Vermillion Reports Results of 2013 Annual Meeting
AUSTIN, Texas, Dec. 16, 2013
AUSTIN, Texas, Dec. 16, 2013 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML),
a multivariate diagnostics company focused on gynecologic cancers and women's
health, reported the voting results from its annual meeting of its
stockholders held December 12, 2013:
oApproved the reappointment of Peter S. Roddy as director
oApproved in an advisory vote the compensation of the company's named
oRatified the appointment of BDO USA, LLP as the company's independent
registered public accounting firm for the year ending December31, 2013
oApproved an amendment to the company's 2010 Stock Incentive Plan to
increase the number of shares authorized for issuance by 2.3 million and
other related modifications
oDid not approve an amendment to the company's Certificate of Incorporation
and Bylaws that would declassify the board of directors
"We are pleased that four of the five stockholder proposals passed by wide
margins," commented Tom McLain, Vermillion's president and CEO. "The proposal
to declassify the board of directors is considered "non-routine" and required
66.7% of all outstanding shares to vote for its adoption. While it was
approved by more than 95% of the shares voted on this proposal, these votes
represented only 58.4% of our total outstanding shares. The board believes
declassification will enhance corporate governance and is important for our
shareholders, so we plan to reintroduce this proposal at a later date."
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.
SOURCE Vermillion, Inc.
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