Vermillion, Inc. Announces Proposed Concurrent Public Offerings of Common Stock and Preferred Stock

AUSTIN, Texas, April 12, 2018 -- Vermillion, Inc. (Nasdaq:VRML), a bio-analytical solutions company focused on gynecologic disease, today announced that it intends to offer shares of its common stock and convertible preferred stock in concurrent but separate underwritten public offerings. The convertible preferred stock is non-voting and convertible into shares of Vermillion, Inc. common stock automatically upon receipt of stockholder approval of the conversion. The offerings are subject to market and other conditions, and there can be no assurance as to whether or when the offerings may be completed, or as to the actual size or terms of the offerings. As part of the common stock offering, Vermillion, Inc. is expected to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of common stock being offered at the public offering price, less underwriting discounts and commissions, to cover over-allotments, if any. The offerings are being conducted as separate public offerings by means of separate prospectus supplements, and neither offering is contingent upon the consummation of the other. All of the shares will be offered by Vermillion, Inc.

Piper Jaffray & Co. is the sole underwriter for the offerings.

Vermillion, Inc. intends to use the net proceeds from the offerings for working capital and general corporate purposes, including sales and marketing, portfolio expansion and general administrative expenses.

Each offering is being made pursuant to a shelf registration statement (File No. 333-221092) previously filed with, and declared effective by, the U.S. Securities and Exchange Commission (the “SEC”). Each offering will be made only by means of the preliminary prospectus supplement and accompanying prospectus describing the terms of such offering that will be filed with the SEC. Electronic copies of the preliminary prospectus supplements and accompanying prospectuses will be available through the website of the SEC at www.sec.gov or may be obtained by contacting Piper Jaffray & Co., 800 Nicollet Mall, J12503, Minneapolis, MN 55402, Attention: Prospectus Department, by telephone at (800) 747-3924 or by e-mail at [email protected].

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy securities in any state or other jurisdiction in which such offer or sale is not permitted. 

About Vermillion, Inc.
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic and bio-analytical solutions that help physicians diagnose, treat and improve gynecologic health outcomes for women. Vermillion, Inc.’s tests are intended to detect, characterize and stage disease, and to help guide decisions regarding patient treatment, which may include decisions to refer patients to specialists, to perform additional testing, or to assist in monitoring response to therapy.

Forward Looking Statements
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding Vermillion’s expectations about the proposed public offerings. 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. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions and the completion of the proposed offerings, as well as risks and uncertainties inherent in Vermillion’s business, including those described in the section entitled “Risk Factors” in Vermillion’s Annual Report on Form 10-K for the year ended December 31, 2017 and in Vermillion’s other periodic filings with the SEC. The events and circumstances reflected in Vermillion's forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. 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.

Investor Relations Contact:
Ashley R. Robinson
LifeSci Advisors, LLC
Tel 617-755-5956
[email protected]