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Vermillion

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.

Launched to commercialize technologies from two leading glycoproteomic researchers, the startup's lead test is a mass spec-based assay for triaging pelvic masses.

Total revenues rose to $774,000 from $699,000 in the year-ago quarter while sales of the company's OVA1 test were up slightly to 1,981 tests from 1,954.

The firm reported total revenues of $708,000, down from $898,000 a year ago, and OVA1 sales volume of 1,884 tests, down 22 percent from 2,418 in Q2 2017.

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