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Vermillion Ends July with $162K in Cash

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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].

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