AUSTIN, Texas, July 10, 2019 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") today announced that it has been awarded additional non-dilutive funding in the form of a non-repayable cash grant totaling approximately $1.4 million from the Walloon Region, Belgium. To date, Agencies from the Region have awarded Volition an aggregate of approximately $6 million in non-dilutive funding including this most recent award.
"It is a key part of our financing strategy to actively seek non-dilutive funding as this provides additional cash at favourable terms to support the Company's continued development," commented Cameron Reynolds, President and Chief Executive Officer of Volition. "We are delighted with the great progress we are making on so many fronts and look forward to achieving many milestones throughout this year."
Dr. Gaetan Michel, Chief Executive Officer of Volition's subsidiary, Belgian Volition SPRL, commented "We are delighted with the financial assistance that we have received from the Walloon Region and would like to thank Monsieur Pierre-Yves Jeholet, the Walloon Minister for Economy for his continued support. This grant will support a specific project to be conducted in collaboration with GIGA at the University of Liege, Belgium."
About GIGA / The Project
GIGA is the University of Liège's interdisciplinary research institute in the biomedical sciences. Located within the University Hospital on the Sart-Tilman campus, GIGA counts more than 600 scientists focusing on the development of health solutions for the benefit of the patients. GIGA scientists include medical doctors, pharmacists, veterinarians, psychologists, molecular and cellular biologists, chemists, physicists, mathematicians and engineers.
The project, led by Dr. Denis Mottet, Head of the Protein Signaling and Interaction Laboratory at GIGA, will explore the mechanisms of Telomers maintenance, inherent to cancer cells, as a tool to cancer diagnostics using Volition's proprietary NucleosomicsTM platform demonstrating once more the versatile nature of the platform.
Volition is a multi-national life sciences company developing simple, easy to use, cost effective blood tests to help diagnose a range of cancers and other diseases. Early diagnosis has 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 NucleosomicsTM, 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 but also has a subsidiary focused on animal diagnostics.
Volition's research and development activities are currently centered in Belgium, with additional offices in Texas, London and Singapore, as the company focuses on bringing its diagnostic products to market.
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Media / Investor Contacts
Louise Batchelor, Volition
+44 (0)7557 774620
Scott Powell, Volition
+1 (646) 650 1351
Joseph Green, Edison Advisors
+1 (646) 653 7030
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 the effectiveness of Volition's blood-based diagnostic tests as well as Volition's ability to develop and successfully commercialize such test platforms for early detection of cancer and other diseases. Volition's actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties. For instance, if Volition fails to develop and commercialize diagnostic 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 in the clinical IVD market; a failure by the marketplace to accept the products in Volition's development pipeline or any other diagnostic products Volition might develop; Volition will face fierce competition and Volition's intended products may become obsolete due to the highly competitive nature of the diagnostics market and its rapid technological change; 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.
NucleosomicsTM and Nu.QTM as well as 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.
SOURCE VolitionRx Ltd