VolitionRx is a life sciences company developing novel, simple-to-use, blood-based tests to diagnose a broad range of cancers and other conditions, by identifying and measuring nucleosomes in the bloodstream. The primary focus is to develop the Nu.Q™ family of blood-based diagnostics tests for colorectal cancer.
In this video, Cameron Reynolds, president and chief executive officer of VolitionRx, discusses the company’s Q220 financial results and operating activities. During the second quarter, the company focused on two key areas to try to mitigate the effects of the COVID-19 pandemic. Firstly, Volition significantly strengthened its balance sheet to ensure it has sufficient capital to work on its many programmes concurrently, and to launch products where possible during the pandemic. The company finished the quarter with approximately $21.3 million in cash and cash equivalents, compared with $12 million in the previous quarter. Secondly, Volition increased the flexibility of its supply chain of key components and is moving towards producing its key components in-house.
Throughout the remainder of 2020, the company will continue to focus on driving revenues in four key areas: its four potential triage tests (three cancers and COVID-19), its Nu.Q™ Vet products, Reagent sales, and licensing of its technology for others to commercialise.