VolitionRx Limited (NYSE AMERICAN:VNRX) on Wednesday announced that it ended its first quarter with $16.2 million in cash and cash equivalents, growing its cash reserves.
The life-sciences company noted that it had $13.4 million in cash and cash equivalents at the end of 2018. In addition, VolitionRx said it continues to manage cash carefully with a cash burn of $3.9 million in the first quarter, which ended March 31.
"During the first quarter 2019, we further strengthened our balance sheet with existing investors exercising $6.7 million in aggregate amount of outstanding warrants to purchase shares of our common stock,” said CEO Cameron Reynolds.
He added that “subsequent to the ending of the quarter, a further $5 million in warrants were exercised for cash, making a total of $11.7 million in warrants exercised this year."
The company has designed routine Nu.Q blood-based diagnostic tests to screen for colorectal and prostate cancers that reduce the need for more invasive colonoscopies and biopsies.
VolitionRx’s stock rose 2.15% Wednesday to close at $3.33 a share.
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