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Vermillion Reports Financial Results for the First Quarter 2011

Wednesday, May 11, 2011 General News J E 4
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Vermillion, Inc.

Consolidated Statement of Operations

(Amounts in Thousands, Except Share and Per Share Amounts)

(Unaudited)

Three Months Ended March 31,

2011

2010

Revenue:

Product

$                  317

$                     -

License

114

73

Total revenue

431

73

Cost of revenue:

Product

42

-

Total cost of revenue

42

-

Gross profit

389

73

Operating expenses:

Research and development(1)

1,218

748

Sales and marketing(2)

1,318

193

General and administrative(3)

2,300

2,136

Total operating expenses

4,836

3,077

Loss from operations

(4,447)

(3,004)

Interest income

16

6

Interest expense

(115)

(143)

Change in fair value and gain from exercise of warrants, net

307

(6)

Debt conversion costs

-

(141)

Reorganization items

(16)

(1,332)

Reorganization items - related party incentive plan

-

(6,932)

Other income (expense), net

(36)

(34)

Loss before income taxes

(4,291)

(11,586)

Income tax expense

-

-

Net loss

$             (4,291)

$           (11,586)

Net loss per share - basic and diluted

$               (0.34)

$               (1.14)

Weighted average common shares used to compute basic and diluted net loss per common share

12,541,975

10,131,758

Non-cash stock-based compensation expense included in operating expenses:

(1)  Research and development

$                  206

$                  306

(2)  Sales and marketing

43

7

(3)  General and administrative

1,003

636

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