FREMONT, Calif., April 2 /PRNewswire-FirstCall/ -- Vermillion, Inc. (OTC Bulletin Board: VRML) today announced that it has filed a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware ("Bankruptcy Court") in Wilmington, Delaware. The company plans to continue operating without interruption as it focuses on obtaining regulatory clearance respecting the company's ovarian tumor triage test ("OVA1") 510(k) pre-market notification to the United States Food and Drug Administration ("FDA"). That submission is currently pending and the company continues to work diligently to provide information and data in response to FDA inquiries. Upon receipt of FDA regulatory clearance, the company would then seek to move forward, including with a strategic alliance partner, to bring the OVA1 test to market.
In conjunction with the filing, the company is seeking customary authority from the Bankruptcy Court that will enable it to continue operating its business in the ordinary course. To address its financial condition and deteriorating liquidity position, as a cost-saving measure, the company reduced its workforce.
In connection with the filing, directors Kenneth Conway, Rajen Dalal, James Rathmann and John Young resigned from the Board of Directors, effective immediately. Gail Page has been elected as the Executive Chair of the Board of Directors of the company, also effective immediately. The board will continue to operate with a reduced number of directors as a cost-saving measure.
The board now consists of Gail Page, John Hamilton and James Burns, all of whom have indicated their intention to continue their role as directors of the company for the time being.
For purposes of conserving company resources, on March 27, 2009, Vermillion requested the resignation of several of its execu
|SOURCE Vermillion, Inc.|
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