Volition is a multinational 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 NucleosomicsTM, which is the practice of identifying and measuring certain nucleosomes in the bloodstream or other bodily fluid – an indication that disease is present.
In this video, Cameron Reynolds, President and Chief Executive Officer of VolitionRx, discusses the company’s third-quarter financial results and operating activities. During the quarter, the company made significant progress with its Nu.QTM Capture and Nu.QTM Vet platforms and with its colorectal cancer and lung cancer trials, particularly in Asia. The company began two studies in lung cancer this quarter, a large-scale study with the National Taiwan University and its first study in China with Shanghai Fosun Long March Medical Science. In addition, VolitionRx reported its first revenues from sales of research-use only kits and the provision of contract research services. Subsequent to the quarter, the Volition team executed a contract with Texas A&M University to collaborate on the research and development of Nu.QTM Vet products and help drive early revenue in the all-important veterinary market.
Financially, Volition strengthened its balance sheet with an existing investor exercising $4.8m of outstanding warrants to purchase shares of common stock, making a total of $16.5m in warrants exercised during the first three quarters of 2019. It ended the quarter with cash and cash equivalents of $19.7m. During the third quarter, the company was awarded a further $1.4m in non-dilutive grant-funding from the Walloon Region and, after the quarter end, an additional $500,000 unsecured loan from SOFINEX was approved.