VolitionRX Limited Announces Full Fiscal Year 2017 Financial Results and Business Update

 

Conference call to discuss financial and operational results scheduled for

Friday, March 2 at 8:30 a.m. Eastern Time

 

ISNES, Belgium, March 1, 2018 /PRNewswire/ -- VolitionRX Limited (NYSE AMERICAN: VNRX) (“Volition”) today announced financial results for the full fiscal year ended December 31, 2017.

 

Cameron Reynolds, Chief Executive Officer of Volition, upon releasing these results commented, “I could not be more proud of our dedicated team at Volition.  During 2017, we, together with our collaborators, have made strong progress. After seven years of hard work, earlier this week we were excited to announce excellent early detection interim results from our ongoing front-line screening trial for colorectal cancer. We believe these are the first data to show high detection rates in a simple blood test, not only of early Stage I cancer, but also of the extremely important high-risk pre-cancerous adenomas. We believe that with further development, our Nu.QTM panel could form the basis of new colorectal cancer tests with early stage disease detection, and that our tests could become accessible to and usable by a wide section of the screening population around the world. The whole team will be working hard towards achieving our numerous milestones in 2018.”

 

Company Highlights

 

Clinical

 

Announced our participation in what we believe to be the largest-ever colorectal cancer screening study in conjunction with the University of Michigan and the National Cancer Institute and its Early Detection Research Network to validate Nu.Q for the U.S. market.  

oStudy is expected to provide approximately 13,500 asymptomatic samples of screen relevant subjects; 

oCollection underway and expected to be completed by 2020; and 

oCost of study is expected to be up to $3 million, paid in instalments over the study period, which we believe represents an outstanding value for the money. 

Signed a Memorandum of Understanding with the National Taiwan University to conduct two large multi-center, multi-country, multi-ethnicity studies in Asia. 

Announced a positive report from the Danish Research Group regarding the Logistics and Pathway Design Study conducted by the Hvidovre Hospital at the University of Copenhagen, Denmark. 

oThe study successfully demonstrated that it is possible to collect, process, gather, ship, analyse and provide the needed data all in due time (in accordance with current Danish legislation). 

Announced interim results from our first asymptomatic colorectal cancer (CRC) frontline screening study.  

oThis ongoing study is being carried out in collaboration with Hvidovre Hospital, University of Copenhagen, Denmark and involves 680 subjects from the Danish National CRC Screening Program. 

oThe interim results demonstrated that a small panel of three ELISA assays, when considered with patient variables; 

produced an area under the curve (AUC) of 83%, 

detected 80% of Stage I CRC cases at 78% specificity, and 

detected 66% of High-Risk Adenomas (HRA) at 78% specificity.  

 

Intellectual Property

 

Secured four additional patents in 2017, to date, a total of five patents have been granted in the U.S. and eight more patents have been granted in other jurisdictions.  

 

Research Use Only Kits

 

Announced the first order for a bespoke Research Use Only kit to a large multi-national pharmaceutical company. 

Intend to roll out a range of kits that use the same platform as Volition’s cancer diagnosis panel that may be used for many other purposes, such as to aid drug development and treatment selection, which we hope will drive early revenue and validate our platform. 

 

Operational

 

Strengthened the Executive Team with the appointments of Dr. Jasmine Kway as Vice President of Volition, Asia and Mr. David Vanston as the company’s Chief Financial Officer. 

Established Volition America, Inc., a wholly owned subsidiary based in Austin, Texas which is run by Dr. Jason Terrell, Chief Medical Officer of Volition and Chief Executive Officer of Volition America, Inc. 

Moved into a new purpose-built, state of the art research and development facility in Belgium. This new facility has provided us with increased capacity and capability; we now have additional freezer space, automates and importantly an expanded scientific team (40% increase of the team over December 2016)  


The following information was filed by Volitionrx Ltd (VNRX) on Thursday, March 1, 2018 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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