VolitionRx (NYSE-A:VNRX) Limited ended the second quarter with $16.7 million in the bank to help advance research and commercialization efforts for its Nucleosomics platform for blood tests.
The Henderson, Nevada-based epigenetics company had a busy quarter that saw it receive a CE Mark for its Nu.Q Netosis (NETs) test in Europe and reveal new clinical studies for NETs in the US.
CEO Cameron Reynolds told investors that he “couldn’t be prouder” of the progress being made at the firm.
READ: VolitionRx says it will participate in US clinical study for NETs in sepsis cancer patients
“As the only analytically validated test for NETs currently available, we believe that there is enormous potential for Nu.Q NETs to support clinical decision-making, enabling physicians to act quickly, and improve patient outcomes," Reynolds said in a statement.
"Following the execution of our global licensing and supply agreement for the Nu.Q Vet Cancer Screening Test with Heska Corporation, the team has been hard at work with the technology transfer program and launch preparation. We also continue to make good progress with other potential licensing and supply partners. Finally, we have recently executed a number of contracts for Nu.Q Discover."
The CE Mark for Nu.Q enables clinical use in Europe in both ELISA (enzyme-linked immunoassay) and automated ChLIA (ChemiLuminescence ImmunoAssay) formats, Volition said.
Additional funding secured after 2Q
Subsequent to quarter end on June 30, 2022, Volition secured $6.4 million in cash through an underwritten public offering. Another $1.5 million in non-dilutive funding from Namur Invest Capital Risk in Belgium will fund an early access program for the Nu.Q product portfolio at strategic sites across the EU, UK and US, the company said.
Upcoming priorities include licensing its Nu.Q Vet technology, progressing research for the use of Nu.Q NETs in monitoring the progression of diseases such as COVID-19 and sepsis, and advancing previously announced large-scale cancer trials in Europe, Asia and the US.
The group posted a net loss of $7.5 million or $0.14 per share for the three-month period ended June 30, 2022.
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.
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.
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