AUSTIN, Texas, Jan. 13, 2015 /PRNewswire/ -- Vermillion, Inc. (Nasdaq: VRML), a bio-analytical solutions company focused on gynecologic disease, announced today that the Company has appointed Patrick Carpenter as General Manager of ASPiRA LABS, Vermillion's CLIA-certified national clinical laboratory. Mr. Carpenter will report directly to Valerie Palmieri, the Company's President & Chief Executive Officer.
Mr. Carpenter has over 30 years' experience in clinical laboratory operations and management. Most recently, he served as Vice President Operations/General Manager at Miraca Life Sciences where he directed an anatomic pathology laboratory with $60 million in annual revenue. Prior to this he served as a senior operations consultant and in multiple operations and management-related positions at a number of leading clinical laboratories, including DIANON Systems, VCA/Antech Diagnostics and Quest Diagnostics.
"Pat has reported to me in previous positions and will be a major asset to our management team, said Ms. Palmieri. "Pat has significant industry experience and an intimate understanding of how to run a very profitable and efficient laboratory," said Ms. Palmieri. "We look forward to his contributions in leading our recently established ASPiRA LABS, which we view as a critical component of our evolution from a diagnostic company to a bio-analytic solutions provider."
Mr. Carpenter is also currently a U.S. Air Force Reserve Colonel. He received an M.S. in Biomedical Chemistry from Thomas Jefferson University, an M.A. in Health Services Management from Webster University, and a B.S. in Business and Management from the University of Maryland. Mr. Carpenter has also received a number of industry-related certifications, including multiple awards from the American Society of Clinical Pathologists.
About Adnexal Masses
- 500,000 – 1 million women experience ovarian masses and 150,000 – 300,000 women have suspicious ovarian tumors removed annually in the US.
- Ovarian cancer is rarely diagnosed in early stages and has the highest mortality rate of all gynecological cancers.
- Over 70,000 of the Company's OVA1 tests have been ordered to date.
- In 2014, Vermillion launched ASPiRA Labs, a CLIA certified national clinical lab, to serve as a cutting-edge biomarker diagnostics center for gynecological cancers.
- OVA1 is a proprietary FDA-cleared blood test to help physicians assess the risk of ovarian cancer prior to surgery and trigger the involvement of a specialist (gynecologic oncologist) for higher risk patients.
- The OvaCalc® proprietary algorithm combines five biomarker results into a single numerical "risk score" that stratifies patients into "higher risk" and "lower risk" when combined with clinical assessment.
- In two pivotal clinical trials, (Ueland FR, DeSimone CP, Seamon et al. Obstetrics & Gynecology 2011;117:1289-1297; Bristow RE, Smith A, Zhang Z et al. Gynecologic Oncology 2013;128:252-259) OVA1 plus clinical impression detected 96% of all malignancies compared to 75% for clinical impression alone. It subsequently reduced the number of malignancies missed from 25% to 4%, a reduction of 83%.
- For early-stage cancers specifically, 31% were missed by clinical impression alone. This was reduced to 5% when OVA1 was added to clinical impression, a reduction of 85%.
- Vermillion is currently developing a next-generation test, OVA2, which has an expected release in the second half of 2015.
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic and bio-analytical solutions that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in gynecologic disease. The company's lead diagnostic, OVA1®, is a blood test for pre-surgical assessment of ovarian tumors for malignancy, using an innovative algorithmic approach. As the first FDA-cleared, protein-based In Vitro Diagnostic Multivariate Index Assay, OVA1 represents a new class of software-based diagnostics. For additional information, including published clinical trials, visit www.vermillion.com.
Certain matters discussed in this press release contain forward-looking statements that involve significant risks and uncertainties, including statements regarding the role of the General Manager of ASPiRA LABS. These forward-looking statements are based on current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. A variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements, including the factors described in the Risk Factors section of Vermillion's Annual Report on Form 10-K for the year ended December 31, 2013 and Quarterly Reports on Form 10-Q for the quarter ended March 31, 2014 and the quarter ended September 30, 2014. All information in this press release is as of the date of this release, and Vermillion expressly disclaims any obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this press release, except as required by law.
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SOURCE Vermillion, Inc.