AUSTIN, Texas, March 29, 2022 /PRNewswire/ -- VolitionRx Limited
(NYSE AMERICAN: VNRX) ("Volition"), a multi-national epigenetics
company, has announced the signing of an exclusive global supply
and licensing agreement with Heska Corporation (NASDAQ: HSKA)
("Heska") to sell its Nu.Q® Vet Cancer Screening Test at
the point of care for companion animals. Heska is a leading
global provider of advanced veterinary diagnostics.
In exchange for granting Heska these exclusive worldwide rights
to sell the Nu.Q® Vet Cancer Test, Volition will
receive:
- a $10 million upfront payment on
signing and
- up to $18 million based upon the
achievement of near/mid-term milestones.
Volition's licensing agreement with Heska grants exclusive
rights to commercialize the Nu.Q® Vet Cancer Screening
Test for canine cancer screening and monitoring at the point of
care. It also enables Heska to access a wider test menu for
companion animals, including feline cancer.
In addition, Volition has 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.
Volition's Nu.Q® Vet Cancer Screening Test will
operate on Heska's proprietary Element i+ Immunodiagnostic
Analyzer, a point of care platform. By running the Nu.Q®
Vet Cancer Screening Test on Heska's proprietary analyzers and
tests, veterinarians will be able to screen millions of pets for
some of the most common cancers to provide critical information to
pet families accurately, cost effectively, and conveniently at the
point of care. Heska's Nu.Q® Vet Cancer Screening Test
targets one of the most critical challenges in pet healthcare.
"We are thrilled to announce this agreement with Heska, a
company dedicated to developing the next generation of rapid,
highly affordable, point-of-care diagnostics for companion
animals," commented Dr. Tom Butera,
Chief Executive Officer of Volition Veterinary Diagnostics
Development LLC. "We estimate the total addressable market
worldwide for cancer screening and monitoring in canines and
felines to be approximately $11
billion and growing. As such, we want to make our
Nu.Q® Vet Cancer Screening Test as accessible as
possible to veterinarians around the world, ensure cancer is
detected earlier, and improve outcomes for pets and pet owners.
Working with Heska, and its global network will enable us to do
just that. I am delighted Heska shares our vision of keeping tests
very affordable, and we look forward to fostering a successful
relationship together and generating ongoing revenue by providing
kits and key components to veterinarians around the
world."
"Heska is committed to delivering market-leading technologies to
veterinarians through targeted research and development investments
and strategic partnerships to get the most urgent innovations into
veterinarians' hands quickly," commented Kevin Wilson, Heska's Chief Executive Officer
and President. "The accurate, affordable, fast and non-invasive
Nu.Q® Vet Cancer Screening Test is exactly such an
innovation and is a perfect addition to our Heska test menu, which
we believe is now the most complete, differentiated and
cutting-edge point of care diagnostics solutions stack available
for pet healthcare professionals and pet families. With the
new Heska Nu.Q® Vet Cancer Screening Test millions of
pets will have access to critical cancer screening and monitoring
instantly, and at the point of care, to catch, treat and drive
recovery from cancers earlier and with much better healthcare
outcomes and peace of mind."
Mr. Wilson continued, "Delivering the best care means finding
and treating conditions as early as possible in pets who cannot
speak for themselves; we must become the voice of the pet to
help guide their caregivers. Upon commercialization, which could
begin as early as late 2022, we believe our Heska Nu.Q®
Vet Cancer Screening Test will allow veterinarians across the globe
to detect cancer early, in the clinic, in minutes, and for under
$50 to support clinical decisions
during annual check-ups, regular wellness exams, healthcare
interventions, treatment cycles, and remission. Additionally, we
see a clear path to developments covering cat cancers and for
inclusion of Nu.Q® cancer results on multiplexed Heska
panels with other key diagnostics relied upon by veterinarians.
Leading in cancer will do a great amount of good and I anticipate
will accelerate Heska's 2023 and beyond financial performance even
faster than I previously expected."
The Veterinary Cancer Society estimates one in four dogs and
nearly 50% of dogs over the age of 10 will develop cancer.
According to the National Cancer Institute, in the U.S.
approximately six million new cancer diagnoses are made in dogs
each year.
Volition is developing simple, easy-to-use, cost-effective blood
tests to help diagnose and monitor a range of life-altering
diseases including cancer in both humans and animals. For more
information about Volition's Nu.Q® technology go to:
www.volition.com
Notes to editors:
Findings from two studies conducted by Volition and Professor
Wilson-Robles and her team at Texas A&M
University, peer-reviewed and published in 2021, showed
that:
- Volition's Nu.Q® Vet Cancer Screening Test detected 77% of
lymphoma at 97% specificity versus control including all stages of
lymphoma.
- Volition's Nu.Q® Vet Cancer Screening Test detected
82% of hemangiosarcoma at 97% specificity
versus control including stages I through III of
hemangiosarcoma.
Volition introduced its Nu.Q® Vet Cancer Test via a
beta launch in collaboration with Texas
A&M University in late 2020 and more recently appointed
SAGE Healthcare as a non-exclusive licensee and distributor for
Singapore ensuring wide access to
Volition's Nu.Q® Vet Cancer Screening Test.
About the market
- According to the National Cancer Institute, approximately 6
million new cancer diagnoses are made in dogs each year.
- The Veterinary Cancer Society estimates 1 in 4 dogs will
develop cancer at some point, and almost 50% of dogs over age 10
will develop cancer.
- Approximately 470 million dogs live as pets worldwide and a
2021 U.S Morgan Stanley / AlphaWise survey found that 69% of
respondents "strongly agree" that their pets are important members
of the family.
- The Morgan Stanley / AlphaWise report also projected the pet
care industry will reach $275 billion
in 2030, reflecting an 8% topline compounded annual growth
rate.
- A 2021 survey by VetSuccess also showed Pet Patient Visits have
increased by 5.1% with strong growth in particular for wellness
visits (up 5%-7%).
About Heska
Heska Corporation (NASDAQ: HSKA) manufactures, develops and
sells advanced veterinary diagnostic and specialty healthcare
products through its two business segments: North America and International. Both segments
include Point of Care Lab testing instruments and consumables,
digital imaging products, software and services, data services,
allergy testing and immunotherapy, and single-use offerings such as
in-clinic diagnostic tests and heartworm preventive products. The
North America segment also
includes private label vaccine and pharmaceutical production under
third-party agreements and channels, primarily for herd animal
health. For more information, please visit www.heska.com.
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.
Media Enquiries:
Louise Batchelor/Debra Daglish, Volition,
mediarelations@volition.com +44 (0)7557 774620
Jon Aagaard,
Heska, investorrelations@heska.com +1 970-617-8399
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 estimated market
opportunity, Volition's expectations related to the potential
benefits under the License and Supply Agreement with Heska,
including the payment of upfront and future milestones and
purchases of kits and key components, the effectiveness of
Volition's blood-based diagnostic, prognostic and disease
monitoring tests, and 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.
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
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.
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