Vermillion (VRML) Surges As OVA1 Test Gets Approval
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Vermillion, Inc. (Nasdaq: VRML) is a rare bright spot Tuesday after the company said it received Category 1 CPT code approval for its OVA1 test, designed to help differentiate benign versus malignant ovarian masses.
"This is a major achievement for OVA1 and an endorsement for the unmet clinical need addressed by this important triage test," said Gail S. Page, Vermillion's president and chief executive officer. "This approval was supported by several peer-reviewed publications and positive coverage decisions, including Medicare. The new CPT code is a critical step in advancing the commercialization of OVA1, as we believe it will help streamline claims processing and accelerate further coverage and adoption by private payers."
Shares of Vermillion last traded at $1.86, up nearly 40 percent.
"This is a major achievement for OVA1 and an endorsement for the unmet clinical need addressed by this important triage test," said Gail S. Page, Vermillion's president and chief executive officer. "This approval was supported by several peer-reviewed publications and positive coverage decisions, including Medicare. The new CPT code is a critical step in advancing the commercialization of OVA1, as we believe it will help streamline claims processing and accelerate further coverage and adoption by private payers."
Shares of Vermillion last traded at $1.86, up nearly 40 percent.
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