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Vermillion Plans to Raise Up to $17.3M in Stock Offering


Vermillion has filed to offer more than 2 million shares of its common stock to raise up to $17.3 million.

In a Form S-1 filed this week with the US Securities and Exchange Commission, it said it plans to offer up to 2,098,539 shares of its stock at maximum price of $8.22 per share. The company's stock price has surged in recent months, hitting $8.95 per share on Dec. 27, nearly double its 52-week low of $4.79 on Nov. 30, 2010. It ended the week at $7.64.

In the filing Vermillion said it will use the funds to expand into international markets, fund clinical trials for its peripheral artery disease test, "pursue opportunities to diversity our product and service lines and offerings," and for general corporate purposes.

The company received a European patent for use of biomarkers related to its OVA1 ovarian cancer diagnostic in June 2010 (PM 6/04/2010) and a CE mark in September. During the company's Q2 earnings call in August, CEO Gail Page said it planned to launch OVA1 commercially in Europe and beyond in 2011 and noted that its initial strategy involves working with Quest to market the test in England, India, and Mexico (PM 8/13/2010).

Last week the company announced it has been granted a US patent supporting its PAD test Vasclir and that it has begun an intended-use population study for the test (PM 1/14/2011).

Earlier this month Vermillion said that it had performed an estimated 6,155 OVA1 tests in 2010, exceeding a revised guidance of between 5,000 and 5,500 tests. The company had initially provided guidance of between 8,000 and 10,000 OVA1 tests for 2010 (PM 1/07/2011).

Roth Capital Partners is the underwriter on the offering.

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