VolitionRx (NYSE-A:VNRX) Limited has announced the pricing of its underwritten public offering of 3,000,000 shares of its common stock at a public offering price of $2.00 per share.
The gross proceeds to Volition from the offering, before deducting the underwriting commissions and other estimated offering expenses payable by Volition, are expected to be $6 million.
Volition said it intends to use the net proceeds from the offering for research and continued product development, clinical studies, product commercialization, working capital and other general corporate purposes, including potential strategic acquisitions.
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Volition has also granted the underwriter in the offering a 30-day option to purchase up to an additional 450,000 shares of its common stock at the public offering price, less underwriting discounts and commissions, to cover over-allotments in connection with the offering.
The offering is expected to close on or about August 2, 2022, subject to the satisfaction of customary closing conditions.
Newbridge Securities Corporation is acting as the sole book-running manager of the offering.
The securities are being offered by Volition under a 'shelf' registration statement on Form S-3 (File No. 333-259783) previously filed with the Securities and Exchange Commission (SEC) on September 24, 2021, and declared effective by the SEC on November 8, 2021. The offering is being made only by means of a prospectus supplement and an accompanying base prospectus, as may be further supplemented by any free writing prospectus and/or pricing supplement that the company may file with the SEC.
Volition is a multi-national epigenetics company that applies its Nucleosomics platform through its subsidiaries to develop simple, easy-to-use, cost-effective blood tests to help diagnose and monitor a range of life-altering diseases, including some cancers and diseases associated with NETosis such as sepsis and COVID-19.
Early diagnosis and monitoring have the potential to not only prolong the life of patients but also improve their quality of life. The tests are based on the science of Nucleosomics, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid-an indication that disease is present.
Volition is primarily focused on human diagnostics and monitoring, but also has a subsidiary focused on animal diagnostics and monitoring. The company's research and development activities are centered in Belgium, with an innovation laboratory and an office in the US and additional offices in London and Singapore.
Contact the author at jon.hopkins@proactiveinvestors.com