Vermillion (PKS: VRMLQ) Files Plan of Reorganization
Ft. Lauderdale 11/25/2009 08:40 PM GMT (TransWorldNews)
Vermillion, Inc. (Pink Sheets: VRMLQ) stated it filed its Plan of Reorganization and Disclosure Statement recently filed November 24, 2009, with the United States Bankruptcy Court for the District of Delaware. A hearing to consider approval of the Disclosure Statement is presently scheduled for December 8, 2009, with the hearing on the confirmation of the Plan scheduled for January 7, 2010.
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The Plan calls for Vermillion to pay all claims in full. The Plan is expected, if approved, to allow holders of the Vermillion's common stock to retain their equity interests in Vermillion. Gail S. Page, Executive Chairperson of Board of Directors of Vermillion said, "With the support of our equity holders and major creditor constituencies, we are looking forward to our expeditious emergence from Chapter 11 as a healthier and stronger company. A confirmed plan will ensure that we are able to focus on our launch of the OVA1(TM) Test, the first FDA-cleared blood test that, prior to surgery, can help physicians determine if a woman is at risk for a malignant pelvic mass." OVA1 is the first FDA-cleared laboratory test that can indicate the likelihood of ovarian cancer with high sensitivity prior to biopsy or exploratory surgery, even if radiological test results fail to indicate malignancy. "OVA-1, which we anticipate will ultimately improve survival rates among women afflicted with ovarian cancer," said Page. 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.
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