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Vermillion Announces Equity Financing

Published: Friday, May 10, 2013
Last Updated: Friday, May 10, 2013
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Oracle Investment Management, Jack W. Schuler, Matthew W. Strobeck and other investors, have agreed to make an initial investment of $13.2 million by purchasing 8.0 million shares of the Company's common stock.

Upon the closing of the transaction, Vermillion will be issuing the investors 12.5 million warrants with a strike price of $1.46. If and when the warrants are exercised, the company will realize an additional $18.3 million in proceeds, bringing the total investment to $31.5 million, before transaction costs.

Proceeds from this transaction will be used to increase test sales and improve reimbursement for OVA1, expand the commercial opportunity into new markets and advance one or more next-generation ovarian cancer diagnostic tests.

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