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Vermillion Repurchases $1.3 million of Stock from Quest

NEW YORK (GenomeWeb) – Vermillion said today that it has entered into a share repurchase agreement with Quest Diagnostics.

Under the agreement, Vermillion on June 17, 2015 purchased from Quest 860,595 shares of its common stock for a total of around $1.3 million, or $1.50 per share.

The share price was based on a simple average of closing prices per share of Vermillion's common stock for a trailing 60-day period and was then reduced by an amount negotiated by the two parties.

Quest and Vermillion recently ended their licensing agreement, under which Quest held exclusive commercialization rights to Vermillion's OVA1 ovarian cancer test in the US and other markets.

The two companies reached a new commercialization and services agreement in March, under which Vermillion is paying Quest for logistical support services as Vermillion transitions its OVA1 ovarian cancer testing business from Quest to its own subsidiary, Aspira Labs.

Vermillion stock was up 1 percent to $2.17 in morning trading today on Nasdaq.