VolitionRx Ltd (NYSEMKT:VNRX), the blood-based diagnostic tests company, had a significant year in 2016 capped by the award of a CE mark in the EU.
The CE mark for its NuQ colorectal cancer screening triage test means it can now go on sale in all 28 European Union states.
VolitionRx ended 2016 with the most cash it has ever ended a year with at US$21.7mln.
Chief executive Cameron Reynolds told Proactive Investors that the company is burning cash at a rate of US$2.5mln a quarter, “so we have a lot of runway ahead of us”.
The company released results for 2016 and like a lot of companies at a formative stage of its development, the company is currently loss-making.
It reported a net loss of US$11.9mln, equivalent to 52 cents a share, versus a loss in 2015 of US$9.5mln, or 54 cents a share.
“Volition had a year of remarkable success. We reached a series of significant clinical and operational milestones, enabling the company's transition into its commercial phase. Most notably, we received CE Marking on our Nu.Q colorectal cancer screening triage test in December 2016, allowing our commercial expansion into the European Union,” Reynolds said.
Currently, faecal immunochemical tests (FIT) are the most frequently used front line tests for colorectal cancer screening across the European Union, where 14 of the 28 member states have government-sponsored FIT screening programs.
That's all well and good but the fact is that around 94.8% of people who test FIT-positive do not have colorectal cancer, which leads to a lot of expensive, not to mention painful colonoscopies.
“With CE Marking in hand, we have the potential to reduce a significant number of unnecessary, expensive and invasive colonoscopies while also alleviating a substantially over-burdened healthcare system," Reynolds said.
“In the coming months we expect to present the results of the full 8,000 subject data set for our Nu.Q colorectal cancer screening triage test as well as results from our other ongoing trials. We also expect to announce additional trial commitments over the course of the year,” Reynolds added.