Vermillion closes $18.8m offering

Vermillion said today it closed a public offering of 9.6 million shares at $1.96 per share, bringing in an estimated $17.5 million for the company.

The offering also included 1.3 million shares sold  sold pursuant to the full exercise of the underwriters option to purchase additional shares at the common stock price.

Canaccord Genuity was the sole book-runner for the offering, with Roth Capital Partners acting as lead manager.

The funds are slated to be used to assist Austin, Texas.-based Vermillion fund domestic and international commercialization, bioinformatics platform enhancements, portfolio expansion and general purposes, the company said.

Vermillion develops diagnostic methods to detect, monitor and manage the treatment of gynecologic cancers and other related diseases, according to the company’s site.

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