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Vermillion, Inc. (VRML) Purchases Correlogic Systems’ Assets for $435,000
Leading molecular diagnostics company, Vermillion, Inc., announced today that it has completed purchasing almost all of the assets associated with Correlogic Systems, Inc., the ovarian cancer diagnostics business.
Before filing for bankruptcy protection under Chapter 11 in 2010, Correlogic pioneered the use of pattern recognition technologies in the development of proteomic, metabolomic and genomic-based clinical diagnostic tests. The company’s technology possessed a wide range of applications for creating disease classification models, biomarker discovery and new drug discovery processes. These initiatives led to cancer and non-cancer disease research, drug discovery, drug response monitoring, bio-security and other applications as published in 17 peer-reviewed journals.
Vermillion paid approximately $435,000 in cash for Correlogic’s assets, which included more than 1,000 diagnostic samples from ovarian tumor studies, three pending U.S. patents, proprietary software and other intellectual property. Vermillion will use these assets to advance its ovarian cancer franchise, including developing its next-generation ovarian cancer test, OVA2™. The company intends to use OVA2 to expand its ovarian cancer market opportunities by addressing unmet medical needs and additional indications for testing. Ultimately, by gaining Correlogic’s patient samples, Vermillion will enhance its strategic position as an industry leader.
“While Vermillion notes the loss of a substantial competitor, the acquisition of these assets will enhance our development efforts, and offers significant savings in terms of time and cost,” remarked Vermillion’s CEO, Gail Page. “Further, the acquisition adds to our growing IP portfolio.”
