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Vermillion

The platform matches a patient's medical history and other data with national guidelines to recommended medically actionable genetic tests.

The company has seen a sharp rise in test revenues but still struggles with poor stock performance and could soon see new competition for OVA1.

The company posted $1.3 million in revenues with OVA1 test sales up 82 percent to 3,602 and revenue per test down 8 percent to $345.

The company reported sales of 3,129 OVA1 tests in the quarter, up 66 percent from 1,884 tests in the year-ago quarter.

The firm received a notice from Nasdaq on August 2 saying its stock had not met the $1-per-share closing bid price requirement for 30 consecutive business days.

The firm expect to raise gross proceeds of $15 million, or $17.25 million if the offering's underwriter exercises its option to purchase additional shares.

The test is designed to determine whether a patient with a pelvic mass is at high risk of having ovarian cancer and should be referred for surgery.

Revenues for the quarter were driven by a 27 percent rise in sales volume for the company's OVA1 test.

The company posted $793,000 in product revenues from sales of its OVA1 ovarian cancer test, up 21 percent from $658,000 in the prior-year quarter.

The decision makes OVA1 available to Cigna's 15 million covered customers and brings the total number of lives covered for the test to 167 million.

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