Conference call to discuss financial and operational results
scheduled for Thursday, August
15 at 8:30 a.m. U.S. Eastern
Time
HENDERSON, Nev., Aug. 14,
2024 /PRNewswire/ -- VolitionRx Limited (NYSE
AMERICAN: VNRX) ("Volition"), a multi-national epigenetics company,
today announced financial results and a business update for the
second quarter of 2024. Volition management will host a conference
call tomorrow, August 15 at
8:30 a.m. U.S. Eastern Time to discuss these results.
Conference call details can be found below.
Highlights in the first half of 2024
- Expanded access to the Nu.Q® Vet Cancer Test – now
available for purchase in 17 countries worldwide.
- Sold over 60,000 Nu.Q® Vet Cancer Tests in the first half
of 2024 versus 58,000 tests for the full year of 2023.
- Engaged in active commercial discussions with significant
players in the liquid biopsy, IVD, sepsis and oncology
space.
- Prepared Data Rooms for potential near-term licensing
opportunities.
Cameron Reynolds, President and
Group Chief Executive Officer, said:
"So far this year we have successfully supported our veterinary
licensing and distribution partners to launch our Nu.Q® Vet Cancer
test and I am delighted that we have sold more tests in the first
half of 2024 than the whole of 2023.
"We have also made significant progress in readying our Nu.Q®
NETs product for sepsis, Nu.Q® Lung Cancer and
Capture-PCR™ technologies for licensing. We have a large
amount of study data that we expect is close to being ready for
inclusion in the data rooms and we have received expressions of
interest from key industry players.
"Our focus in the second half of 2024 will include negotiating
our first licensing deal in the human space and to that end,
PharmaVentures, a respected, international advisory company with a
proven track record, has recently been engaged to act as an advisor
to Volition to help secure licensing deals for both Nu.Q® Cancer
and Capture-PCR™."
Financial Highlights
- Revenue in the second quarter of 2024 was up 83% over the prior
year, at $396,000.
- First half revenue was $567,000,
up 55% over the prior year.
- Cost reduction measures underway with a target of $10 million in annualized reductions, with
operating expenses in the second quarter down 24% over the prior
year.
- Cash and cash equivalents as of June 30,
2024, totaled approximately $6.0
million.
- Subsequent to quarter end, completed a registered direct
offering of common stock, and warrants to purchase common stock, to
an institutional investor for $7
million in gross proceeds to Volition at closing and up to
an additional $14.5 million of
potential aggregate gross proceeds upon the exercise in full on a
cash basis of milestone-linked warrants issued to the investor in
the transaction.
Event: VolitionRx Limited Second Quarter 2024 Earnings and
Business Update Conference Call
Date: Thursday, August 15, 2024
Time: 8:30 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: 13747711
Louise Batchelor, Group Chief
Marketing & Communications Officer will host the call along
with Cameron Reynolds, President and
Group Chief Executive Officer of Volition, Terig Hughes, Group
Chief Financial Officer and Dr. Andrew
Retter, Chief Medical Officer. The call will provide an
update on important events that have taken place in the second
quarter of 2024 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 https://ir.volition.com. In addition, a telephone replay
of the call will be available until August
29, 2024. 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 13747711.
About Volition
Volition is a multi-national company focused on advancing the
science of epigenetics. Volition is dedicated to saving lives and
improving outcomes for people and animals with life-altering
diseases through earlier detection, as well as disease and
treatment monitoring.
Through its subsidiaries, Volition is developing and
commercializing simple, easy to use, cost-effective blood tests to
help diagnose and monitor a range of diseases, including some
cancers and diseases associated with NETosis, such as sepsis. Early
diagnosis and monitoring have the potential not only to prolong the
life of patients, but also improve their quality of life.
Volition's research and development activities are centered in
Belgium, with an innovation
laboratory and office in the U.S. and additional offices in
London and Singapore.
The contents found at Volition's website address are not
incorporated by reference into this document and should not be
considered part of this document. Such website address is included
in this document as an inactive textual reference only.
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, the exercise of the milestone-linked
warrants upon the achievement of such milestone events or otherwise
prior to their expiration, Volition's expectations related to
revenue opportunities and growth, the timing, completion, success
and delivery of data from clinical studies, the timing of
publications, the effectiveness of Volition's cost reduction
measures, the effectiveness and availability 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, and Volition's success in securing
licensing and/or distribution agreements with third parties for its
products. 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 market and its rapid technological change;
downturns in domestic and foreign economies; and other risks,
including those 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™, Capture-PCR™ 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.
Media enquiries:
Louise Batchelor/Debra
Daglish
Volition,
mediarelations@volition.com
+44 (0)7557 774620
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SOURCE VolitionRx Limited