Cancer diagnostics group VolitionRx Limited (NYSEMKT:VRNX) expects to receive European Union CE Marking on its Nu. Q colorectal cancer blood test later this year.
Receiving the CE mark would pave the way for a product launch in Europe in 2017, providing European healthcare practitioners with a much more accurate blood test than the current industry standard, which has a poor record in terms of identifying patients who genuinely need to be sent for colonoscopies.
The most frequently used first line screening test for colorectal cancer across Europe is the faecal immunochemical test (FIT). Statistics show that around 95% of people who test positive with FIT do not have colorectal cancer, which means a lot of unnecessary colonoscopies are being performed.
VolitionRx wants its blood-based Nu.Q Triage Colorectal Cancer Screening Test to double-check the FIT, so that patients would only be referred for colonoscopy if the combined test results indicate that it is necessary, thus potentially reducing colonoscopy referrals by 25%.
"After much market analysis, we believe that commercialising this product, a single normalised assay [test], is the quickest way to achieve significant revenue for our proprietary Nucleosomic platform," said chief executive officer Cameron Reynolds.
Colorectal cancer is ranked second among all newly-diagnosed cancers and responsible for around 215,000 deaths in Europe each year; it is, of course, a big problem in America also, and Reynolds told Proactive Investors that the product would also be released in the USA when the time is right.
The company also has other cancer diagnostic kits in the pipeline.