VolitionRx Limited (NYSEAMERICAN:VNRX) revealed Wednesday that it has secured an additional $1.4 million in non-dilutive funding in the form of a non-repayable cash grant from the Walloon Region in southern Belgium.
To date, agencies from Walloon have awarded the Isnes, Belgium-based life-sciences company nearly $6 million in non-dilutive funding including the most recent award.
"It is a key part of our financing strategy to actively seek non-dilutive funding as this provides additional cash at favorable terms to support the company's continued development," said CEO Cameron Reynolds. "We are delighted with the great progress we are making on so many fronts and look forward to achieving many milestones throughout 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. It might also work as a screening tool for endometriosis and has potential veterinary uses as well.
"We are delighted with the financial assistance that we have received from the Walloon Region and would like to thank Monsieur Pierre-Yves Jeholet, the Walloon Minister for Economy for his continued support,” said Dr Gaetan Michel, CEO of Volition's subsidiary, Belgian Volition SPRL. “This grant will support a specific project to be conducted in collaboration with GIGA at the University of Liege, Belgium."
GIGA is the University of Liège's interdisciplinary research institute in the biomedical sciences.
The project led by Dr Denis Mottet, head of the Protein Signaling and Interaction Laboratory at GIGA, will explore the mechanisms of Telomers (protein-DNA complexes) maintenance, inherent to cancer cells, as a tool for cancer diagnostics using Volition's Nucleosomics platform.
Volition’s NuQ platform looks for molecular signatures of cancer by focusing on the nucleosomes — a section of DNA wrapped around a core of proteins — in the blood. As cancer cells multiply, they are modified in a way that distinguishes them from healthy cells and the traits of the malignant disease appear on the nucleosomes, which are analyzed by Nu.Q’s platform.
The company has already tested Nu.Q to detect prostate cancer. In August 2018 Volition announced preliminary data from an 84-patient study that showed its Nu.Q test kits diagnosed men with aggressive prostate cancer with 94% accuracy.
Volition's R&D activities are currently centered in Belgium, with additional offices in Texas, London and Singapore.
Contact Uttara Choudhury at [email protected]
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