Conference call to discuss financial and operational results
scheduled for Wednesday, November
15, at 8:30 a.m. U.S. Eastern
Time
HENDERSON, Nev., Nov. 14,
2023 /PRNewswire/ -- VolitionRx Limited (NYSE
American: VNRX) ("Volition") today announced financial results and
a business update for the third quarter ended September 30, 2023. 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.
Cameron Reynolds, President and
Group Chief Executive Officer at Volition, commented:
"I am pleased to report that in the first nine months of 2023
revenue for the Nu.Q® Vet Cancer Test grew almost five-fold over
the prior year period, reflecting sales of the reference kits
through our global, regional and local supply agreements.
Additionally, total year-to-date revenue was $531,000, a 185% increase compared to the
comparable period of 2022. We believe that these results
demonstrate steady growth, but not yet the "ramp" in revenues that
we anticipate. We expect revenues to accelerate as we close out
2023 and into the early part of 2024 as several additional
distributors come online with our Nu.Q® Vet Test.
"We continued to make considerable progress with our Nu.Q® NETs
pillar. Most recently, we completed the Q-Sub process with the U.S.
Food and Drug Administration, and we are happy to announce that
they have agreed to the regulatory pathway of a traditional 510(k)
with an adjudicated clinical comparator. We are grateful for the
opportunity to participate in the Q-Sub process and appreciate the
feedback we have received. The interactions were engaging and
helpful and we feel gave us a clear regulatory path we need to
follow for this potentially exciting opportunity.
"We hosted our first Key Opinion Leader Roundtable Event focused
on sepsis in September and published an expert-led report. We also
presented new data at the ESICM congress in Milan in October and were featured in a
peer-reviewed publication from one of our Centers of Excellence in
Europe.
"In October, we unveiled what we believe to be an entirely new
cancer detection method at ESMO 2023, the annual congress of the
European Society for Medical Oncology, and hosted a webinar
detailing this transformational method. The results to date are
exciting and we are now developing a range of cancer-specific
assays which we expect to be more accurate than these preliminary
results, and look forward to sharing our progress beginning in the
first quarter of 2024. We believe that this opportunity is
significant, and we have been encouraged by the level of interest
shown by a range of leading diagnostic and liquid biopsy companies
following ESMO.
"I am also delighted in the progress we are making to ensure our
Nu.Q® Vet Cancer Test is accessible worldwide, with our recent
launch in the UK and Ireland
through two leading local companies; NationWide Laboratories and
Veterinary Pathology Group. We anticipate launches in
additional markets in Asia in the
coming months."
Financial Highlights
- Cash and cash equivalents as of September 30, 2023, totaled approximately
$10.8 million compared with
$10.9 million at the end of
2022.
- Subsequent to quarter end, a Walloon institutional fund and
regional government bodies of the Walloon Region of Belgium approved providing additional funding
to the company aggregating approximately $6
million. We expect the funding transactions to close this
month.
- Expect to receive a further $13
million in milestone payments from Heska Corporation in
the coming months.
Event: VolitionRx Limited Third Quarter 2023
Earnings and Business Update Conference
Call
Date: Wednesday, November 15, 2023
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: 13742634
Cameron Reynolds, President and
Group Chief Executive Officer of Volition, will host the call along
with Terig Hughes, Group Chief Financial Officer, Dr. Tom Butera, Chief Executive Officer of Volition
Veterinary Diagnostics Development LLC, Dr. Andrew Retter, Medical Consultant to Volition
and Scott Powell, Executive Vice
President, Investor Relations. The call will provide an update on
important events which have taken place in the third quarter of
2023 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 November
29, 2023. 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 13742634.
About Volition
Volition is a multi-national epigenetics 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 to not only 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.
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
revenue opportunities and launches of product sales with Heska and
other counterparties to agreements, the timing, completion, success
and delivery of data from clinical studies, the receipt of
additional funding, the potential uses, benefits and effectiveness
of its technology platforms, including the Nu.Q® NETs test and the
Nu.Q® Vet Cancer Test, and the timing and execution of Volition's
strategy with the FDA. 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; a
failure by the marketplace to accept Volition's Nu.Q® NETs test,
Nu.Q® Vet Cancer Test or other products based on its technology
platforms; Volition's failure to secure adequate intellectual
property protection; Volition's failure to obtain necessary
regulatory clearances or approvals to distribute and market future
products; Volition will face fierce competition and its 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, 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. 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. Forward-looking 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.
Nu.Q® and its 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.
Video - https://www.youtube.com/watch?v=c9tZu65VVA4
View original content to download
multimedia:https://www.prnewswire.com/news-releases/volitionrx-limited-announces-third-quarter-2023-financial-results-and-business-update-301988015.html
SOURCE VolitionRx Limited