logo-loader
viewVolitionRx

VolitionRx expects its Nu.Q blood-based test kits to generate new revenue in coming quarter

As part of a sales agreement for an array of research-use-only kits, the Belgium-based company's Nu.Q Total assay kit is now for sale

Blood in test tubes
The Belgium-based company recently raised US$9mln in gross proceeds via a private placement

VolitionRx Ltd (NYSEAMERICAN:VNRX), which is focused on developing blood-based diagnostics tests for different cancers, on Monday revealed that it expects modest initial revenue starting in the coming quarter due to the sale of its easy-to-use Nu.Q blood-based tests.

Among the Belgium-based company’s recent wins announced along with second-quarter results is a sales agreement with Active Motif for an array of Research-Use-Only kits, the first of which, the Nu.Q Total assay kit is now on the market.

“We expect modest initial revenue in the coming quarter, building through next year and beyond,” the company said in a statement.

Additional advances announced at the end of the second quarter include VolitionRx’s move to sign agreements to conduct two colorectal cancer research studies across Asia in collaboration with the National Taiwan University.

The company also released preliminary data from a study that showed its Nu.Q assay kits diagnosed men with aggressive prostate cancer with 94% accuracy.

Read: VolitionRx unveils data showing its Nu.Q assays detect aggressive prostate cancer in men with 94% accuracy

Currently, VolitionRx develops and markets its cost-effective Nu.Q blood-based tests to accurately diagnose colorectal cancer as well as a broad range of other cancers. The tests are based on VolitionRx’s Nucleosomics technology platform, which identifies and measures nucleosomes in the bloodstream or in other bodily fluid.

“I am delighted with the broad strength of new talent in our team, especially the growth in our research and development team in Belgium who are hard at work on the considerable project of turning our assays into robust products that can be used worldwide,” said CEO Cameron Reynolds in a statement.

Another recent achievement is its work on the so-called Bonn27 study which is being conducted with aid from the University of Bonn in Germany and involves the evaluation of 4,500 patients with 27 of the most prevalent cancers.

As part of a study with the University of Oxford, it also started proof-of-concept work to evaluate whether its easy-to-use Nu.Q blood-based tests can be used to diagnose endometriosis.

Read: VolitionRx completes blood sample collection as part of joint University of Oxford endometriosis study

For the three months ended June 30, Volition reported a net loss of US$4.6mln, or US$0.15 per share, compared with a net loss of US$3.5mln, or US$0.13 per share, in the year-ago quarter.

Last July, the company was awarded US$700,000 in non-dilutive funding from the Walloon Regional Government, which oversees the French-speaking region of southern Belgium, to continue its research into cancer diagnostic tests.

A month later, VolitionRx also raised as much as US$9mln in gross proceeds by completing a private investment in public equity, often called a PIPE deal, for 5 million shares of Volition common stock at a price of US$1.80 per share.

Read: VolitionRx enters into US$9mln private placement

Its pile of cash and cash equivalents rose in the second quarter to US$11.9mln, excluding the proceeds from its private placement, up from US$10.1mln at the close of last December.

VolitionRx shares closed 13% higher Monday to finish at US$1.91, but investors shaved off US$0.11 in after-hours trading.

Contact Ellen Kelleher at [email protected]

Quick facts: VolitionRx

Price: 5.45 USD

NYSEMKT:VNRX
Market: NYSEMKT
Market Cap: $223.95 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of VolitionRx named herein, including the promotion by the Company of VolitionRx in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

VolitionRx records first revenues from research kits and strengthens balance...

VolitionRx Limited's (NYSEAMERICAN:VNRX) Cameron Reynolds talks Proactive London's Andrew Scott through the firm's third quarter update. He says excellent progress has been made on platform development - Nu.Q Capture, Nu.Q Vet and its colorectal cancer and lung cancer trials. Volition also...

5 days, 19 hours ago

3 min read