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.
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]