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VolitionRx Limited Announces Second Quarter 2020 Financial Results and Business Update
AUSTIN, Texas, August 13, 2020 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) (“Volition”) today announced financial results and a business update for the second quarter ended June 30, 2020. Volition management will host a conference call tomorrow, August 14 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 the second quarter, given the persistence of the COVID-19 pandemic, we focused on two key areas to try and mitigate the effects of lockdowns and allow us to keep moving towards our first commercial products utilizing our cutting edge Nu.Q™ platform. Firstly, we significantly strengthened our balance sheet to ensure we have sufficient capital to work on our many programs concurrently, and launch products where possible during the pandemic. Secondly, we have increased the flexibility of our supply chain of key components and are moving towards producing our key components in house. Cancer remains our core disease focus, however, we have discovered that our technology potentially has applications beyond just cancer, for example with COVID-19.”
An interview with Cameron Reynolds, President and Chief Executive Officer.
Mr. Reynolds added, “I am proud of the way our team has adapted to the different world we find ourselves in and kept on working at full speed, their fantastic efforts have put us in an excellent position as we move towards the launch of our first products expected later this year and early next year.”
·Cash and cash equivalents as of June 30, 2020 totalled approximately $21.3 million compared with $12 million the previous quarter.
·Raised $13.8 million in gross proceeds in an underwritten public offering.
·Periodically sold shares of our common stock pursuant to our previously disclosed “At The Market” equity offering program, or “ATM”, under our existing registration statement along with our Rule 10b5-1 plan. Through the end of the second quarter of 2020 we had raised approximately $1.7 million in gross proceeds under the ATM.
·During July and the first week of August we raised an additional approximately $4.7 million in gross proceeds through the ATM.
·Volition was added to both the Russell 3000® and Russell Microcap® Indexes in June.
Product Production Facility
·Submitted an offer to purchase a neighboring facility in Belgium known as “Silver One”. We expect this facility to be the production hub of all of our products and components, to both secure our own supply at a lower cost, and to drive reagent revenue building on our purchase of Octamer GmbH (now called Volition Germany) earlier this year.
Clinical – COVID-19
·The preliminary study results reported in May demonstrated the Area Under the Curve (AUC) for a single Nu.Q™ assay was 98.7% PCR positive versus control subjects, with 100% sensitivity at 94% specificity. A second Nu.Q™ assay also showed promising results with an AUC of 86.2%.
·To date we have now tested two independent cohorts of COVID-19 positive patients with quantitative nucleosome immunoassays and found that nucleosomes were highly elevated in plasma of severe COVID-19 patients relative to healthy control subjects and importantly, that both histone 3.1 variant and citrullinated nucleosomes increased with disease severity.
·Given that the highest levels of nucleosomes were found in patients requiring artificial ventilation or extracorporeal oxygenation, we believe that nucleosomes could serve as a guiding biomarker for disease severity in COVID-19 positive patients.
·These data imply that Nu.Q™ could have strong prognostic potential, and so we are now focused on the completion of larger longitudinal studies that would be needed to support a potential COVID-19 product launch.
·Our collaborators have submitted this data for peer-review and we look forward to its publication.
·We have filed a novel patent for this application and plan to utilise results of these trials and other ongoing studies to further our aim of developing a clinically useful product to help in the battle against the COVID-19 global pandemic and potentially other diseases such as influenza and pneumonia.
The following information was filed by Volitionrx Ltd (VNRX) on Thursday, August 13, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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