Vermillion

The firm received notice from Nasdaq that it has failed to meet the requirement that its common stock maintain a minimum closing price bid of $1 per share.

The investment bank cited disappointing first quarter financial results, a slow uptake to the business, and competitive pressures for the downgrade.

Product revenues were $613,000, down from $678,000 in Q1 2017, while service revenues were $36,000, down from $48,000 the year before.

The company will offer 10 million shares of common stock at $1.00 per share and 50,000 shares of Series B Convertible Preferred Stock at $100.00 per share.

Product revenues from the company's OVA1 ovarian cancer test were down 3 percent year over year, while test volume dropped 15 percent.

Under the amended agreement, Vermillion agreed to pay an annual fee of $150,000 to Quest for a project manager to handle OVA1 specimens sourced to Quest.

BCBS of Illinois is the largest PPO network in the state, covering roughly 7.9 million people.

Total revenues were $699,000 up from $623,000 the year before with product revenue up 13 percent as OVA1 sales volume dropped but revenue per test performed rose.