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Vermillion Signs on Premiere Source Diagnostics for OVA1 Reimbursement

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This story originally ran on April 21.

Vermillion this week said it will be working with reimbursement services firm Premiere Source Diagnostics for the OVA1 triage ovarian cancer test.

OVA1 was commercially launched by Vermillion and Quest Diagnostics last month after receiving US Food and Drug Administration clearance last fall. Medicare is also covering the test (PM 03/12/10).

PSD, based in Portland, Ore., provides reimbursement services to diagnostic companies. In a statement, Gail Page, CEO of Vermillion, said the two companies will be working together "in an effort to fully capture the value proposition of OVA1."

She added that Vermillion will continue to build up its sales and marketing staff from its current roll of eight full-time employees.

The company also said that the US Bankruptcy Court in Delaware has approved the final fee application in its Chapter 11 reorganization case. The total professional fees and expenses were about $3.8 million, of which $2.7 million remained unpaid as of March 31.

Vermillion had $37.7 million in cash and cash equivalents as of that date, the company said. Last week, the court approved the company's management incentive plan giving Page and Vermillion's two other directors $5 million cash in aggregate and 302,541 shares of restricted stock.

Vermillion has delayed reporting its financial reports with the US Securities and Exchange Commission as a result of its Chapter 11 filing. This week, the firm said it expects to be current on such reporting by the middle of May.

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