Conference call to discuss financial and operational results
scheduled for
Friday, November 15 at
8:30 a.m. U.S. Eastern Time
HENDERSON, Nev. , Nov. 14,
2024 /PRNewswire/ -- VolitionRx Limited (NYSE
AMERICAN: VNRX) ("Volition"), a multi-national epigenetics company,
today announces financial results and a business update for the
third quarter of 2024. Volition management will host a conference
call tomorrow, November 15 at
8:30 a.m. U.S. Eastern Time to
discuss these results. Conference call details can be found
below.
Highlights
- Sold over 110,000 Nu.Q® Vet Cancer Tests in the first
three quarters 2024.
- Expanded access to the Nu.Q® Vet Cancer Test – now
available for purchase in 17 countries worldwide.
- Hosted Satellite Symposium at European Society of Intensive
Care Medicine 2024 and issued a report showcasing Nu.Q®
NETs test data from over 3,000 intensive care sepsis patients.
- Made significant progress across a number of clinical and
research programs within our cancer pillar.
- Advancing several active commercial discussions with
significant players in the diagnostic space for both human and
animal health, including large markets such as sepsis and oncology
liquid biopsy.
- Opened Data Rooms for potential near-term licensing
opportunities.
- Strengthened the Board of Directors in the appointment of
experienced chair, Timothy Still and
Independent Director, Dr. Ethel Rubin, both of whom bring
significant commercial and financing experience in the diagnostic
sector.
Cameron Reynolds, President and
Group Chief Executive Officer, said:
"I am delighted that we have sold more than 110,000 Nu.Q® Vet
Cancer Tests in the first nine months of 2024; not only is this a
significant commercial achievement but means that so many families
now have access to early cancer detection for their dogs."
"In the human space, we were proud to showcase positive data at
a Satellite Symposium at the world's largest intensive care
conference held in October. Data from three large, independent
studies involving more than 3,000 sepsis patients demonstrated that
Nu.Q® NETs could be used to predict patients at greater risk of
deteriorating from sepsis. It is hoped that using the Nu.Q® NETs
test to measure elevated H3.1 nucleosome levels as a treatable
trait could provide a therapeutic target in sepsis management, and
be a game changer in modifying a patient's trajectory."
"Our near term focus is to secure our first licensing deal in
the human clinical space and I am pleased to report, that given the
strong data, the team continues to make good progress with key
industry players."
Financial Highlights
- $1 million revenue YTD 2024, up
96% over the prior YTD.
- $475,000 revenue in the third
quarter, up 187% over the same period in the prior year.
- Nu.Q® Vet revenue up 100% YTD and 307% for the third quarter
versus the same periods in 2023.
- Cash used in operating activities was $5.4 million in the third quarter, down 36% YOY
as cost reduction measures took effect.
- Cash and cash equivalents as of September 30, 2024, totaled approximately
$5.4 million.
- Subsequent to quarter end received commitment of over
$2.2 million of non-dilutive funding
from agencies within the Walloon Region, Belgium, with more funding anticipated in
quarter one 2025.
- Goal to be cash neutral in 2025, meaning income matches
expenditure on a cash basis.
Event: VolitionRx Limited Third Quarter 2024 Earnings and
Business Update Conference Call
Date: Friday, November
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: 13750104
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, Dr Tom
Butera, Chief Executive Officer of Volition Veterinary
Diagnostics Development LLC and Dr. Andrew
Retter, Chief Medical Officer. The call will provide an
update on important events that have taken place in the third
quarter of 2024 and upcoming milestones.
A live audio webcast of the conference call will also be
available on this link. In addition, a telephone replay of the call
will be available until November 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 13750104.
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 to 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