ISNES, Belgium, Sept. 21, 2017 /PRNewswire/ -- VolitionRx
Limited (NYSE AMERICAN: VNRX) ("Volition") today announced
that it has been awarded a loan and a non-repayable grant totaling
$1.5 million from SOFINEX and the
Walloon Region, Belgium. This is
in addition to the $947,000 in loans
previously provided by Namur Invest over the last 12 months,
aggregating to approximately $2.45
million.
Dr. Gaetan Michel, Chief
Executive Officer of Volition's subsidiary, Belgian Volition SPRL,
commented, "We are delighted with the financial support that we
continue to receive from our local agencies SOFINEX and Namur
Invest, as well as the Walloon Region, Belgium. We are committed to the region and
plan to recruit even more of the talented scientists in the area.
This funding will support our continued research and development
activities towards what we hope will be life-saving cancer
diagnostic tests."
David Vanston, Chief Financial
Officer of Volition, commented, "It is a key part of our financing
strategy to actively seek non-dilutive funding as this provides
additional cash on favorable terms to support the Company's
continued development."
SOFINEX, a public organization focused on the
internationalization of Walloon companies and encouraging exports
throughout the world, has provided an approximate $1.2 million (EUR
1 million) unsecured loan to Volition and Belgian Volition. The
loan was entered into on September
20, bears interest at 4.5% per year with favorable repayment
terms over seven years, and includes a two-year grace period for
principal repayment. The purpose of the loan is to support the
development of Belgian Volition's subsidiary, Volition America
Inc., who announced in July its participation in a large 13,500
subject Colorectal Cancer Screening study in the U.S. This study is
to be conducted in conjunction with the Great Lakes New England
Clinical Validation Center funded by the National Cancer
Institute's (NCI) Early Detection Research Network
(EDRN).
Belgian Volition has also recently received a commitment from the
Walloon Region, Belgium, to receive an additional
non-repayable cash grant of approximately $294,000 (EUR
245,520) as a contribution towards the cost of the new custom-built
research and development facility in the Crealys Science Park,
Isnes, in the Walloon region of Belgium.
Namur Invest, a public-private partnership which supports the
development of companies in the Walloon region, previously provided
unsecured loans in October 2016 and
May 2017 totaling approximately
$947,000 (EUR 790,000) to Belgian Volition, bearing
interest at 4-4.85% per year with favorable repayment terms over
3.5-7 years to help fund Volition's continued research and
development efforts.
About Volition
Volition is a multi-national life sciences company developing
simple, easy to use blood-based cancer tests to accurately diagnose
a range of cancers. The 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
indication that disease is present.
As cancer screening programs become more widespread, Volition's
products aim to help to diagnose a range of cancers quickly,
simply, accurately and cost effectively. Early diagnosis has the
potential to not only prolong the life of patients, but also to
improve their quality of life.
Volition's research and development activities are currently
centered in Belgium, with
additional offices in London,
Texas and Singapore, as the
company focuses on bringing its diagnostic products to market first
in Europe, then in the U.S. and
ultimately, worldwide.
For more information about Volition, visit Volition's website
(http://www.volitionrx.com) or connect with us via:
Twitter: https://twitter.com/volitionrx
LinkedIn: https://www.linkedin.com/company/volitionrx
Facebook: https://www.facebook.com/VolitionRx/
YouTube: https://www.youtube.com/user/VolitionRx
The contents found at Volition's website address, Twitter,
LinkedIn, Facebook, and YouTube are not incorporated by reference
into this document and should not be considered part of this
document. The addresses for Volition's website, Twitter,
LinkedIn, Facebook, and YouTube are included in this document as
inactive textual references only.
Media / Investor Contacts
Louise Day,
Volition
L.day@volitionrx.com
+44 (0)7557
774620
|
Scott Powell,
Volition
S.powell@volitionrx.com
+1 (646) 650
1351
|
Tirth Patel,
Edison Advisors
tpatel@edisongroup.com
+1 (646) 653
7035
|
Rachel Carroll,
Edison Advisors
rcarroll@edisongroup.com
+44 (0)20 3077
5711
|
Safe Harbor Statement
Statements in this press release may be "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that concern matters that involve risks and
uncertainties that could cause actual results to differ materially
from those anticipated or projected in the forward-looking
statements. Words such as "expects," "anticipates," "intends,"
"plans," "aims," "targets," "believes," "seeks," "estimates,"
"optimizing," "potential," "goal," "suggests," "could," "would,"
"should," "may," "will" and similar expressions identify
forward-looking statements. These forward-looking statements relate
to the effectiveness of Volition's bodily-fluid-based diagnostic
tests as well as Volition's ability to develop and successfully
commercialize such test platforms for early detection of cancer.
Volition's actual results may differ materially from those
indicated in these forward-looking statements due to numerous risks
and uncertainties. For instance, if Volition fails to develop and
commercialize diagnostic products, it may be unable to execute its
plan of operations. Other risks and uncertainties include
Volition's failure to obtain necessary regulatory clearances or
approvals to distribute and market future products in the clinical
IVD market; a failure by the marketplace to accept the products in
Volition's development pipeline or any other diagnostic products
Volition might develop; Volition will face fierce competition and
Volition's intended products may become obsolete due to the highly
competitive nature of the diagnostics market and its rapid
technological change; and other risks identified in Volition's most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, as well as other documents that Volition files with the
Securities and Exchange Commission. These statements are based on
current expectations, estimates and projections about Volition's
business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
Forward-looking statements are made as of the date of this release,
and, except as required by law, Volition does not undertake an
obligation to update its forward-looking statements to reflect
future events or circumstances.
Nucleosomics®, NuQ®, Nu.Q™ and
HyperGenomics® and their respective logos are trademarks and/or
service marks of VolitionRx Limited and its subsidiaries. All other
trademarks, service marks and trade names referred to in this press
release are the property of their respective owners. Additionally,
unless otherwise specified, all references to "$" refer to the
legal currency of the United States of
America.
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SOURCE VolitionRx Limited