MM Dillon acted as placement agent for Vermillion Inc. in raising $5.6 million in equity financing through a private stock placement (PIPE).Vermillion directors, members of the management team and other existing investors have agreed to purchase about 3.7 million shares of the company’s common stock at $1.40 per share. The investors will also receive warrants to purchase an additional 2.8 million shares at $1.80 per share. If all of the warrants are used, Vermillion could raise an additional $5.1 million, bringing the total proceeds to $10.7 million before transaction costs.
About Vermillion, Inc
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 gynecologic health outcomes for women. Vermillion, Inc.’s tests are intended to detect, characterize and stage disease, and to help guide decisions regarding patient treatment, which may include decisions to refer patients to specialists, to perform additional testing, or to assist in monitoring response to therapy.
About M.M. Dillon & Co.
M.M. Dillon & Co. (formerly CRT Investment Banking LLC) is an employee owned partnership where industry and product specialists collaborate closely to provide creative, idea-driven advice and solutions to its institutional and corporate clients. M.M. Dillon offers public and private financing, M&A advisory and restructuring advisory services. M.M. Dillon’s team of experienced professionals provides execution capabilities for companies across a range of industry sectors. The firm’s senior banking professionals have a minimum of 20 years of experience with major Wall Street firms.