Skip to main content
Premium Trial:

Request an Annual Quote

Vermillion Ends July with $162K in Cash

Premium

This story originally ran on Aug. 25.

Vermillion said in a filing last week with the US Securities and Exchange Commission that it had $162,081 in cash as of July 31.

The company, which is seeking Chapter 11 protection, began July with $179,242 and received $50,729 in receipts, including $40,000 in "funds released" by ProLogis, a Denver-based manager of industrial facilities. Vermillion did not provide further details in its filing about the nature of the funds.

Vermillion had $175,666 in cash and cash equivalents as of July 31, it said in the filing.

During the month of July, Vermillion disbursed $67,890, down from $192,564 in June. The drop was primarily the result of a deep cut in administrative costs, which fell to $18,713 in July from $134,977 in June.

In July, operating expenses totaled $479,998, including $301,552 for various legal costs. Net loss for the month was $636,561.

Vermillion had total assets of $9.6 million and total liabilities of $33.6 million.

The US Bankruptcy Court in Delaware recently agreed to extend Vermillion's deadline to file its Chapter 11 reorganization plan to Nov. 25. Its original deadline had been July 28. The deadline for Vermilion to solicit and obtain acceptances for its reorganization plan was extended to Jan. 24, 2010, from a Sept. 28 deadline [see PM 08/06/09].

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more