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VolitionRx Limited Announces Second Quarter 2017 Financial Results and Business Update
ISNES, Belgium, August 9, 2017 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) (“Volition”) today announced financial results and a business update for the quarter ended June 30, 2017. Volition management will host a conference call to discuss these results and provide a further business update tomorrow, August 10, 2017 at 8:30 AM U.S. Eastern Time.
Cameron Reynolds, President and Chief Executive Officer of Volition, said, “We have had numerous highlights this quarter, with strong progress being made on many fronts. I am delighted with the growing strength of new talent in our team, especially the growth in our Research and Development Team in Belgium. We are also fortunate to be working with institutions and individuals who have brilliant reputations.” Mr. Reynolds continued, “We continue to announce large trials, such as the recent signing of a 13,500 patient U.S. trial in colorectal cancer. We believe that this most recently announced trial, with a cost to us of only $3 million, represents an exceptional value for our money. We look forward to achieving additional milestones in the upcoming quarters and sharing further exciting news.”
Second Quarter 2017 and Recent Company Highlights
Signed an agreement to participate in a large, multi-center study with the Great Lakes New England Clinical Validation Center, funded by the U.S. National Cancer Institute’s (NCI) Early Detection Research Network (EDRN).
oThe aim of this study is to validate Volition’s Nu.Q™ Colorectal Cancer Screening Test, in a large, asymptomatic population for U.S. regulatory purposes.
oThe study will provide approximately 13,500 asymptomatic screening samples of people aged 50 or over who have not previously undergone screening or a diagnostic colonoscopy.
oVolition America, Inc., a subsidiary of Volition, will contribute up to $3 million towards the study which will last 2-3 years, and will be paid in equal installments over a 3-year period.
The publication of a research paper in Clinical Epigenetics, entitled, “Circulating nucleosomes as new blood-based biomarkers for detection of colorectal cancer,” which reported that our four Nu.QTM assays demonstrated Colorectal Cancer detection accuracy of 74% sensitivity at 90% specificity. The study also showed that by including age as a variable, the accuracy of CRC detection increased to 91% of cancers at 90% specificity.
Initiated the regulatory acceptance process in both Taiwan and Singapore, with the latter, if approved, granting Volition access to nine other South Asian markets.
Opened a new R&D facility in Belgium’s Walloon Region, increasing Volition's capacity to both run large-scale clinical trials and extend efforts into other cancers, notably pancreatic, lung and prostate.
Formed Volition America, Inc., an Austin, Texas-based wholly-owned subsidiary whose main purpose is FDA trial development and the launching of a range of products in the U.S. over the coming years.
Appointed Mr. David Vanston as Chief Financial Officer of Volition.
Hired several key employees to the R&D team.
Second Quarter 2017 and Other Financial Results
For the three months ended June 30, 2017, Volition reported a net loss of $3.5 million, or $0.13 per share. This compares to a net loss of $2.90 million, or $0.13 per share in the second quarter of 2016.
Cash and cash equivalents as of June 30, 2017 totaled $16.5 million, compared to $18.5 million as of March 31, 2017 and $14.5 million as of June 30, 2016.
The following information was filed by Volitionrx Ltd (VNRX) on Wednesday, August 9, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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