Boston, MA 05/22/2013 (wallstreetpr) – The pharmaceutical company, Vermillion Inc. (NASDAQ:VRML) had witnessed a surge in the share prices by 12.31 percent to close at $2.92 per share for the trading session. The shares had been trading in the intraday range of $2.60 to $3.17 per share, thereby readjusting the 52 week high price to new level of $3.17 per share. The trading volume of shares of Vermillion Inc. (NASDAQ:VRML) had nearly doubled to reach 593,412 shares for the day.
Quarterly results, 2013
Vermillion Inc. (NASDAQ:VRML) is involved in the development and commercialization of various diagnostic tests which would enable the doctors to diagnose the diseases with improved accuracies and thereby initialize suitable treatments. The company majorly focuses on gynecologic cancers and women health disorders. Vermillion Inc. (NASDAQ:VRML) had recently released its financial results for the first quarter 2013. The total revenue of the first quarter was reported at $328,000 compared to the revenue of $312,000 for the same quarter of 2012. This increase in revenue was mostly boosted by the increase in use of OVA1 tests at fixed $50 per test.
In addition, Vermillion Inc. (NASDAQ:VRML) is also set to receive royalty compensation for the OVA1 test products which is fixed at 33 percent of the gross margin of its marketing partner, Quest Diagnostics. The net loss of the pharmaceutical company for the first quarter of 2013 was observed to be $2.6 million which gets translated into $0.17 net loss per share. This increase in net loss over the previous year’s value of $0.12 per share was partly due to the increase in operating expenses for the company.
