VolitionRx Limited (NYSEAMERICAN:VNRX) has received a $500,000 loan to further the development of its Volition Veterinary Diagnostics Development LLC subsidiary.
Specifically, the new infusion of non-dilutive funding comes from SOFINEX, a funding agency of the Walloon Region, where Volition is based.
"We are delighted with the non-dilutive financial support we continue to receive as it allows us to develop Nu.Q Vet products in the very exciting veterinary market,” Gaetan Michel, CEO of Belgian Volition. “We would like to thank SOFINEX for this latest loan which takes our non-dilutive funding total from local agencies and the Walloon government to over $6 million to-date."
On October 25, Volition signed multiple agreements with Texas A&M University to help develop its Nu.Q Vet products, and the institution now holds a 12.5% stake in the company. The two parties recently attended a signing ceremony at the school's College of Veterinary Medicine & Biomedical Sciences.
Volition’s Nu.Q 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 the platform.
The company and the university together have been studying a version of its blood-based tests for animals called Nu.Q Vet after discovering that nucleosomes in the blood can also be detected in dogs.
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