VolitionRx Limited Announces Second Quarter 2019 Financial Results and Business Update

 

Conference call to discuss financial and operational results scheduled for

Tuesday, August 13 at 8:30 a.m. U.S. Eastern Time

 

AUSTIN, Texas, August 12, 2019 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) (“Volition”) today announced financial results and a business update for the second quarter ended June 30, 2019. Volition management will host a conference call tomorrow, August 13, at 8:30 a.m. U.S. Eastern Time to discuss these results. Conference call details may be found below.

 

Click here to view an interview with Volition’s Chief Executive Officer.

https://volitionrx.com/press-room/video-gallery

 

Cameron Reynolds, President and Chief Executive Officer of Volition, upon releasing these results, commented, “I could not be more proud of our dedicated team at Volition, and the ground-breaking work they are doing.  I’m happy to say that we have made significant progress on colorectal cancer and lung cancer trials, particularly in Asia, as well as on our platform development, Nu.QTM Capture discovery research and, of course, the development of Nu.QTM Vet.

 

We are an epigenetics company focused on advancing the science of epigenetics and exploiting these advances in human and animal health. This has been our mission since our founding, and it is coming to fruition with our Nu.QTM platform at the very heart of epigenetics. We believe the last decade of work and our extensive intellectual property portfolio puts Volition in a strong position to be a significant player in this field.”

 

Mr. Reynolds further commented “We aim to strengthen our product pipeline beyond colorectal cancer to cover several cancers, most notably in lung cancer, and so are especially delighted to have executed agreements with the National Taiwan University to conduct our first large-scale study in lung cancer and with Shanghai Fosun Long March Medical Science Co. Ltd. to conduct our first lung cancer study in China. I am also delighted to announce the recent formation of a Texas-based subsidiary, Volition Veterinary Diagnostics Development LLC, to focus on the development and commercialization of our Nu.QTM Vet products and help drive early revenue.”

 

Additionally, Mr. Reynolds added “During the second quarter 2019, we further strengthened our balance sheet with an existing investor exercising $5 million in aggregate amount of outstanding warrants to purchase shares of our common stock and ended the quarter with cash and cash equivalents of $18.5 million. Subsequent to quarter-end, a further $4.8 million in warrants were exercised for cash, making a total of $16.5 million in warrants exercised this year. We have also been awarded a further $1.4 million in non-dilutive grant-funding from the Walloon Region.”

 

Company Highlights

 

Financial

 

Cash and cash equivalents as of June 30, 2019 totaled $18.5 million compared to $13.4 million as of the end of 2018. 

An additional $4.8 million in aggregate exercise price of warrants (at $3 per share of common stock) were exercised subsequent to the quarter-end. 

Continued to manage cash carefully with a cash burn of $2.9 million in the second quarter of 2019.  

 

Clinical Trials

 

Added to our extensive clinical trial program with the execution of a contract to conduct our first large-scale lung cancer study in conjunction with the prestigious National Taiwan University (“NTU”).  The study is being conducted under the supervision of Professor Chen Jin-Shing in the Department of Surgery of NTU and will include 1,200 subjects receiving Low-Dose Computed Tomography scans, including 1,000 with lung cancer. We expect the first data from this trial in the first quarter of 2020. 

Executed a contract with Shanghai Fosun Long March Medical Science Co., Ltd. to conduct our first study, a lung cancer study, in China. This study is underway, and we expect it will be completed in 2019.  

 

Organizational

 

Formed a U.S.-based subsidiary, Volition Veterinary Diagnostics Development LLC, to drive the development and commercialization of Nu.QTM Vet products and appointed its Chief Executive Officer, Mr. Nathan Dewsbury. 

Executed a non-binding Memorandum of Understanding with Texas A&M University’s College of Veterinary Medicine to conduct a study of Nu.QTM Vet. 


The following information was filed by Volitionrx Ltd (VNRX) on Monday, August 12, 2019 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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