Vermillion, Inc. (NASDAQ: VRML) is engaged in the discovery, development, and commercialization of diagnostic and bio-analytical solutions for women’s health in the US. Shares surged 21.96% on Tuesday, January 15, 2019. Over the past three months, Vermillion has seen an average daily volume of 127,880 shares. However, on Tuesday, 1.56 million shares traded hands, equating to $1.06 million in dollar volume.
Shares surged on Tuesday after Vermillion announced its ovarian cancer detection device, OVA1®, has been selected by Cigna Holding Co (NYSE: CI) to be included in its national preferred coverage list. Cigna is “one of the largest health insurers in the U.S.” with over 15 million members who will now have access to Ova1®. Vermillion’s Ova1® “has the highest rate of risk detection for all ages, ethnicities, stages and all subtypes of ovarian cancer.” Valerie Palmieri, President and CEO of Vermillion, commented, “Coverage by Cigna represents a very meaningful step forward towards becoming the standard of care for assessing malignancy risk and proactively managing low risk pelvic masses.” Here is the full press release detailing Cigna’s coverage of Ova1®:
Vermillion, Inc. Press Release:
AUSTIN, Texas, Jan. 15, 2019 (GLOBE NEWSWIRE) — Vermillion, Inc. (VRML), a bioanalytical-based women’s health company focused on gynecologic disease, today announced that Cigna has added OVA1® (MIA) to its national preferred coverage list effective January 15, 2019. Cigna is one of the largest health insurers in the U.S. Cigna works together with customers to help them lead healthier fuller lives. Cigna’s decision to add coverage for OVA1® furthers its mission to provide customers with personally relevant products and services, and help customers reduce health costs and achieve optimal health outcomes.
Women with an elevated risk of ovarian cancer can improve their survival rate up to 40% by getting to a gynecologic oncologist for the first surgery. OVA1® is included in the American College of Obstetricians and Gynecologists (ACOG) clinical management guidelines for management of pelvic masses. OVA1® has the highest rate of risk detection for all ages, ethnicities, stages and all subtypes of ovarian cancer.
“We are thrilled to have millions more women in the U.S. gain access to OVA1® (MIA), our innovative ovarian cancer risk assessment test,” said Valerie Palmieri, President and CEO of Vermillion, Inc. “This takes our total covered lives to 167M or 51% of the total population. Our test allows healthcare providers to detect risk of malignancy at earlier stages, improve survival outcomes for women, and optimize surgical treatment. Coverage by Cigna represents a very meaningful step forward towards becoming the standard of care for assessing malignancy risk and proactively managing low risk pelvic masses.”
About Vermillion
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, along with its prestigious scientific collaborators, discovers, develops, and delivers innovative diagnostic and technology tools that help women with serious diseases. The company’s initial in vitro diagnostic test, OVA1® (MIA), was the first FDA cleared, protein-based In Vitro Diagnostic Multivariate Index Assay, and represented a new class of software-based liquid biopsy in vitro diagnostics. In March 2016, Vermillion received FDA clearance for Overa®, a Multivariate Index Assay 2nd Generation (MIA2G) test with significantly improved specificity and ease of use. Vermillion’s tests are intended to 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 Statement
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. 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 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 as supplemented by the section entitled “Risk Factors” in Vermillion’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018. 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.
Article By: Andrew Rego
