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Vermillion Inc Announces Equity Financing


Thursday, 9 May 2013 08:35am EDT 

Vermillion Inc announced that Oracle Investment Management, Jack W. Schuler, Matthew W. Strobeck and other investors, have agreed, subject to closing conditions, to make an initial investment of $13.2 million by purchasing 8.0 million shares of the Company's common stock. Upon the closing of the transaction, Vermillion will be issuing the investors 12.5 million warrants with a strike price of $1.46. If and when the warrants are exercised, the Company will realize an additional $18.3 million in proceeds, bringing the total investment to $31.5 million, before transaction costs. Proceeds from this transaction will be used to increase test sales and improve reimbursement for OVA1, expand the commercial opportunity into new markets and advance one or more next-generation ovarian cancer diagnostic tests.