VolitionRx (NYSE-A:VNRX) said its Nu.Q Vet Cancer Test revenue has seen a nearly five-fold increase in sales over the first nine months of 2023 compared to the same period last year.
The Nu.Q test involves analyzing nucleosomes, which are structural units of DNA, to identify specific patterns or changes associated with the presence of cancer in animals.
The increase was primarily driven by sales of the reference kits through Volition’s global, regional and local supply agreements.
The company’s total year-to-date revenue reached $531,000, marking a substantial 185% rise from 2022.
CEO Cameron Reynolds told shareholders that the company is anticipating a further uptick in revenues as more distributors join the Nu.Q Vet Test platform towards the end of 2023 and into early 2024.
“We believe that these results demonstrate steady growth, but not yet the "ramp" in revenues that we anticipate,” Reynolds said in a statement.
Elsewhere, VolitionRx (NYSE-A:VNRX) made strides in the Nu.Q NETs pillar, completing the Q-Sub process with the US FDA. The FDA has agreed to a regulatory pathway involving a traditional 510(k) with an adjudicated clinical comparator.
Subsequent to quarter end, VolitionRx (NYSE-A:VNRX) introduced what they consider a groundbreaking cancer detection method at ESMO 2023, with plans to develop more accurate cancer-specific assays. The company is set to share progress updates in the first quarter of 2024, following encouraging interest from diagnostic and liquid biopsy industry leaders.
Additional market launches in Asia are anticipated in the coming months.
On the balance sheet, VolitionRx reported approximately $10.8 million in cash and cash equivalents as of September 30, 2023, slightly down from $10.9 million at the end of 2022. The company secured approval for additional funding of approximately $6 million from a Walloon institutional fund and regional government bodies of the Walloon Region of Belgium.
VolitionRx said it expects to receive $13 million in milestone payments from Heska Corporation in the coming months. The funding transactions are projected to close this month.