Vermillion Nearly Doubles After Category 1 CPT Code Approval

Shares of Vermillion

are seeing much strength during Tuesday's trading session after the company announced Category 1 CPT Code approval for OVA1. The American Medical Association Current Procedural Terminology (CPT®) Panel has voted to approve an application for a Category 1 CPT code for Vermillion's OVA1® test, which is designed to help differentiate benign versus malignant ovarian masses. "This is a major achievement for OVA1 and an endorsement for the unmet clinical need addressed by this important triage test," said Gail S. Page, Vermillion's president and chief executive officer. "This approval was supported by several peer-reviewed publications and positive coverage decisions, including Medicare. The new CPT code is a critical step in advancing the commercialization of OVA1, as we believe it will help streamline claims processing and accelerate further coverage and adoption by private payers." Currently, shares of Vermillion are trading up over 93% at $2.60 per share.