Corporate Banner
Satellite Banner
Molecular & Clinical Diagnostics
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Vermillion Resolves Non-Contingent Claims with Bio-Rad

Published: Tuesday, May 01, 2012
Last Updated: Tuesday, May 01, 2012
Bookmark and Share
Vermillion to be returned more than $1 million from escrow.

Vermillion, Inc. has resolved all four of the non-contingent contract claims with Bio-Rad Laboratories, Inc. arising from the sale to Bio-Rad of Vermillion's protein research tools and collaborative services business in November 2006.

In exchange for a final settlement of the non-contingent claims, Bio-Rad will receive $700,000 from an escrow account established by Vermillion for the sale transaction. Vermillion will be returned approximately $1,080,000 from the escrow account, with $50,000 remaining in escrow as security for Bio-Rad's contingent indemnity claim in respect to the parties' litigation with Molecular Analytical Systems.

"Given that it returns to us the majority of the $1.8 million remaining in the escrow account, we view this resolution with Bio-Rad as very successful," said Gail S. Page, Vermillion's president and chief executive officer. "Going forward, we can now apply more resources toward accelerating the commercialization of OVA1® and the advancement of our product pipeline."

Vermillion sold the assets and liabilities of its protein research tools and collaborative services business to Bio-Rad in order to concentrate on developing clinical protein biomarker diagnostic products and services. In October 2009, Bio-Rad filed a proof of claim in Vermillion's bankruptcy case for approximately $1 million, based upon four non-contingent contract claims which have now been resolved. Vermillion had accrued for this contingency in its financial statements within general and administrative expense.


Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,400+ scientific posters on ePosters
  • More than 3,700+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

New Clinical Study on the Relationship Between Imaging and OVA1®
New analysis explores interactions between clinical risk factors used in pre-surgical assessment.
Friday, March 21, 2014
Vermillion Reports Fourth Quarter and Full Year 2013 Results
Company will next pursue a national price for its OVA1 test in 2014.
Saturday, March 08, 2014
Vermillion to Present at the 26th Annual ROTH Conference
Company to present at the conference on March 11, 2014.
Thursday, March 06, 2014
Vermillion to Present at Leerink Global Healthcare Conference
Conference to be held at the Waldorf Astoria Hotel from February 12-13, 2014.
Tuesday, February 04, 2014
Vermillion Completes $17.6 Million Warrant Exercise
Proceeds from the warrant exercise will be used to increase test sales for OVA1.
Friday, December 20, 2013
Vermillion Reports Results of 2013 Annual Meeting
Company has approved the reappointment of Peter S. Roddy.
Friday, December 20, 2013
Vermillion Appoints SVP of Sales and Marketing and Chief Commercial Officer
Appointment of Marian E. Sacco as senior vice president of sales and marketing.
Friday, December 20, 2013
Vermillion Board of Directors Elects James T. LaFrance as Chairman
LaFrance has been appointed a member of Company’s board on December 12, 2013.
Monday, December 16, 2013
Vermillion Reports Third Quarter 2013 Results
Company reports Q3 2013 financial results and key developments.
Friday, November 15, 2013
American Journal of Obstetrics & Gynecology Publishes New Clinical Study of OVA1 Test
Significantly superior early-stage sensitivity shown versus CA125, modified ACOG guidelines or overall clinical assessment in premenopausal and postmenopausal women planning surgery.
Thursday, November 14, 2013
Vermillion Appoints Dr. Eric Varma to its Board of Directors
Dr. Varma is currently a partner at Oracle Investment Management.
Tuesday, September 17, 2013
Vermillion's OVA1 Receives New Statement by SGO
OVA1® has received new statement on clinical validation and medical use.
Tuesday, July 16, 2013
Vermillion Appoints President and Chief Executive Officer
Appointment of Thomas McLain effective March 18, 2013.
Thursday, July 04, 2013
Vermillion Appoints Bruce A. Huebner to Chairman of the Board
Shareholders to vote on approval of expanded stock incentive plan at upcoming annual meeting.
Friday, June 28, 2013
Vermillion Announces Closing of Equity Financing
Company to increase the number of directors of the Company from six to eight persons.
Thursday, May 16, 2013
Scientific News
Tracking Breast Cancer Before it Grows
A team of scientists led by University of Saskatchewan researcher Saroj Kumar is using cutting-edge Canadian Light Source techniques to screen and treat breast cancer at its earliest changes.
The Light of Fireflies for Medical Diagnostics
EPFL scientists have exploited the light of fireflies in a new method that detects biological molecules without the need for complex devices and high costs.
Could a simple saliva test detect Alzheimer's?
Researchers have presented findings suggesting that a simple, non-invasive diagnostic for Alzheimer's could be within reach.
Cheap Diagnostics with a Portable "Paper Machine"
Scientists have developed a cheap, portable system for point of care diagnostics for a range of infectious diseases, genetic conditions and cancer.
New Variant of Streptococcal Bacteria
Scientists have discovered a new variant of streptococcal bacteria that has contributed to a rise in disease cases in the UK over the last 17 years.
New Insights into “Antenna” of Human Cells
Scientists from the University of Leeds have uncovered the most comprehensive list yet of genes implicated in a group of common inherited diseases.
Discordant NIPT Test Results May Reflect Presence of Maternal Cancer
Results published in Journal of the American Medical Association.
Sperm RNA Test May Improve Evaluation of Male Infertility
To help resolve uncertainty—and guide prospective parents to the right fertility treatments—scientists propose the use of a new kind of fertility test. It involves examining sperm RNA by means of next-generation sequencing.
Optical 'Dog's Nose' Developed to Detect Cancer, Other Diseases
Researchers are using optical spectroscopy to develop a quick, non-invasive “breath test” they believe will have the potential to screen for a variety of diseases, including diabetes, infections and cancers.
Ebola Assays Compared in Head-to-Head Analysis
A newly published study has attempted to rigorously evaluate a few of the assays recently granted Emergency Use Authorization by the US Food and Drug Administration to test for Ebola Zaire virus.
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,400+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,700+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FREE!