Vermillion Receives Category 1 CPT Code Approval for OVA1
AUSTIN, Texas, March 6, 2012
AUSTIN, Texas, March 6, 2012 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML),
a leading molecular diagnostics company, reported that the American Medical
Association (AMA) Current Procedural Terminology (CPT®) Panel has voted to
approve an application for a Category 1 CPT code for its OVA1® test, which is
designed to help differentiate benign versus malignant ovarian masses.
The AMA recently disclosed the new code on its website, which will become
effective January 1, 2013.
"This is a major achievement for OVA1 and an endorsement for the unmet
clinical need addressed by this important triage test," said Gail S. Page,
Vermillion's president and chief executive officer. "This approval was
supported by several peer-reviewed publications and positive coverage
decisions, including Medicare. The new CPT code is a critical step in
advancing the commercialization of OVA1, as we believe it will help streamline
claims processing and accelerate further coverage and adoption by private
Vermillion, Inc. (NASDAQ: VRML) is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help physicians
diagnose, treat and improve outcomes for patients. Vermillion, along with its
prestigious scientific collaborators, has diagnostic programs in oncology,
hematology, cardiology and women's health. Additional information about
Vermillion can be found at www.vermillion.com.
Certain matters discussed in this press release contain forward-looking
statements that involve significant risks and uncertainties, including
statements regarding Vermillion's plans, objectives, expectations and
intentions. These forward-looking statements are based on Vermillion's current
expectations. The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for such forward-looking statements. In order to comply with the
terms of the safe harbor, Vermillion notes that a variety of factors could
cause actual results and experience to differ materially from the anticipated
results or other expectations expressed in such forward-looking statements.
Factors that could cause actual results to materially differ include but are
not limited to: (1) uncertainty as to Vermillion's ability to protect and
promote its proprietary technology; (2) Vermillion's lack of a lengthy track
record successfully developing and commercializing diagnostic products; (3)
uncertainty as to whether Vermillion will be able to obtain any required
regulatory approval of its future diagnostic products; (4) uncertainty of the
size of market for its existing diagnostic tests or future diagnostic
products, including the risk that its products will not be competitive with
products offered by other companies, or that users will not be entitled to
receive adequate reimbursement for its products from third party payors such
as private insurance companies and government insurance plans; (5) uncertainty
that Vermillion will successfully license or otherwise successfully partner
with third parties to commercialize its future products; (6) uncertainty
whether the trading in Vermillion's stock will become significantly less
liquid; and (7) other factors that might be described from time to time in
Vermillion's filings with the Securities and Exchange Commission. All
information in this press release is as of the date of this report, and
Vermillion expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statements to reflect any change
in Vermillion's expectations or any change in events, conditions or
circumstances on which any such statement is based, unless required by law.
This release should be read in conjunction with the consolidated financial
statements and notes thereto included in our most recent reports on Form 10-K
and Form 10-Q. Copies are available through the SEC's Electronic Data
Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov.
CPT is a registered trademark of the American Medical Association.
Liolios Group, Inc.
SOURCE Vermillion, Inc.
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