Vermillion holds off delisting with $20.5m from share sales:
This article was originally published in Clinica
Diagnostics specialist Vermillion (formerly Ciphergen Biosystems) has received a timely financial boost - a windfall of $20.5m - from a private placement of approximately 24.4 million shares of common stock. The placement, made with a group of existing and new investors, will be used for general working capital and will be welcome relief to the Fremont, California-based firm, which was issued with a non-compliance letter from Nasdaq indicating a stockholders' equity below $2.5m; a market value of listed securities below $35m; or a net income of $500,000 for the previous fiscal year. Vermillion has until September 14 to regain compliance.