaccord Genuity acted as sole book-running manager, and Roth Capital Partners was lead manager for the offering.

The company said it plans to use the proceeds to fund domestic and international commercialization efforts, enhancements to its bioinformatics platform, and an expansion of its portfolio.

Vermillion stock was up 3 percent at $2.05 in early Friday afternoon trading on the Nasdaq.