VolitionRx Limited (NYSEAMERICAN:VNRX) strengthened its cash position during the second quarter as it progresses towards launching its first commercial products using its Nu.Q platform, it reported Thursday afternoon.
The epigenetics company rounded out the three month-period ended June 30, 2020 with $21.3 million in cash and equivalents compared to $12 million in the same quarter a year ago, including a capital raise that netted the firm $13.8 million.
In May, Austin, Texas-based VolitionRx reported preliminary study results that demonstrated the Area Under the Curve (AUC) for a single Nu.Q assay was 98.7% PCR positive versus control subjects, with 100% sensitivity at 94% specificity, while a second Nu.Q assay also showed promising results with an AUC of 86.2%.
Tests are based on the science of Nucleosomics, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid – an important indicator that disease is present.
The firm has now tested two independent cohorts of COVID-19 positive patients with quantitative nucleosome immunoassays and found that nucleosomes were “highly elevated” in plasma of severe COVID-19 patients relative to healthy control subjects.
VolitionRx told shareholders that the data implies that Nu.Q could have strong prognostic potential and is focusing on completing larger longitudinal studies that would be needed to support a potential COVID-19 product launch.
Sufficient capital runway
"During the second quarter, given the persistence of the COVID-19 pandemic, we focused on two key areas to try and mitigate the effects of lockdowns and allow us to keep moving towards our first commercial products utilizing our cutting edge Nu.Q platform,” CEO Cameron Reynolds said in a statement accompanying the results.
“Firstly, we significantly strengthened our balance sheet to ensure we have sufficient capital to work on our many programs concurrently, and launch products where possible during the pandemic.
“Secondly, we have increased the flexibility of our supply chain of key components and are moving towards producing our key components in house. Cancer remains our core disease focus, however, we have discovered that our technology potentially has applications beyond just cancer, for example with COVID-19."
The company’s total revenue came in at $5.2 million on a net loss of $5.1 million or $0.12 per share.
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