VolitionRx Limited (NYSEAMERICAN:VNRX) continued to strength its balance sheet in the second quarter with the multi-national life sciences company seeing its cash and cash equivalents increasing significantly thanks to warrant exercises by investors.
The Belgium-based firm, which is developing easy-to-use blood-based cancer tests to accurately diagnose a range of cancers, said its cash and cash equivalents as of June 30, 2019 totaled $18.5 million compared to $13.4 million as of the end of 2018.
The company noted that an additional $4.8 million in aggregate of warrants were exercised at $3 per share of common stock subsequent to the quarter-end.
The group said it continued to manage cash carefully, with cash burn in the second quarter of 2019 at $2.9 million.
Cancer trials continuing
Having had a busy start to 2019, looking ahead the company is looking to advance its previously announced large-scale colorectal cancer trials in Europe, the US and Asia.
It will also advance the clinical trial program for lung cancer in 2019 and beyond, focusing initially on the significant need in Asia, most notably in China.
Cameron Reynolds, VolitionRX’s President and Chief Executive Officer of Volition commented: “ I'm happy to say that we have made significant progress on colorectal cancer and lung cancer trials, particularly in Asia, as well as on our platform development, Nu.Q Capture discovery research and, of course, the development of Nu.Q Vet.”
He further added: "We aim to strengthen our product pipeline beyond colorectal cancer to cover several cancers, most notably in lung cancer, and so are especially delighted to have executed agreements with the National Taiwan University to conduct our first large-scale study in lung cancer and with Shanghai Fosun Long March Medical Science Co. Ltd. to conduct our first lung cancer study in China.”
The company said it will also announce the results of multiple proof of concept cancer studies to include prostate, pancreatic and ovarian, in addition to its 27-cancer study, and initiate larger studies.
Other diseases targeted too
It will report preliminary results of Nu.Q’s performance in other disease conditions, including endometriosis and advance the development of Nu.Q Capture by determining the level of discrimination of tumor associated nucleosomes using mass spectrometry and sequencing.
Through its recently-formed subsidiary, Volition Veterinary, it will also determine and announce the route to revenue for Nu.Q Vet with the aim of having a USDA-approved product in 2020.
Reynolds concluded: “We believe the last decade of work and our extensive intellectual property portfolio puts Volition in a strong position to be a significant player in this field."
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