VolitionRx Limited (NYSEAMERICAN:VNRX) has issued a business update for the first quarter, revealing $33.1 million in cash on hand, up from $19.4 million at the end of the same quarter of 2020, and discussing major developments on its four key projects.
"We have made significant progress on many fronts during 2021 on all four of the company's key pillars: Nu.Q, Nu.Q Vet, Nu.Q NETs and Nu.Q Capture," CEO Cameron Reynolds said in a statement. "We have also significantly strengthened our balance sheet, our intellectual property portfolio, and our executive team to drive commercial focus."
The balance sheet was boosted to the tune of $20.3 million by an underwritten public offering in February, in addition to periodic sales of common stock under the company’s at-the-market equity distribution program.
READ: VolitionRx Limited sees Nu.Q Capture assay paper published in scientific journal
On the personnel front, Volition appointed new CFO Terig Hughes and Chief Commercial Officer Gael Forterre, as it transitions from a primarily research and development-focused company to a commercial one. The company promoted Gaetan Michel to COO and Mark Eccleston to Chief Technology Officer.
During the quarter, Volition initiated production of Nu.Q product components at scale at its Silver One manufacturing facility in Isnes, Belgium. Volition is producing recombinant nucleosomes in-house and at large-scale, building a library for sale. This service, branded as Nu.Q Discover, has already generated interest, and Volition expects to see initial revenue from this during 2021.
"Silver One, our manufacturing facility and service lab, is proving to have been an excellent addition to Volition's commercialization efforts and is now producing finished product and components at commercial scale for our anticipated product launches,” Reynolds said. “I am delighted that the Nu.Q Vet beta launch has not only provided revenue but also invaluable real-world learnings allowing us to move ahead soon with our expected national US and international launches. We are also seeing a high level of interest in both the licensing and distribution of our products and are actively negotiating multiple agreements."
Volition expects the US launch of its Nu.Q Vet Cancer Screening Test in the next few months, following the beta launch in Texas back in November. International beta launches are also in the works.
The company said it has received strong indications of interest in the whole Nu.Q Vet platform from a range of small and very large companies, and it is progressing potential licensing discussions with several well-known major players in the veterinary space around the world.
The Nu.Q platform looks for molecular signatures of cancer by focusing on the nucleosomes — a section of DNA wrapped around a core of proteins — in the blood. As cancer cells multiply, they are modified in a way that distinguishes them from healthy cells and the traits of the malignant disease appear on the nucleosomes, which the platform analyzes.
From a COVID-19 product development perspective, Volition has conducted studies of serial testing of COVID-19 patients at leading UK hospitals to determine the predictive value of its test, with further data due to be presented at upcoming conferences and potentially additional studies and collaborations as well.
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