Date: Jan 22, 2010 Source: PR Newswire (
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FREMONT, Calif., Jan. 22 /PRNewswire-FirstCall/ -- Vermillion, Inc. (Pink Sheets: VRMLQ.PK) today announced it has successfully emerged from protection under Chapter 11 of the United States Bankruptcy Code in fewer than 10 months following its filing for bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Vermillion emerged from bankruptcy with all creditors receiving 100 percent of allowed claims and with the common stock being fully restated.
"We couldn't be more thrilled about our successful restructuring. Vermillion is emerging from bankruptcy as a well-capitalized, leading diagnostics company, poised to launch our OVA1 test. This is a great day for all of our stakeholders as well as women who will benefit from OVA1," said Gail Page, executive chair of Vermillion. "We are in a position to resume development of our other programs in ovarian cancer and peripheral arterial disease," she added.
Vermillion's legal advisor in connection with its successful reorganization efforts is Paul, Hastings, Janofsky & Walker LLP.
About Vermillion
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in oncology, hematology, cardiology and women's health. Vermillion is based in Fremont, California. Additional information about Vermillion can be found on the Web at www.vermillion.com.
About the OVA1 Test
The OVA1 Test is a qualitative serum test that combines the results of five immunoassays into a single numerical score. It is indicated for women who meet the following criteria: over age 18, ovarian adnexal mass present for which surgery is planned, and not yet referred to an oncologist. The test utilizes five well-established biomarkers --- Transthyretin (TT or prealbumin), Apolipoprotein A-1 (Apo A-1), Beta2-Microglobulin (Beta2M), Transferrin (Tfr) and Cancer Antigen 125 (CA 125 II) --- and a proprietary algorithm to determine the likelihood of malignancy in women with pelvic mass for whom surgery is planned.
OVA1(TM) Test is a trademark of Vermillion Inc.
