Vermillion Announces Equity Financing
News May 10, 2013
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.