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Vermillion’s Cash Dwindles to $179K


This story originally ran on July 27.

Vermillion's cash reserves continued depleting as its Chapter 11 bankruptcy case remained on hold and revenue streams were non-existent.

In a report filed with the US Bankruptcy Court in Delaware last week, the company said it had $179,242 in cash at the end of June, down from $371,382 at the start of the month.

As part of its bankruptcy filing, Vermillion has agreed to file monthly reports in lieu of quarterly reports. For June, the company said it received a total of $424 in revenues and spent $192,564, including $134,977 in administrative costs.

As of June 30 Vermillion said it had $190,831 in cash and cash equivalents. It reported total assets of $9.7 million and total liabilities of $33 million.

The firm filed for bankruptcy in late March [see PM 04/01/09]. Meanwhile, it is awaiting word from the US Food and Drug Administration on its 510(k) pre-market notification for its ovarian cancer test, OVA1.

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