VolitionRx Limited (NYSEAMERICAN:VNRX) announced a new funding round to support the epigenetics company’s continued product development and clinical studies.
The Austin-based company said that it is offering shares of the company in an underwritten public offering led by National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ:NHLD).
All shares are being offered by Volition, with no firm details yet as to the offering’s size or terms, the company said Tuesday. A portion of the funds raised will also be used for potential strategic acquisitions.
READ: VolitionRx closes 1Q with $12M in cash while studying Nu.Q blood test as potential coronavirus diagnostic tool
Volition applies its Nucleosomics platform through its subsidiaries to develop simple, cost-effective blood tests to help diagnose a range of cancers and other diseases.
The firm recently shared preliminary results from a study on how its Nu.Q blood test can be used as a diagnostic or prognostic tool in the fight against the coronavirus (COVID-19).
The company said a recent proof of concept study involving 34 polymerase chain reaction (PCR) COVID-19 positive subjects and 50 control subjects revealed that nucleosomes were highly elevated in the PCR positive subjects.
Preliminary study results demonstrated an Area Under the Curve (AUC) for a single Nu.Q assay of 98.7% for PCR positive COVID versus control subjects with a sensitivity of 100% at 94% specificity.
A second Nu.Q assay also showed promising results with an AUC of 86.2%.
Volition said it plans to utilize the results of this trial and other ongoing studies to further its aim of developing a clinically useful product to help in the battle against the COVID-19 global pandemic and potentially other diseases.