VolitionRx (NYSE-A:VNRX) told investors it has secured €5 million (roughly $5.5 million) in financing from Belgium’s Wallonie Entreprendre (WE) for the ongoing development of its Nu.Q product portfolio.
The multi-national epigenetics company said the funds will also be used to advance the clinical and regulatory program for Nu.Q NETs, which it believes will aid the early diagnosis of diseases such as sepsis, as it works with leading clinicians and researchers to help facilitate the effective introduction of the diagnostic solution into clinical practice.
"We are enormously grateful to WE for this latest financing, and for the ongoing financial assistance we have received from agencies within Wallonia to date,” Volition chief operating officer Gaetan Michel said in a statement.
The company said the WE financing consists of a €2.5 million unsecured loan to its subsidiary, Belgian Volition SRL, and a €2.5 million purchase of 3,205,431 shares of Volition's restricted common stock at $0.8337 per share in a private placement transaction.
The unsecured loan bears interest at a rate of approximately 8% per year and has a stated maturity date of December 31, 2028.
Subject to certain conditions, the loan can be drawn down in three tranches at Belgian Volition's election on or before June 30, 2025, with €1.5 million available immediately, €0.5 million available from June 1, 2024, and the final €0.5 million available from March 1, 2025.
Volition is developing simple, easy-to-use, cost-effective blood tests to help diagnose and monitor a range of life-altering diseases including cancer in both humans and animals.
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