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Vermillion Suffers $440K Loss in its First Month since Seeking Chapter 11 Protection

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In the first month since it filed for Chapter 11 protection, Vermillion suffered a net loss of more than $440,000, according to documents filed with the US Bankruptcy Court in Delaware.

According to the documents filed last week, Vermillion posted a net loss $441,168 in April. As of April 30 it had cash and cash equivalents of $575,568, which included $568,930 in cash.

On March 31, the day after it filed for bankruptcy protection, the company had cash and cash equivalents of $613,917, including $610,214 in cash.

The company recorded no revenues in April. As of April 30, Vermillion's assets totaled $10.2 million, down from $10.3 million as of March 31, while its liabilities totaled $32.5 million in April, up from $32.1 million as of March 31, according to the document.

The disclosure was made as the Fremont, Calif.-based diagnostics firm tries to salvage its business pending a hearing on its Chapter 11 filing [see PM 04/02/09]. It is also the first portrait of the company's finances since it released its third-quarter earnings for 2008, citing receipts of $124,000 and a net loss of more than $14 million through the first nine months of last year. The company had assets of $7.15 million and liabilities of about $32 million at the time.

Most recently the company motioned for approval of an incentive bonus plan for its three directors. [see PM 04/30/09]. While the company said the plan calls for specific performance targets to be met before directors Gail Page, James Burns, and John Hamilton would receive any bonuses, the trustee overseeing the case and Quest Diagnostics, a Vermillion creditor, challenged the motion. Vermillion's bonus plan, they said, violates US bankruptcy codes [see PM 05/14/09].

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