vermillion inc (VRML) Key Developments
Vermillion, Inc. Appoints Fred Ferrara to the Newly Created Post of Chief Information Officer
Apr 2 15
Vermillion, Inc. announced it named Fred Ferrara to the newly created post of Chief Information Officer. Mr. Ferrara has spent 24 years designing industry specific systems including application and database development in Information Technology; with the previous 17 years solely dedicated to diagnostics companies responsible for the creation of several products used across the industry. He has served in numerous leadership roles in Information Technology, Operations, and senior leadership capacities for diagnostic service organizations such as LabCorp and DIANON Systems. Prior to this, Mr. Ferrara served as an independent information systems consultant in the healthcare and mobile application markets. In his most recent senior leadership role, Mr. Ferrara served as Chief Information Officer and SVP of Aurora Diagnostics' Anatomic Pathology Services Company.
Vermillion, Inc. to Present Initial Results from a Cost-Effectiveness Analysis Study at Annual Meeting of the American College of Medical Quality in Alexandria, Virginia
Mar 27 15
Vermillion, Inc. announced initial results from a cost-effectiveness analysis study which will be presented at the Annual Meeting of the American College of Medical Quality in Alexandria, Virginia. The study was co-authored by Dr. Robert E. Bristow and Dr. Gareth K. Forde, clinicians at the UC Irvine and Dr. John Hornberger. This new study, entitled: "Cost Effectiveness Analysis of a Multivariate Index Assay compared to Modified ACOG Criteria and CA-125 in the Triage of Women with Adnexal Masses", further establishes important advantages that OVA1 may provide in the detection, triage and cost-effective management of ovarian cancer. Recent publications continue to show a dire national status quo for women with ovarian cancer, in which the majority are detected at late stage with only 10-25% having a five-year survival, despite the existence of treatment pathways that have been shown to improve overall survival by as much as 30%. The study compared clinical outcomes and costs using OVA1 versus the off-label but commonly used CA-125 (CA 125-II), an ovarian cancer biomarker, or current gynecologic best-practice care known as Dearking-modified ACOG guidelines (mod-ACOG). Model endpoints included overall survival, costs, quality-adjusted life years (QALY) and incremental cost effectiveness ratio (ICER). The analysis considered a lifetime horizon from the standpoint of a public payer (using Medicare reimbursement rates) and an accepted cost-effectiveness threshold of $50,000 per QALY. The analysis reported by Dr. Forde and his colleagues differed from previous studies in that it: Utilized OVA1 test performance characteristics derived directly from two OVA1 clinical trials Compared cost-effectiveness using only common, validated benchmark protocols and cutoffs; Evaluated a single prospectively enrolled and double-blinded registry study cohort for which each benchmark method was compared on a per-patient basis with OVA1 results; Included an expert treatment decision path analysis, independently published epidemiology and quality of life utility assumptions and a robust hidden Markov model methodology; and Considered direct costs from a Medicare reimbursement perspective, and separately, inclusion of indirect costs associated with lost patient and caregiver productivity. Several important health economic and quality outcomes conclusions were reported in the new study: Use of OVA1 resulted in fewer projected re-operations and pre-treatment CT scans versus CA 125-II or mod-ACOG; OVA1 was QALY-increasing and cost-effective relative to CA 125-II or mod-ACOG; ICERs of $12,189/QALY and $35,094/QALY were calculated versus CA 125-II and mod-ACOG, respectively; resulting in a "cost-effective" outcome based on the $50,000 threshold; and Relative to the best-practice mod-ACOG benchmark, OVA1 projected an annual increase in patient survival and QALY in excess of 1,000 years, when the surgical cohort was projected to national annual adnexal mass surgeries including about 22,000 new cases of ovarian cancer.
Vermillion, Inc. Provides Cash Flow Guidance for the First Quarter of 2015
Mar 25 15
Vermillion, Inc. provided cash flow guidance for the first quarter of 2015. For the quarter, the company expected expected cash outlay for operations between $4.6 million and $4.9 million during the first quarter of 2015.
Vermillion, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
Mar 25 15
Vermillion, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net loss of $4,076,000 or $0.11 basic and diluted loss per share on total revenue of $1,569,000 against net loss of $1,817,000 or $0.07 basic and diluted loss per share on total revenue of $1,585,000 a year ago. Loss from operations was $4,069,000 and loss before income taxes was $4,076,000 against loss from operations of $1,825,000 and loss before income taxes of $1,817,000 a year ago.
For the year, the company reported net loss of $19,209,000 or $0.53 basic and diluted loss per share on total revenue of $2,521,000 against net loss of $8,819,000 or $0.42 basic and diluted loss per share on total revenue of $2,566,000 a year ago. Loss from operations was $19,211,000 and loss before income taxes was $19,209,000 against loss from operations of $8,863,000 and loss before income taxes of $8,819,000 a year ago.
Vermillion, Inc. Announces Retirement of Robert S. Goggin as Director
Mar 20 15
On March 18, 2015, Robert S. Goggin, a director of Vermillion, Inc. advised the company that he intends to retire from the board of directors of the company at the end of his current term and will therefore not stand for re-election to the Board at the company's 2015 annual meeting of shareholders. Mr. Goggin advised the company that his decision to retire was not the result of any disagreement with the company.