Biomedical

Austin-based Vermillion reports 4th quarter loss of $5 million

Posted March 24th, 2016

 Austin-based medical diagnostics company Vermillion Inc. on Thursday reported a loss of $5 million in its fourth quarter. 

On a per-share basis, the company said it had a loss of 10 cents. 

The company, which develops tests to help physicians diagnose and treat gynecological diseases, said it had revenue of $361,000 for the quarter. 

For the full year, the company reported that its loss narrowed to $19.1 million, or 41 cents per share. Revenue was reported as $2.2 million. 

Vermillion president and CEO Valerie Palmieri said the company is excited to have recently received Overa received an important U.S. Food and Drug Administration clearance for its Overa ovarian cancer test. 

The test is an updated version of the company's signature product, the OVA1 test. It is intended to help determine whether a pelvic mass is likely malignant or benign. 

"This is an historic milestone for Vermillion since it will allow us to deliver our proprietary technology with superior negative predictive value and positive predictive value," Palmieri said in a written statement. 

Vermillion, which was founded in 1993 in California, moved its headquarters to Austin in 2011. 

In July 2015, Vermillion netted about $17 million from a secondary stock offering. At the time, Vermillion said it planned to use the proceeds from the offering to "fund domestic and international commercialization, bioinformatics platform enhancements, portfolio expansion and general corporate purposes." 

The company said that as of December 31 it had cash and cash equivalents on hand of $18.6 million. 

As of December 31, 2015, cash and equivalents totaled $18.6 million. The company said its goal going forward is to reduce operating expenses by 20 percent in 2016.

Comments