VolitionRx Limited (NYSEAMERICAN:VNRX) told shareholders that the company’s 2019 performance left the company in a “strong position” to meet its key 2020 milestones.
The Austin, Texas-based firm re-engineered its Nu.Q assays to use a magnetic particle-based assay format, which led to a “step-change improvement” in analytical performance, Volition said in a statement.
It expects this enhanced analytical performance to translate into improved clinical performance in the studies to be carried out and reported in the coming months, according to the firm.
The new magnetic particle-based assay format demonstrates a 10 to 20-fold improvement in analytical sensitivity of the assays with reproducibility of quantitative test results below 3% within a one-day turnaround.
It also decreased its test result turnaround to around an hour and 20 minutes, leading to higher throughput, according to the company.
“In terms of clinical accuracy, over the past twelve months as we have been working on the aforementioned assay development, we have completed some proof of concept studies to assess clinical performance,” Volition told shareholders in a statement.
While the work is yet to be completed for the finalized assays, Volition called preliminary results “extremely encouraging,” with its highest ever Area Under the Curve performance in Blood Cancer at 91% and in Lung Cancer at 85% in addition to reporting positive data in colorectal cancer.
The news comes as the biotechnology firm released its full year fiscal 2019 results that saw the company end the period with a higher cash balance compared to the previous year.
Cash and cash equivalents totaled $17 million compared to $13.4 million as of the end of 2018, thanks in part to existing investors exercising $16.5 million of outstanding warrants to purchase shares of the company.
CEO Cameron Reynolds praised the company’s fiscal responsibility throughout the year.
"We strengthened our balance sheet throughout 2019 with existing investors exercising over $16 million in outstanding warrants to purchase shares of our common stock, receipt of additional non-dilutive funding and maintaining a low cash burn rate and therefore start the new year in a strong position to achieve our key 2020 milestones,” Reynolds told investors in a statement.
In the coming year, Volition plans to release a range of clinical data related to its optimized bead-based assays in colorectal, lung and other cancers, as well as advance its cancer trials in Europe, Asia and the US.
It will also will focus on advancing the development of Nu.Q Capture by determining the level of discrimination of tumor-associated nucleosomes and complete pre-analytical and clinical studies for Nu.Q Vet with the aim of launching its first product.
Volition will hold a conference call to discuss the results on Friday at 8:30am EST.
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