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Vermillion Cash Dwindles to $371K at End of May


Vermillion had $371,382 in cash at the end of May, the company said in a document filed with the US Securities and Exchange Commission last week.

Due to limited resources resulting from its Chapter 11 filing [see PM 04/02/09], the firm was unable to file an annual report for 2008 and is unable to file quarterly reports. In lieu of those reports, the company is filing monthly operating reports with the US Bankruptcy Court in Delaware.

In its latest such filing, Vermillion reported it began May with $568,930 in cash. It received $7,253 in total receipts, including $2,420 from former employees for insurance coverage under COBRA, and $4,243 as a security deposit refund from the Canadian government. The company recorded no sales for the month.

Meanwhile, the company recorded $204,802 in disbursements, including $158,098 in administrative expenses and $15,655 in net payroll expenses.

As of May 31, Vermillion had $380,970 in cash and cash equivalents, it said in the SEC document. The company's assets totaled more than $9.9 million while its liabilities exceeded $32.8 million.

Last week also, the Bankruptcy Court approved an incentive bonus plan for its three directors [see PM 06/25/09].

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