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 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.
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.
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.