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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.
Years after several high-profile failures, activity is up among researchers looking to multi-analyte protein assays for monitoring and detection of the disease.
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.
The company has revamped its sales messaging while adding publications and payors in hopes of driving significant adoption of its ovarian cancer test.
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.