Conference call to discuss financial and
operational results scheduled for Thursday, May 12, at 8:30
a.m. U.S. Eastern Time
AUSTIN, Texas, May 11, 2022 /PRNewswire/ -- VolitionRx Limited
(NYSE AMERICAN: VNRX) ("Volition") today announced financial
results and a business update for the first quarter ended
March 31, 2022. Volition management
will host a conference call tomorrow, May
12 at 8:30 a.m. U.S. Eastern
Time to discuss these results. Conference call details can be found
below.
"I am delighted with the progress we are making, and in
particular could not be prouder of the team's achievement in
securing a global licensing and supply agreement for our
Nu.Q® Vet Cancer Screening Test with Heska Corporation,
one of the industry's leading companies," commented Cameron Reynolds, President and Chief Executive
Officer of Volition. "In April, we expanded our geographic
footprint with the launch of the Nu.Q® Vet Cancer Test
in Singapore through SAGE
Healthcare. We have also made good progress in other key areas
including our Nu.Q® NETs and Nu.Q® Capture
programs as we shift gears towards our goal of becoming a
commercial company with a wide range of world class products."
Volition is hosting a Capital Markets Day at the New York Stock
Exchange, in a hybrid format, on Friday, May
13, 2022, at 10 a.m. U.S.
Eastern Time. Volition's executive team will provide
strategic updates and discuss the Company's key short-term growth
drivers. Details for this event can be found below.
Company Highlights
Financial
- Cash and cash equivalents as of March
31, 2022, totaled approximately $23.7
million compared with $20.6
million as of December 31,
2021.
- On March 30th Volition
received a $10 million milestone
payment from Heska Corporation.
- Net loss for the quarter was $7.7
million dollars compared to $6.1
million for the three-months ended March 31, 2021.
Personnel/ Operational
- To support our commercial expansion of Nu.Q® Vet
we welcomed Daniel Sheres,
Product Manager, Devin DeVoue,
Marketing Manager and Kristy
Valdivia, Global Accounts Manager to the Volition Veterinary
Team.
- Subsequent to quarter end we appointed Sharon Ballesteros as U.S. Head of Quality and
Development Process.
Volition Veterinary
- Executed a global licensing and supply agreement with one of
the industry's leading companies, Heska Corporation.
- In exchange for granting Heska exclusive worldwide rights to
sell the Nu.Q® Vet Cancer Screening Test for companion animals at
the Point of Care, Volition has received a $10 million upfront payment and is eligible to
receive up to a further $18 million
based upon the achievement of near/mid-term milestones.
- In addition to these milestone payments Volition expects to
receive ongoing revenue for the supply of key components for said
exclusive point of care product(s).
- Volition has also granted Heska non-exclusive rights to sell
the Nu.Q® Vet Cancer Screening Test in kit format for
companion animals, through Heska's network of central reference
laboratories for which Volition will receive ongoing additional
revenue for such kit sales.
- This is a long-term deal with significant market and revenue
potential for Volition through the sale of kits and key
components.
- Subsequent to the quarter end SAGE Healthcare launched our
Nu.Q® Vet Cancer Test in Singapore.
- We are in advanced negotiations with other potential licensing
partners in our efforts to make Nu.Q® Vet products as
accessible as possible worldwide and anticipate further
announcements in 2022.
Nu.Q® Capture
- Nu.Q® Capture, when used in combination with either
sequencing, mass spectrometry and/or Volition's Nu.Q®
assays could potentially aid diagnosis, treatment selection, and
both treatment and disease monitoring in addition to aiding
biomarker discovery.
- The Nu.Q® Capture program now has several strands of
technology which:
-
- essentially remove background noise, thereby amplifying the
signal,
- look to identify the signal in a novel way including through
mass spectrometry, or
- isolate various chromatin fragments, including nucleosomes and
transcription factors.
- Subsequent to the quarter end Volition sponsored a GenomeWeb
webinar entitled "Novel Proteomics Approach to Epigenetic Profiling
of Circulating Nucleosomes" featuring Professor Axel Imhof. To watch on demand, visit the
GenomeWeb website.
- Volition is developing a large 1000-plus patient
Nu.Q® Capture study in lung cancer and colorectal cancer
with further announcements expected in 2022.
Upcoming Milestones
- Drive near term revenue in the following key areas:
-
- Licensing of its technology, with a particular but not
exclusive focus on Nu.Q® Vet.
- Complete Heska Corporation agreement milestones in order to
receive further milestone payments.
- Sales of key components of Point of Care test with Heska.
- Sales of kits from non-exclusive agreements for the use of
Nu.Q® Vet via central reference labs.
- Ongoing and new Nu.Q® Discover agreements.
