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Vermillion Eyes $17M in Public Offering of Stock

NEW YORK — Vermillion today priced its public offering of 18.75 million shares of its common stock at $.80 per share.

The Austin, Texas-based cancer diagnostics company has granted the underwriter of the offering a 30-day option to purchase up to an additional 2.8 million shares of its common stock at $.80 per share. Gross proceeds are expected to be $15 million, or $17.25 million if the underwriter exercises its option to purchase additional shares in full.

Vermillion intends to use the net proceeds for working capital, general corporate purposes, and additional commercial investment, including investments in sales and marketing, strategic hires, and product portfolio expansion.

William Blair is the sole bookrunner for the offering, which is expected to close on June 28.

Vermillion said last month that it ended the first quarter with $6.2 million in cash and cash equivalents. Last week, it announced that its OVA1 ovarian cancer test will receive preferred coverage from Blue Cross Blue Shield of Texas and Blue Cross Blue Shield of Arizona as an in-network covered test.

In early morning trading today on the Nasdaq, Vermillion's shares were up 6 percent to $.93.