VolitionRx Limited Announces Third Quarter 2019 Financial Results and Business Update

VolitionRx Limited announced financial results and a business update for the third quarter ended September 30, 2019. 

Cameron Reynolds, President and Chief Executive Officer of Volition, upon releasing these results, commented, "I could not be more proud of our dedicated team at Volition, and the ground-breaking work we are doing.  I'm happy to say that we have made excellent progress this quarter on our platform development, Nu.QTM Capture, Nu.QTM Vet and our colorectal cancer and lung cancer trials, particularly in Asia, and we reported our first revenues from sales of Research Use Only kits and the provision of contract research services.

We are an epigenetics company focused on advancing the science of epigenetics and exploiting these advances in human and animal health. This has been our mission since our founding, and it is coming to fruition with our Nu.QTM platform at the very heart of epigenetics. We believe the last decade of work and our extensive intellectual property portfolio puts Volition in a strong position to be a significant player in this field by launching multiple products."

Mr. Reynolds further commented "We aim to strengthen our product pipeline beyond colorectal cancer to cover several cancers, most notably in lung cancer, and so are especially delighted to have commenced two studies in lung cancer this quarter, firstly our large-scale study in lung cancer with the National Taiwan, China University and secondly our first study in China with Shanghai Fosun Long March Medical Science Co. Ltd. We have also expanded our colorectal cancer work with a first trial in China underway with Fosun.

I am also delighted to announce that subsequent to quarter end we 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."

Additionally, Mr. Reynolds added "During the third quarter 2019, we further strengthened our balance sheet with an existing investor exercising $4.8 million in aggregate amount of outstanding warrants to purchase shares of our common stock making a total of $16.5 million in warrants exercised during the first three quarters of 2019 and ended the quarter with cash and cash equivalents of $19.7 million.  During the third quarter we were awarded a further $1.4 million in non-dilutive grant-funding from the Walloon Region and, subsequent to quarter end, an additional $500,000 unsecured loan from SOFINEX was approved.  We also recorded our first revenues this quarter from sales of our Research Use Only kits and the provision of services."

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