VolitionRx

US: VNRX

$103.2m market cap

$2.92 last close

VolitionRx is a Belgium-based diagnostics company focused on developing blood-based cancer diagnostics based on its proprietary Nu.Q™ technology. Its lead program is in colorectal cancer, which entered the European market in 2017.

Investment summary

VolitionRx’s proprietary Nu.Q™ technology detects the level and structure of nucleosomes in the blood using one drop of blood serum. It is currently focused on colorectal cancer (CRC), a very large opportunity with around 225 million people eligible for screening (US/EU). VolitionRx will be participating in a 13,500 undiagnosed person trial in the US to gain FDA approval for front-line CRC screening. For Europe, the company plans to market a triage screening test followed by a front-line screening test. Readouts from 4,300 and 12,000+ sample studies are expected in H218 and Q119 respectively to support a CE Mark. Volition recently announced positive data from a pancreatic cancer study with Nu.Q™. Volition also recently secured new funding: $9m private placement, $8.4m (gross) through a registered public offering of common shares and $700k from the Walloon Regional Government. Volition’s new partner Active Motif will begin to sell Nu.Q™ assay research kits which Volition hope will help to validate the assays and explore new indications.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.0 (12.4) (12.5) (54.02) N/A N/A
2017A 0.0 (15.0) (15.1) (57.29) N/A N/A
2018E 0.1 (17.7) (17.8) (48.50) N/A N/A
2019E 1.4 (16.9) (16.9) (44.27) N/A N/A
Last updated on 21/02/2019
Industry outlook

The blood-based cancer screening market is in its nascent stages with great potential and serves an unmet medical need. Currently there are few, if any, non-invasive screening methods for the vast majority of cancers.

Last updated on 21/02/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 12.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 24.8 35.8 (7.0)
Relative* 20.1 29.7 (9.5)
52-week high/low US$3.2/US$1.6
*% relative to local index
Key management
Cameron Reynolds CEO
David Vanston CFO
Jake Micallef Chief Scientific Officer
Scott Powell Director of IR

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