In this interview, Cameron Reynolds, President and Chief Executive Office of Volition, discusses the Company’s financial results and provides a business update for the full fiscal year ended December 31, 2018. The Company made significant progress on building out it’s Nu.QTM platform and reported positive initial data from its first product grade assays. The team aims to further strengthen their product pipeline beyond colorectal cancer to include several cancers and diseases, along with advancing the Nu.Q Capture and Nu.Q Vet products to help drive early revenue.
Financially, the Company strengthened their balance sheet with cash and cash equivalents totaling $13.4 million USD as of December 31, 2018, compared to $10.1 million USD in 2017. In 1Q18, existing investors exercised $6.7 million USD in outstanding warrants providing a strong start to the year. Additionally, approximately $10 million USD in aggregate exercise price of warrants remains outstanding and will expire unless exercised prior to August 10, 2019. With current cash and cash equivalents, expected additional inflow from warrants, and the Company’s careful cash management in operating activities, Volition has a durable run rate to support its operational and R&D activities.
The Company also reported promising preliminary results from their first optimized product grade assays in three separate, small-scale proof-of-concept cohorts and plans to move onto larger clinical trial cohorts. In brief, a single Nu.Q assay detected lung cancer with an area under the curve (AUC) of 79% in cancer versus healthy. In colorectal cancer, a single Nu.Q assay had an AUC of 72%, while a two-assay panel had an AUC of 84% in cancer versus healthy. This data provides the necessary information for Volition to confidently pursue both potentially dozens of other assays that are currently under development and larger ranges of cohorts and trials.
VolitionRx will be hosting a Capital Markets Day at the New York Stock Exchange on Tuesday, April 9, 2019, to provide further updates of results, on-going projects, and plans for potential new paths to revenue. For further details or to RSVP, please contact Volition.