Vermillion amends 4.5% convertibles due 2008, extends maturity date

By Devika Patel

Knoxville, Tenn., Dec. 17 - Vermillion, Inc. revised the terms of its 4.5% convertible senior notes due 2008 on Dec. 11, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Under the new terms, the maturity date of the notes has been extended to Sept. 1, 2009.

The conversion rate for the notes has been adjusted to 20 shares per $1,000 principal amount of notes, or $50.00 per share.

In addition, the company may redeem the notes at par until Aug. 31, 2009.

The investors have waived any past defaults.

Fremont, Calif.-based Vermillion specializes in the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients.

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