A Medical Device Daily

Vermillion (Fremont, California) said it has filed its plan of reorganization and disclosure statement with the U.S. Bankruptcy Court for the District of Delaware. A hearing to consider approval of the statement is scheduled for Dec. 8, with the hearing on the confirmation of the plan scheduled for Jan. 7, Vermillion noted.

The plan calls for the company to pay all claims in full. The plan is expected, if approved, to allow holders of the company's common stock to retain their equity interests in the company.

"With the support of our equity holders and major creditor constituencies, we are looking forward to our expeditious emergence from Chapter 11 as a healthier and stronger company," said Gail Page, executive chairperson of the company's board. "A confirmed plan will ensure that we are able to focus on our launch of the OVA1 test, the first FDA-cleared blood test that, prior to surgery, can help physicians determine if a woman is at risk for a malignant pelvic mass."

According to Vermillion, OVA1 is the first FDA-cleared laboratory test that can indicate the likelihood of ovarian cancer with high sensitivity prior to biopsy or exploratory surgery, even if radiological test results fail to indicate malignancy. "OVA-1, which we anticipate will ultimately improve survival rates among women afflicted with ovarian cancer," Page said.