Conference call to discuss financial and
operational results scheduled for
Tuesday, May 14
at 8:30 a.m. U.S. Eastern
Time
HENDERSON, Nev., May 13, 2024
/PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX)
("Volition"), a multi-national epigenetics company, today announced
financial results and a business update for the first quarter of
2024. Volition management will host a conference call
tomorrow, May 14 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: "Throughout this
quarter we have continued to work on a number of opportunities with
the aim of ensuring Volition is cash flow neutral in 2025 with a
mix of non-dilutive funding, revenue growth and milestone payments
from out licensing, as we already achieved in our Volition Vet
subsidiary, and through further cost reduction measures targeting
$10 million in annualized reductions.
We are making strong and necessary decisions to preserve capital in
the company whilst ensuring we deliver on our vision and mission.
We believe that we are now close to receiving large amounts of data
for both Nu.Q® NETs and Capture-PCR™ and consequently, subsequent
to quarter end, we are taking some necessary actions to
significantly reduce expenditures and cash burn as we concentrate
on commercialization.
"We have invested significantly over recent years to build out
our product pillars and to ensure we have robust scientific and
clinical evidence to support our potential breakthrough
technologies. Following our anticipated receipt, by the end
of June, of a substantial amount of new clinical data, we intend to
have a laser focus on commercializing these technologies.
"Our strategy is to monetize our intellectual property through
licensing or other agreements, similar to our approach with
Volition Vet. If successful, we believe that this strategy could
provide us with meaningful milestone payments in the next 12
months, followed by ongoing payments and royalties.
"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™, later this year. While the
revenue ramp from Nu.Q® Vet has taken longer than anticipated, we
do expect revenues to accelerate in the second half of 2024 due to
the two important recent product launches by Antech Diagnostics and
Fujifilm Vet Systems."
Financial Highlights
- Cash and cash equivalents as of March
31, 2024, totaled approximately $11.8
million.
- Recorded approximately $170,000
in revenue in the first quarter of 2024, up 15% over the prior
year.
- Cost reduction measures underway with a target of $10 million in annualized reductions.
- Applied/or in the process of applying for $25 million in non-dilutive grants from funding
bodies in the U.S., with a further $18
million in Europe.
Event: VolitionRx Limited First Quarter 2024
Earnings and Business Update Conference
Call
Date: Tuesday, May 14, 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: 13746549
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. Andrew
Retter, Chief Medical Officer and Gael Forterre, Chief
Commercial Officer. The call will provide an update on
important events which have taken place in the first 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 May 28,
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 13746549.
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, 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.
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SOURCE VolitionRx Limited