- Sales of its disease monitoring tests (e.g. COVID-19,
sepsis).
- Continue to progress the research program for the use of Nu.Q®
in NETosis, in monitoring disease progression of COVID-19, sepsis,
and potentially other diseases and as a possible companion
diagnostic for a treatment for sepsis.
- Continue to advance its previously announced large-scale blood,
lung, and colorectal cancer trials in Europe, Asia,
and the U.S.
- Publish several abstracts and peer-reviewed scientific papers
with clinical results showing the robustness and utility of its
Nu.Q® platform.
- Advance the development of Nu.Q® Capture.
- Continue to file patents to expand and extend its intellectual
property portfolio.
Event: VolitionRx Limited First Quarter 2022
Earnings and Business Update Conference Call
Date: Thursday, May 12, 2022
Time: 08:30
a.m. U.S. Eastern Time
U.S. & Canada Dial-in:1-877-407-9716 (toll free)
U.K. Dial-in: 0 800 756 3429 (toll free)
Toll/International: 1-201-493-6779
Conference ID: 10167203
Cameron Reynolds, President and
Chief Executive Officer of Volition, will host the call along with
Terig Hughes, Chief Financial Officer of Volition, Dr. Tom Butera, Chief Executive Officer of Volition
Veterinary Diagnostics Development LLC, and Scott Powell, Executive Vice President, Investor
Relations of Volition. The call will provide an update on important
events which have taken place in the first quarter of 2022 and
upcoming milestones.
A live audio webcast of the conference call will also be
available on the investor relations page of Volition's corporate
website at http://ir.volition.com. In addition, a telephone replay
of the call will be available until May 25,
2022. The replay dial-in numbers are 1-844-512-2921
(toll-free) in the U.S. and Canada
and 1-412-317-6671 (toll) internationally. Please use replay pin
number 10167203.
Event: VolitionRx Limited Capital Markets
Day
Date: Friday, May 13, 2022
Time: 10:00
a.m. U.S. Eastern Time
In-person Venue: Siebert
Hall, New York Stock Exchange
To attend in person, contact investorrelations@volition.com
To attend virtually please register HERE
The event will be webcast and the presentations will be posted
to Volition's website. A replay will be made available.
About Volition
Volition is a multi-national epigenetics company that applies
its Nucleosomics™ platform through its subsidiaries to develop
simple, easy to use, cost effective blood tests to help diagnose
and monitor a range of life-altering diseases including some
cancers and diseases associated with NETosis such as sepsis and
COVID-19. Early diagnosis and monitoring have the potential to not
only prolong the life of patients, but also to improve their
quality of life. 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. Volition is primarily focused
on human diagnostics and monitoring but also has a subsidiary
focused on animal diagnostics and monitoring.
Volition's research and development activities are centered in
Belgium, with an innovation
laboratory in California and
additional offices in Texas,
London, and Singapore, as the company focuses on bringing
its diagnostic and disease monitoring products to market.
For more information about Volition, visit Volition's website
volition.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 Enquiries:
Louise Batchelor/Debra Daglish, Volition,
mediarelations@volition.com +44 (0)7557 774620
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, among other topics, Volition's expectations related to the
potential benefits under the agreements with Heska and SAGE, the
size of Volition's addressable markets, the success of negotiations
and the timing, completion and execution of term sheets and/or
agreements with third parties regarding the licensing and
distribution of Volition's products, the timing, completion and
delivery of data from clinical studies, effectiveness of Volition's
blood-based diagnostic, prognostic and disease monitoring tests,
Volition's ability to develop and successfully commercialize such
test platforms for early detection of cancer and other diseases as
well as serving as a diagnostic, prognostic or disease monitoring
tools for such diseases, the timing of product launches and
publications, and expectations regarding Volition's ability to
transition to a commercial products company, its future revenue and
financial performance. Volition's actual results may differ
materially from those indicated in these forward-looking statements
due to numerous risks and uncertainties, including, without
limitation, results of studies testing the efficacy of its tests.
For instance, if Volition fails to develop and commercialize
diagnostic, prognostic or disease monitoring 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; a failure by the marketplace to accept the products in
Volition's development pipeline or any other diagnostic, prognostic
or disease monitoring products Volition might develop; Volition's
failure to secure adequate intellectual property protection;
Volition will face fierce competition and Volition's intended
products may become obsolete due to the highly competitive nature
of the diagnostics and disease monitoring markets and their rapid
technological change; downturns in domestic and foreign economies;
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™ and Nu.Q® 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/volitionrx-limited-announces-first-quarter-2022-financial-results-and-business-update-301545290.html
SOURCE VolitionRx Limited