VolitionRx (NYSE-A:VNRX) said it ended third-quarter 2022 with US$16.4 million in cash and cash equivalents, thanks to careful management of expenditures with net cash used in operating activities averaging approximately $2.3 million per month in the quarter.
Cash equivalents was down slightly from $16.7 million at the quarter ended June 30, 2022, the Henderson, Nevada-based company said.
Volition CEO Cameron Reynolds said he is pleased with the progress made across many of its Nu.Q pillars as it moves forward from purely a research and development company to a commercial company with a wide range of innovative products.
READ: VolitionRx teams up with leading French veterinary group to assess potential of cancer screening technology
"This quarter, and subsequent to quarter end, I am proud we have executed yet another global supply agreement with a market leader in pet healthcare," Reynolds said in a statement.
The company said it received approximately $6.4 million net of underwriter's fees and expenses in cash through an underwritten public offering of its common stock. It said it also secured a further $1.5 million in non-dilutive funding from Namur Invest Capital Risk in Belgium to fund an early access program for Volition's Nu.Q product portfolio at key sites across the EU, UK, and US.
"Our Nu.Q Vet Cancer Test is now available in the US, and soon to be available in Europe, through Heska Corporation's veterinary diagnostic laboratories. This is a significant step forward in achieving our goal of making affordable canine cancer screening accessible worldwide, and we expect to see more companies launching our product soon,” Reynolds said.
Subsequent to quarter end, Volition announced the signing of a global supply agreement with a market leader in pet healthcare. Through this supply agreement Volition said it would provide the Nu.Q Vet Cancer Test through an extensive global reference laboratory network for cancer indications in animal health.
Subsequent to quarter end, Volition also announced a clinical research study with Oncovet, a renowned veterinary referral clinic, specializing in medical and radiation oncology led by Dr Jérôme Benoit.
Volition said it anticipates launching with at least one other company before the end of 2022, which would bring the total to five global and in-country company licensees running Volition's test.
The company said it made good progress on its Nu.Q NETs immune system monitor in humans, that helps people at high risk of poor outcomes caused by abnormal responses to disease.
“We also continued to make strong progress with Nu.Q NETs in terms of data publication, commencement of clinical studies, extending our KOL network and commencing commercial discussions with potential licensing targets. 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.
During Q3, the company also announced its participation in a government-backed prospective study to evaluate the performance of blood biomarkers in the early detection of lung cancer with Hospices Civils de Lyon (HCL), France's second-largest university hospital.
For the near term, Volition said it intends to drive revenue by licensing the Nu.Q platform, with a particular but not exclusive focus on Nu.Q Vet and Nu.Q NETs. It said it will also advance the development of Nu.Q Capture, which looks at biomarkers in the detection of cancer.
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