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Vermillion Drops PwC as Independent Accountant, Hires BDO

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In a document filed this week with the US Securities and Exchange Commission, Vermillion said it has dismissed PricewaterhouseCoopers as its independent registered public accounting firm and hired BDO in its place.

In the filing, Vermillion noted that PwC's audit report on the company's financial statements for 2011 "included an explanatory paragraph noting that there was substantial doubt about [Vermillion's] ability to continue as a going concern."

Beyond this paragraph and explanatory paragraphs in PwC's 2010 and 2011audits noting that Vermillion had voluntarily filed for Chapter 11 bankruptcy protection on March 30, 2009, PwC's audit reports for these years contained no "adverse opinion or disclaimer of opinion" and were not "qualified or modified as to uncertainty, audit scope, or accounting principles," Vermillion said.

The company will ask its shareholders to ratify the appointment of BDO at its 2012 annual shareholder's meeting, which has not been scheduled yet.

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