Corporate Banner
Satellite Banner
Genotyping & Gene Expression
Scientific Community
Become a Member | Sign in
Home>News>This Article

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 2,600+ scientific posters on ePosters
  • More than 3,800+ 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 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

Vermillion Awarded $7.5M Grant
The grant awarded is to aid the development of a multi-site pelvic mass registry.
Friday, May 22, 2015
Vermillion Receives Notice of Allowance from USPTO
Company receives notice of allowance for patent on methods for diagnosing ovarian cancer.
Thursday, September 27, 2012
Vermillion Receives Notice of Allowance for Patent of Biomarker for Ovarian Cancer
Patent makes claims in the uses of urinary sMAP in the diagnosis of ovarian cancer.
Tuesday, July 24, 2012
Vermillion Receives Notice of Allowance for Patent on Platelet Biomarkers of Angiogenesis
Patented biomarkers used to measure ongoing angiogenic activity.
Tuesday, March 06, 2012
Vermillion Completes the Acquisition of Correlogic Systems' Ovarian Cancer Diagnostics Business for $435,000
The assets include more than 1,000 prospectively collected diagnostic samples from ovarian tumor studies, three biomarker-related pending U.S. patents, proprietary software and other intellectual property.
Thursday, December 22, 2011
Vermillion Announces Positive Top-Line Data from Intended Use Study for PAD
Study to develop and validate a biomarker panel applicable to the intended use population.
Tuesday, October 04, 2011
Vermillion Announces Issuance of Patent for Lung Cancer
The United States Patent and Trademark Office (USPTO) has issued patent number 8,014,952 entitled " Serum Biomarkers in Lung Cancer " to the Company.
Thursday, September 08, 2011
Vermillion Announces Notice of Allowance for Peripheral Artery Disease Patent
The patent covers biomarker panels for the diagnosis of Peripheral Artery Disease.
Monday, May 23, 2011
Vermillion Announces the Appointment of Bruce Huebner to its Board of Directors
Mr. Huebner currently serves as Managing Director at LynxCom Partners, LLC - a Healthcare Consulting Firm.
Monday, May 23, 2011
Vermillion Announces Notice of Issuance of U.S. Patent Covering Hepcidin as a Biomarker for Ovarian Cancer
Discovery could lead to the development of a next-generation assay to improve diagnosis and treatment of ovarian cancer.
Monday, April 06, 2009
Vermillion Announces Notice of Issuance of U.S. Patent Covering Hepcidin as a Biomarker for Ovarian Cancer
Discovery could lead to the development of a next-generation assay to improve diagnosis and treatment of ovarian cancer.
Tuesday, February 17, 2009
Vermillion Announces Issuance of U.S. Patent Covering the Discovery of Novel Forms of Brain Natriuretic Peptide
Company believes that the discovery could lead to the development of a next-generation assay to improve diagnosis and treatment of cardiovascular disease.
Saturday, April 12, 2008
Vermillion Announces Issuance of U.S. Patent Covering Method for Aiding Diagnosis of Kidney Disorder
The U.S. Patent office has issued Vermillion U.S. Patent No. 7,297,556 for aiding diagnosis of nephrotic syndrome.
Thursday, November 29, 2007
Vermillion Completes Clinical Trial Enrollment for Ovarian Cancer Triage Test
The clinical trial was designed to demonstrate that the ovarian triage test is a useful adjunct for distinguishing benign from malignant ovarian tumors.
Thursday, October 25, 2007
Scientific News
Cell's Waste Disposal System Regulates Body Clock Proteins
New way to identify interacting proteins could identify potential drug targets.
Compound Doubles Up On Cancer Detection
Researchers have found that tagging a pair of markers found almost exclusively on a common brain cancer yields a cancer signal that is both more obvious and more specific to cancer.
Lung Repair and Regeneration Gene Discovered
New role for hedgehog gene offers better understanding of lung disease.
Mixed Up Cell Transportation Key Piece of ALS and Dementia Puzzle
Researchers from the University of Toronto are one step closer to solving this incredibly complex puzzle, offering hope for treatment.
Five New Genetic Variants Linked to Brain Cancer Identified
The biggest ever study of DNA from people with glioma – the most common form of brain cancer – has discovered five new genetic variants associated with the disease.
Predictive Model for Breast Cancer Progression
Biomedical engineers have demonstrated a proof-of-principle technique that could give women and their oncologists more personalized information to help them choose options for treating breast cancer.
New Hope for Personalized Treatment of Eczema
Pharmaceutical researchers at Oregon State University have developed a new approach to treat eczema and other inflammatory skin disorders that would use individual tests and advanced science to create personalized treatments based on each person's lipid deficiencies.
Gene Expression: A Snapshot of Stem Cell Development
New genes found that regulate development of stem cells.
Are Changes to Current Colorectal Cancer Screening Guidelines Required?
Editorial suggests more research is needed to pinpoint age to end aggressive screening.
Assessing Cancer Patient Survival and Drug Sensitivity
RNA editing events another way to investigate biomarkers and therapy targets.
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
2,600+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,800+ scientific videos