NAMUR, Belgium, Sept. 3, 2013 /PRNewswire/ -- VolitionRx Limited (OTC: VNRX), a life sciences company focused on developing blood-based diagnostic tests for different types of cancer, is lead partner of a consortium in a project valued at €779,493 (approx. US$1M) under the EUREKA Eurostars scheme. The project aims to develop new applications of the Nucleosomics biomarker technology in inflammatory disease. The research will build on VolitionRx's ongoing cancer diagnostic research program.
VolitionRx's contribution to the project is to develop novel NuQ® biomarkers for immune response. VolitionRx will use its proprietary Nucleosomics® platform for biomarker development exploiting UK-based Alcyomics' proprietary ex-vivo Skimmune™ model.
The Eurostars Programme is a European innovation program managed by EUREKA. It is the first program dedicated to supporting research-based small- and medium-sized companies (SMEs) from across Europe. To be eligible for the grant, companies must form a consortium of at least two companies from different European countries, with the aim of developing a civilian-purposed new product, process or service.
"The Eurostars scheme is a prestigious European program designed to support SMEs like VolitionRx, and to encourage cross-border research and development collaboration," says Mark Eccleston, VolitionRx's External Collaborations Manager. "We are looking forward to working with our partners to develop novel applications for our Nucleosomics technology, while complementing our ongoing research in cancer diagnostics."
Under the grant, VolitionRx will be reimbursed with 80% of the costs associated with its share of the joint project - €420,000 ($0.56M approx.) over two years.
VolitionRx is a life sciences company focused on developing blood-based diagnostic tests for different types of cancer. The tests are based on the science of Nucleosomics, which is the practice of identifying and measuring nucleosomes in the bloodstream – an indication that cancer is present.
VolitionRx's goal is to make the tests as common and simple to use, for both patients and doctors, as existing diabetic and cholesterol blood tests. VolitionRx's research and development activities are currently centered in Belgium as the company focuses on bringing its diagnostic products to market first in Europe, then in the US and ultimately, worldwide.
Our mission at Alcyomics Ltd is to provide novel solutions for pre-clinical drug safety and efficacy testing for therapeutics including cellular therapies and extend our technologies for use in the chemical and cosmetic industries. As a service provider we aspire to take the lead in providing unique screening services using human in vitro skin explant assays of value to customers in the Pharma, Cosmetic and Chemical industries enabling more cost effective commercialisation of products and or drugs.
Forward-Looking Statements: Statements in this press release may be "forward-looking statements". Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "optimizing," "potential," "goal," and similar expressions, as they relate to the Company, its business or management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company'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. Actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE VolitionRx Limited