Vermillion private placement comes through

Vermillion ($VRML) said it has raised a net of just under $12 million through a previously announced private placement. The Texas-based molecular diagnostics company also issued warrants that could boost that number another $18.3 million if and when the warrants are exercised. Plans call for using the money to boost sales of the company's diagnostics tests and increase development of next-generation ovarian cancer diagnostics tests. The funding will also help fuel efforts to improve the reimbursement environment for OVA1, the company's flagship ovarian cancer diagnostic test. Release

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