Cancer diagnostics group VolitionRx Limited (NYSE:VNRX) continues to make good progress and is looking to CE mark its colorectal blood test later this year ahead of a potential launch in Europe in early 2017.
The quarter to end September saw positive data on the test's ability to reduce the number of colonoscopies needed by 25%.
The CE Mark will make it potentially saleable in all 28 EU countries.
"......screening programs could reduce the number of unnecessary colonoscopies and relieve pressure on healthcare resources. Given the medical and market need, we believe that Volition is primed to offer its triage blood test to potentially thousands of FIT positive patients diagnosed in Europe each year," it said in a statement.
For the three months, Volition reported a net loss of $3.48 million compared to a loss of $2.96 million in the same period last year.
The firm had $12.5 million in cash as at September 30, compared to $14.5 million as of June 30, 2016 and $5.9 million as of December 31, 2015.
Other highlights were the partnering with Hvidovre Hospital in Denmark for a new large world class 30,000 patient (and 90,000 sample) trial and the acquisition of a custom-designed research and development facility in Belgium which is expected to be fully operational by March next year.