AUSTIN, Texas, Aug. 3, 2011 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML), a molecular diagnostics company, today announced entry into a definitive agreement with Pronto Diagnostics Ltd. as its exclusive distributor of OVA1 in Israel and the Palestinian territories. Pronto Diagnostics offers a clinical lab, regulatory expertise, a broad distribution network, and years of experience distributing oncology products into the Israeli market. They will begin offering the test into the private pay market while simultaneously starting the regulatory process to make the test available to the publicly-funded Israeli HMO market.
"This distribution agreement is a significant milestone in making this important new test available to women outside the United States. Israel and the Palestinian territories represent a new market opportunity of approximately 6 million women. With the availability of OVA1, physicians in Israel and the Palestinian territories can direct patients to the most appropriate surgeon, promoting more favorable treatment outcomes," said Gail S. Page, President and CEO of Vermillion, Inc. "This further supports our expansion efforts as we continue to develop our international strategy in concert with the efforts already underway in the US."
"We are pleased by the confidence granted to us by Vermillion for the exclusive distribution of OVA1 in Israel and the Palestinian territories. This relationship will enable Pronto Diagnostics to enlarge its offering of very innovative products in the field of oncology diagnostics," said Nir Navot, PhD, CEO of Pronto Diagnostics.
OVA1 is the first protein-based in vitro diagnostic multi-variate index assay (IVDMIA), a new class of state of the art software-based diagnostics, cleared by the FDA. The test utilizes five well-established biomarkers -- Transthyretin (TT or prealbumin), Apolipoprote