QualityStocks would like to highlight Vermillion, Inc. (NASDAQ: VRML), 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.
In the company’s news yesterday,
Vermillion reported its financial and operational results for the fourth quarter and full-year ended December 31, 2011, reflecting significant revenue increases for both periods.
Total revenues in the fourth quarter of 2011 increased 152 percent to $868,000 from $345,000 reported for the fourth quarter of 2010. Fourth-quarter revenues included $755,000 from product sales of OVA1 and $113,000 of license revenue related to certain milestones associated with the company’s amended strategic alliance agreement with Quest Diagnostics.
The company reported fourth quarter 2011 total operating expenses of $3.9 million, a decrease from $4.5 million reported in the same period a year ago.
Net loss for the fourth quarter was $3.1 million, or $(0.21) per share, as compared to $4.0 million, or $(0.38) per share, in the same year-ago quarter.
Total revenues for the full year 2011 increased 64 percent to $1.9 million from $1.2 million in 2010. Full-year revenues in 2011 included $1.5 million from product sales of OVA1 and $454,000 of license revenue.
Total operating expenses increased in 2011 to $19.4 million from $15.7 million in 2010.
Vermillion’s net loss for 2011 was $17.8 million, or $(1.25) per share, as compared to $19.0 million, or $(1.83) per share, reported in 2010.
As of December 31, 2011, the company’s cash and cash equivalents totaled $22.5 million.
Operational achievements include a 147-percent increase in test volume of the company’s flagship diagnostic OVA1® for all of 2011. Test volume increased 40 percent year-over-year for the fourth quarter of 2011.
In December, Vermillion purchased substantially all of the assets associated with the ovarian cancer diagnostics business of Correlogic Systems, which included more than 1,800 prospectively collected diagnostic samples from ovarian tumor studies, three biomarker-related pending U.S. patents, proprietary software, and other intellectual property. The company is using these assets to advance its ovarian cancer franchise, including the development of OVA2™, its next-generation ovarian cancer test.
The company also strengthened its patent portfolio, receiving nine notices of allowance, including patents for breast cancer biomarkers, ovarian cancer, lung cancer, Alzheimer’s disease, and five biomarker patents related to peripheral artery disease (PAD).
In October, Vermillion released positive top-line data from a clinical study of the company’s PAD development program.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
