Conference call to discuss financial and operational results
scheduled for Tuesday, March
26 at 8:30 a.m. U.S. Eastern
Time
HENDERSON, Nev., March 25,
2024 /PRNewswire/ -- VolitionRx Limited (NYSE
AMERICAN: VNRX) ("Volition"), a multi-national epigenetics company,
today announced financial results and a business update for the
full fiscal year ended December 31,
2023. Volition management will host a conference call
tomorrow, March 26 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 of Volition said: "2023 was certainly
transformational for Volition and a year we can look back on with
pride. The commercialization of our Nu.Q® Vet Cancer Test within
the companion animal healthcare sector resulted in kits and
components for over 58,000 tests being sold in 2023 and has led to
agreements with several new global and regional partners including,
last week, with Fujifilm Vet Systems, Japan's leading veterinary diagnostic service
provider. Looking just around the corner, the Nu.Q® Vet Cancer Test
will soon be available as an in-house diagnostic test through Heska
Corporation, an Antech company.
"I am very happy with the progress made in our Nu.Q® NETs pillar
and in particular in determining our regulatory pathway forward
with the U.S. FDA - a key milestone for the company - and in having
a number of large-scale clinical studies due for publication later
this year.
"I am also absolutely delighted with our breakthrough cancer
detection method, Capture-PCR™, for which we presented a poster at
the annual congress of the European Society for Medical Oncology
(ESMO) in the fourth quarter of 2023. We believe that this is a
true breakthrough moment – the first reported physical isolation of
a class of tumor-derived ctDNA fragments from blood.
"We are focused on getting each of our several pillars of focus
to support itself, either through product revenues, milestone
payments, out-licensing or other non-dilutive funding in the coming
year, as we have achieved in our Vet pillar. This is to ensure as
little dilution as possible to reach profitability as a
company.
"We have had a busy start to 2024 and look forward to delivering
on some exciting milestones ahead, in particular publishing new
data for Nu.Q® NETs and for our potential breakthrough cancer
detection method, Capture-PCR™."
Financial Highlights
- Cash and cash equivalents as of December
31, 2023, totaled approximately $20.7
million as compared to $10.9
million as of December 31,
2022.
- Recorded approximately $775,000
in revenue in 2023, up 153% over the prior year.
- Received $13.0 million in
milestone payments from Heska Corporation in December 2023.
- Net cash used in operating activities was $18.1 million for the full year.
Event:
|
VolitionRx Limited
Fourth Quarter and Full Year 2023 Earnings and Business Update
Conference Call
|
Date:
|
Tuesday, March 26,
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:
|
13745274
|
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, Chief Medical Officer of Volition
and Louise Batchelor, Group Chief
Marketing & Communications Officer. The call will provide an
update on important events which have taken place in the fourth
quarter and full year 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 April 9,
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 13745274.
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 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.
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, the timing, completion and delivery of data
from clinical studies, the timing of publications, the
effectiveness and availability 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.
Pursuant to the disclosure requirements of the NYSE American
Company Guide Section 610(b), Volition is reporting that its
audited consolidated financial statements for the fiscal year ended
December 31, 2023, included in
Volition's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 25,
2024, contains an audit opinion from its independent
registered public accounting firm that includes an explanatory
paragraph related to Volition's ability to continue as a going
concern. This announcement does not represent any change or
amendment to Volition's financial statements or to its Annual
Report on Form 10-K for the fiscal year ended December 31, 2023.
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.
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SOURCE VolitionRx Limited