VolitionRx Limited Announces Full Fiscal Year 2020 Financial Results and Business Update

 

Conference call to discuss financial and operational results scheduled for

Tuesday, March 23 at 8:00 a.m. U.S. Eastern Time

 

·Launched first product, the Nu.Q® Vet Cancer Screening Test and recorded first revenue from sales of a commercial product 

·Engaged Diagnostic Oncology CRO LLC to conduct U.S. regulatory clinical trial for Non-Hodgkin’s Lymphoma 

·Expanded research program for the use of Nu.Q® technology in NETosis (COVID-19 and sepsis) 

·Strengthened intellectual property portfolio  

·Purchased and opened first production facility 

·Strongest-ever cash position following a public offering in February 2021
 

 

AUSTIN, Texas, March 22, 2021 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) (“Volition”) today announced financial results and a business update for the full fiscal year ended December 31, 2020. Volition management will host a conference call tomorrow, March 23 at 8:00 a.m. U.S. Eastern Time to discuss these results. Conference call details may be found below.

 

“We made significant progress on many fronts throughout 2020, culminating in the launch of our first product, the Nu.Q® Vet Cancer Screening Test in the fourth quarter. This was a pivotal moment for Volition, demonstrating that our platform has the reliability and reproducibility to launch in an independent laboratory,” commented Cameron Reynolds, President and Chief Executive Officer of Volition. “Despite the persistence of the COVID-19 pandemic, we kept our laboratory operational throughout the year and completed the fit out and opening of our new Silver One production facility in Namur, Belgium. I am proud of the way our team has adapted to the different world we find ourselves in and has kept working at full speed. It is their efforts and tenacity that have made possible these milestones and the many others that we achieved during 2020.”

 

An interview with Cameron Reynolds, President and Chief Executive Officer, Terig Hughes, Chief Financial Officer and Jake Micallef, Chief Scientific Officer.

https://youtu.be/el-7H7SWULA

 

Mr. Reynolds continued, “We added to our already extensive intellectual property portfolio and at year end held 64 patents with a further 90 patents pending. We have made considerable progress in our human studies with data released in blood cancer, lung cancer, Nu.Q® Capture, COVID-19 and most recently sepsis. Currently we are in our strongest-ever financial position to support the pursuit of our many milestones and look forward to providing updates throughout the year.”

 

Company Highlights

 

Financial

 

·Cash and cash equivalents as of December 31, 2020 totaled approximately $19.4 million compared with $17 million as of December 31, 2019. 

·Continued to manage our expenditures carefully with a burn rate of approximately $1.5 million per month throughout 2020.  

·During the first quarter of 2021 to date added an aggregate of approximately $20.5 million in cash mostly through an underwritten public offering of our common stock that closed in February, as well as through periodic sales of common stock under our at-the-market equity distribution program. 

·Secured a further $4 million in non-dilutive funding consisting of a cash grant of $1.3 million and loans totalling $2.7 million from the Walloon Regional Government and associated agencies. 

·Following the public offering in February, our cash and cash equivalents totaled approximately $40 million before deducting expenses incurred thus far in 2021, by far our strongest cash position ever.  

 

Nu.Q® Vet Cancer Screening Test Commercial Launch

 

·Launched the Nu.Q® Vet Cancer Screening Test in late November.  

·We are very happy with the sales progress to date. We received the first order from the GI lab at Texas A&M University late last year and have already received three additional orders from them in 2021. 

·The test is positioned for use in the annual health check of older dogs (those that are seven years and older). It may also be a complimentary test for younger dogs of breeds at high risk for developing cancer in their lifetimes such as Golden Retrievers. 

·This beta launch will facilitate real-world learnings and help shape the marketing mix before our planned launch nationally across the U.S. in the next few months. 

·The beta launch also provides us an opportunity to showcase the product to the large multinational companies we are in active discussions with, regarding the distribution and/or sales of our tests in the veterinary market. 

·In addition to the Texas beta launch we are finalizing beta launch planning in both Asia and Europe. 


The following information was filed by Volitionrx Ltd (VNRX) on Monday, March 22, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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