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VolitionRx Limited Announces Third Quarter 2018 Financial Results and Business Update
ISNES, Belgium, November 7, 2018 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) (“Volition”) today announced financial results and a business update for the quarter ended September 30, 2018. Volition management will host a conference call to discuss these results and provide a further business update tomorrow, November 8, 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 good progress being made on many fronts demonstrating the diverse nature of our platform technology. From a financial perspective I am delighted that we have strengthened the balance sheet in three ways: most importantly with completion of a private placement (PIPE) of shares of common stock and a warrant with an existing accredited investor resulting in gross proceeds of $9 million (excluding any proceeds from the exercise of the warrant); securing an additional $700,000 in non-dilutive funding from the Walloon Regional Government; and most recently, the exercise of outstanding warrants that provided approximately $717,000 in additional funds to the Company.”
Mr. Reynolds commented, “The first Research Use Only kit was launched in August and we expect to add to the range of kits by the end of 2018. I am delighted to announce that these kits have been sold to several research groups and companies already, affording Volition its first potential revenue from the Nu.QTM platform. Our research and development team in Belgium are hard at work on the significant task of turning our assays into robust products that can be used worldwide. This development work will be key to our future success and is now very much bearing fruit. We are also fortunate to be working with institutions and individuals who have world-renowned reputations. We were delighted to welcome Professor Han-Mo Chiu of National Taiwan University, Principal Investigator of our Pan-Asian colorectal cancer studies, to our facility in Belgium this quarter.”
Third Quarter 2018 and Recent Company Highlights
Released encouraging preliminary data from a prospective, multi-centered Proof of Concept Study into the utility of Volition’s Nu.Q™ assays to diagnose men with high-grade prostate cancers. At 88% specificity, the Volition assays (including PSA) identified 94% of high-grade prostate cancers that require treatment.
Signed agreements to conduct two large-scale colorectal cancer research studies across the Asia Pacific region in collaboration with the National Taiwan University.
oThe first study will comprise 5,000 asymptomatic colorectal cancer screening subjects and the second trial will include up to 2,000 symptomatic colorectal cancer patients.
oThese studies are being conducted to test and validate Volition’s proprietary Nu.Q™ platform for the detection and diagnosis of colorectal cancer for marketing, rather than for regulatory purposes.
oThe studies will cost approximately $2.55 million payable over three years and should assist product development in Asia in 2019.
Launched and achieved sales of the Nu.Q™ Total assay kit, the first of our range of Research Use Only kits through our exclusive global distributor, Active Motif. We expect to add further products for Research Use Only during the balance of 2018, building through next year and beyond.
Commenced work on the Bonn27 study: this 4,500-patient cohort has been collected by the University of Bonn, Germany and includes patients with 27 of the most prevalent cancers.
Started proof of concept work in one of our non-cancer disease areas, namely: endometriosis. This study is in collaboration with the University of Oxford which has completed a collection of 350 patient samples over the last three years.
Expanded our Nu.QTM trials into veterinary diagnostics following very encouraging preliminary results from initial proof of concept studies in dogs and more recently horses. We announced a pilot study collaboration with Texas A&M College of Veterinary Medicine & Biomedical Sciences as a first step toward developing a product commercialization strategy.
Professor Chiu from National Taiwan University visits the Volition Facility:
2018 Third Quarter Results & Business Update:
The following information was filed by Volitionrx Ltd (VNRX) on Wednesday, November 7, 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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