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Bankruptcy Court OKs Vermillion Reorganization Plan

January 8, 2010 (FinancialWire) — Vermillion, Inc. (OTC: VRMLQ) said the United States Bankruptcy Court for the District of Delaware has confirmed the company’s Plan of Reorganization.

On December 28, 2009 Vermillion entered into securities purchase agreements in connection with a private placement with a group of investors effective December 24, 2009.

Under the terms of the agreements, the company will receive around $43.05 million in gross proceeds from the sale of around 2.328 million shares of its common stock.  

California-based Vermillion is focused the discovery, development and commercialization of diagnostic tests that used by physicians diagnose and treat patients.

The company, along with its scientific collaborators, has diagnostic programs in oncology, hematology, cardiology and women’s health.

Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). Recently issued reports and filings include Weatherford International Ltd. (NYSE: WFT), UQM Technologies, Inc. (AMEX: UQM), Panhandle Oil and Gas, Inc. (NYSE: PHX), Encore acquisition Company (NYSE: EAC), Altius Minerals Corp. (TSX: ALS), PKC Group Oyj (PLUS: PKC1V) and Standard Life Investments European Private Equity Trust PLC (LSE: SEP) (PLUS: SEP).

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