Vermillion Board of Directors Elects James T. LaFrance as Chairman
AUSTIN, Texas, Dec. 13, 2013
AUSTIN, Texas, Dec. 13, 2013 /PRNewswire/ --Vermillion, Inc. (NASDAQ: VRML),
a multivariate diagnostics company focused on gynecologic cancers and women's
health, announced James T. LaFrance has been appointed a member of its board
and was elected chairman of the board on December 12, 2013. Pursuant to the
equity financing transaction announced on May 9, 2013, LaFrance was nominated
by Jack W. Schuler, Vermillion's largest private shareholder.
"We value the executive leadership expertise in the diagnostic industry Jim
brings as our board chairman," commented Tom McLain, Vermillion's president
and CEO. "His experience and proven ability to develop IVD strategies, launch
diagnostic products and direct go-to-market strategies at GE Healthcare,
Ventana and Bayer Diagnostics fit well with our operational focus to drive
broader adoption of our OVA1 test."
LaFrance has almost 30 years of diagnostic industry experience. Most recently,
he was head of digital pathology and acting CEO of Omnyx, LLC for GE
Healthcare. Prior to that, he held a series of commercial, strategic marketing
and business development leadership roles at Ventana Medical Systems (now
Roche Tissue Diagnostics), including general manager of their North American
and International commercial organizations. Prior to Ventana, LaFrance served
in leadership roles in strategic marketing and business development at Bayer
Diagnostics. He was a member of the board at Mitomics, Inc. from 2010 to 2011.
He earned a Bachelor of Arts degree in Economics from the University of
Connecticut and an MBA from the University of Notre Dame.
LaFrance succeeds Bruce A. Huebner who is retiring from the board. Dr. William
Wallen has also retired from the board.
"The board of directors and management team at Vermillion thank Bruce and Bill
for their contributions to the company's success," said McLain. "I want to
acknowledge Bill Wallen for his technical guidance in support of OVA1 and the
development of our next generation diagnostic tests. Bruce Huebner led a
significant period of transition at the company as interim CEO and chairman of
the board. His contributions of marketing and sales expertise have helped
redefine Vermillion's commercial strategy. We wish them both well in their
Following these changes the total number of board directors is six, all
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 gynecologic
oncology and women's health.
The company's lead diagnostic, OVA1®, is a blood test for pre-surgical
assessment of ovarian tumors for malignancy, using an innovative algorithmic
approach. As the first FDA-cleared, protein-based In Vitro Diagnostic
Multivariate Index Assay, OVA1 represents a new class of software-based
diagnostics. For additional information, including published clinical trials,
This press release contains forward-looking statements, as that term is
defined in the Private Litigation Reform Act of 1995 that involve significant
risks and uncertainties including statements regarding Vermillion's expected
cash outlay and Vermillion's ability to regain traction in reimbursement.
Words such as "may," "expects," "intends," "anticipates," "believes,"
"estimates," "plans," "seeks," "could," "should," "continue," "will,"
"potential," "projects" and similar expressions are intended to identify
forward-looking statements. The forward-looking statements contained in this
press release are based on Vermillion's expectations as of the date of this
press release. 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 from those projected in such forward-looking
statements 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 payers such as private insurance companies and government
insurance plans; (5) uncertainty that Vermillion has sufficient cash resources
to fully commercialize its tests and continue as a going concern; (6)
uncertainty whether the trading in Vermillion's stock will become
significantly less liquid; and (7) other factors that are described in
Vermillion's Form 10-Q for the quarter ended September 30, 2013, filed with
the Securities and Exchange Commission. Vermillion expressly disclaims any
obligation to update, amend or clarify any forward-looking statements to
reflect events, new information or circumstances occurring after the date of
this press release, except as 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.
Investor Relations Contact:
Liolios Group, Inc.
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