VolitionRx Limited Announces Full Fiscal Year 2019 Financial Results and Business Update

 

Conference call to discuss financial and operational results scheduled for

Friday, February 21 at 8:30 a.m. U.S. Eastern Time

 

 

AUSTIN, Texas, February 20, 2020 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) (“Volition”) today announced financial results and a business update for the full fiscal year ended December 31, 2019. Volition management will host a conference call tomorrow, February 21, at 8:30 a.m. U.S. Eastern Time to discuss these results. Conference call details may be found below.

 

Cameron Reynolds, President and Chief Executive Officer of Volition, upon releasing these results commented, “During 2019, we, together with our collaborators, have made very strong progress, particularly in assay and platform development, with our Nu.QTM Capture program and epigenetic toolkit, Nu.QTM Vet in collaboration with Texas A&M University and, most recently, with the acquisition of the epigenetics reagents company, Octamer GmbH. It is very encouraging that our field of epigenetics is now getting what we believe is long overdue recognition.”

 

An interview with Cameron Reynolds, President and Chief Executive Officer.

https://youtu.be/Nvt84hfOUEg

 

Mr. Reynolds added “We strengthened our balance sheet throughout 2019 with existing investors exercising over $16 million in outstanding warrants to purchase shares of our common stock, receipt of additional non-dilutive funding and maintaining a low cash burn rate and therefore start the new year in a strong position to achieve our key 2020 milestones.”

 

Company Highlights

 

Financial

 

Cash and cash equivalents as of December 31, 2019 totalled $17 million compared to $13.4 million as of the end of 2018. 

Existing investors exercised $16.5 million in aggregate amount of outstanding warrants to purchase shares of our common stock.  

Received additional $3.3 million in non-dilutive funding taking our total non-dilutive funding (grants and loans) to date to over $7.5 million.   

Continue to manage cash carefully with a monthly burn (or cash used in operating activities) of approximately $1.2 million during 2019.  

 

Assay Development

 

Volition has completely re-engineered its Nu.QTM assays to now use a magnetic particle-based assay format leading to a step-change improvement in analytical performance. Volition expects this enhanced analytical performance to translate into improved clinical performance in the studies to be carried out and reported in the coming months.

 

Relative to Volition’s ELISA plate Nu.QTM assay format, the magnetic particle-based assay format demonstrates:

 

A 10 to 20-fold improvement in analytical sensitivity of the assays. 

Typical within-day reproducibility of quantitative test results below 3% (previously <10%). 

Decrease in test result turnaround time from 6 hours to approximately 1 hour and 20 minutes, allowing much higher throughput. 

The ability to be developed and processed on fully-automated Random-Access platforms (enabling the use of a wide range of commercial automated platforms). 

 

In terms of clinical accuracy, over the past twelve months as we have been working on the aforementioned assay development, we have completed some proof of concept studies to assess clinical performance. While this work is yet to be completed for the finalized assays, preliminary results were extremely encouraging that for even the development assays we saw our highest ever Area Under the Curve performance in Blood Cancer at 91% and in Lung Cancer at 85% in addition to reporting positive data in colorectal cancer.


The following information was filed by Volitionrx Ltd (VNRX) on Thursday, February 20, 2020 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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