Vermillion Resolves Non-Contingent Claims with Bio-Rad
News May 01, 2012
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.
Synthetic DNA Shuffling Enzyme Outpaces Natural CounterpartNews
A new synthetic enzyme, crafted from DNA rather than protein, flips lipid molecules within the cell membrane, triggering a signal pathway that could be harnessed to induce cell death in cancer cells. Researchers say their lipid-scrambling DNA enzyme is the first in its class to outperform naturally occurring enzymes – and does so by three orders of magnitudeREAD MORE
Eating Activates Calorie-Burning FatNews
The importance of the human brown adipose tissue (BAT) has become clearer during the past ten years. Coldness is one of the most effective activators of the BAT metabolic function but, in rodents, eating has also been shown to activate BAT. The debate on whether eating has the same effect on humans has lasted for decades. Now, the researchers at Turku PET Centre have proven that having a meal increases oxygen consumption in human BAT to the same extent as coldness.READ MORE