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Vermillion Completes Warrant Exercise, Pulling in Additional $17.6M in Proceeds

NEW YORK (GenomeWeb News) – Certain investors have exercised warrants to purchase 12.1 million shares of Vermillion's common stock, providing the company $17.6 million in proceeds, Vermillion said late Thursday.

Oracle Investment Management, Jack Schuler, Matthew Strobeck, and other investors exercised the warrants, which were issued in conjunction with an equity financing deal that closed in May. The total investment from the deal is about $30.9 million before transaction costs, Vermillion said.

Proceeds will be directed at increasing test sales, improving reimbursements for the company's OVA1 ovarian cancer diagnostic test, expanding commercial opportunities in the US and new markets, and advancing additional next-generation ovarian cancer diagnostic tests.

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