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VolitionRx Limited Announces First Quarter 2018 Financial Results and Business Update
ISNES, Belgium, May 10, 2018 /PRNewswire/ -- VolitionRx Limited (NYSE American: VNRX) (“Volition”) today announced financial results and a business update for the first quarter ended March 31, 2018. Volition management will host a conference call tomorrow, May 11, at 8:30 a.m. U.S. Eastern Time to discuss these results. Conference call details may be found below.
Mr. Cameron Reynolds, President and Chief Executive Officer of Volition, said, “We have made great progress this quarter, moving our clinical assay development strongly forward and broadening our potential revenue base with our recently announced exclusive global license, manufacturing, sales and distribution agreement with Active Motif for a range of research use only kits.” Mr. Reynolds added, “We look forward to achieving our numerous upcoming clinical and commercial milestones, while continuing to keep close control on our cash burn, which has remained relatively stable.”
First Quarter 2018 and Recent Company Highlights
Signed an exclusive global license, manufacturing, sales and distribution agreement with Active Motif for a range of research use only kits.
oThe kits are based on our proprietary Nucleosomics® technology and are expected to:
allow researchers to explore patterns of epigenetic modifications in circulating nucleosomes across a broad range of clinical applications including cancers, inflammatory and infectious diseases; and
represent the first revenue from the Nu.QTM platform and potentially provide an additional licensing revenue stream beyond the commercialization of our blood-based cancer tests on the same platform of assays.
We made progress on a project to investigate the use of Nucleosomics® to purify or enrich nucleosomes of tumor origin. This project aims to provide purified ctDNA to help address the main technology barrier to ctDNA cancer diagnostics.
We raised $8.4 million in gross proceeds through a registered public offering of shares of common stock.
First Quarter 2018 and Other Financial Results
Cash and cash equivalents as of March 31, 2018 totaled $14.3 million, compared with $10.1 million as of December 31, 2017.
We expect to achieve the following milestones during 2018 and the early part of 2019:
Launch a range of research use only kits to be sold and distributed globally by Active Motif;
Announce the results of the updated Nu.Q Colorectal Cancer Triage Test during the third quarter of 2018;
Select the final panel for the Nu.Q Colorectal Cancer Frontline Screening Test based upon 4,300 samples;
Validate the selected final panel with a 12,000-subject Colorectal Cancer Screening Cohort;
Obtain CE marking of the updated Nu.Q Colorectal Cancer Triage Test in the fourth quarter of 2018 followed by the CE marking of the Nu.Q Colorectal Cancer Frontline Screening Test in the first quarter of 2019;
Release interim results on the 27 most prevalent cancers study of 4,500 subject samples, collected by the University of Bonn, Germany, to show the breadth of the platform technology;
Commence the Asia multi-country study in collaboration with the National Taiwan University; and
Obtain additional non-dilutive funding.
Mr. Reynolds concluded, “We are extremely proud of the accomplishments we have achieved thus far. I thank the dedicated Volition team for their tireless efforts. I, along with the rest of the Board and indeed the whole company, look forward to sharing the results of key studies and the anticipated commercialization of our platform over the coming year.”
The following information was filed by Volitionrx Ltd (VNRX) on Thursday, May 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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