VolitionRX’s Q219 results and business update
VolitionRX is a multi-national life sciences company developing simple, easy-to-use, cost-effective blood tests to help diagnose a range of cancers and other diseases in the human and animal health markets. 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 to find out if a disease is present.
In this video, Cameron Reynolds, president and chief executive officer of VolitionRX, discusses the company’s second-quarter financial results and operating activities. During the quarter, the company made progress on its colorectal cancer and lung cancer trials, particularly in Asia, and on the development of its Nu.Q™ platform and Nu.Q Vet. The company announced two agreements that will strengthen its position in the Asian market, one with National Taiwan University and one with Shanghai Fosun Long March Medical Science Company. In addition, VolitionRX announced the formation of a Texas-based subsidiary, Volition Veterinary Diagnostics Development. This subsidiary’s primary focus will be on developing and commercialising VolitionRX’s Nu.Q Vet products.
Financially, the company strengthened its balance sheet with an existing investor exercising $5m of outstanding warrants to purchase shares of its common stock. VolitionRX ended the quarter with cash and cash equivalents of $18.5m. After the end of the quarter, a further $4.8m in warrants were exercised for cash, making a total of $16.5m in warrants exercised this year. The company has also been awarded a further $1.4m in non-dilutive grant funding from the Walloon Region.