AUSTIN, Texas, Oct. 25, 2019 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") announced today that it (through its subsidiaries) has executed binding agreements contemplated by the previously announced Memorandum of Understanding with Texas A&M University ("Texas A&M"), a member of The Texas A&M University System, to collaborate on the research and development of certain veterinary diagnostic products.
"The Texas A&M College of Veterinary Medicine & Biomedical Sciences is excited to be working with Volition to develop tests for the early detection of cancer and other diseases in animals," said Dr. Eleanor M. Green, the Carl B. King Dean of Veterinary Medicine at Texas A&M. "The research and clinical trials conducted by CVM's veterinary oncologists work on the cutting-edge of medicine and have benefitted both humans and animals. The goal of this project with Volition is to provide all veterinarians with simple, affordable, routine blood tests that can help identify disease early and improve the lives of both animals and the people who love them."
Cameron Reynolds added, "We are delighted to execute these agreements today and are excited to collaborate with Texas A&M, a leading U.S. institution, to develop Nu.QTM Vet products. Myself and other members of the Volition Board and Executive team have very much enjoyed the hospitality of Texas A&M and are very impressed with the calibre of personnel and fantastic facilities in the veterinary school."
The signing ceremony took place at the Texas A&M campus, hosted by Dean Eleanor M. Green, DVM, DACVIM, DABVP. Also in attendance were: Dr. Heather Wilson-Robles DVM, DACVIM, Associate Professor and Dr. Fred and Vola N. Palmer Chair in Comparative Oncology, Texas A&M College of Veterinary Medicine & Biomedical Sciences, Small Animal Clinical Sciences Department; Chantal De Bleu, Director General and Phillipe La Chappelle, Director of Innovation of AWEX, the Wallonia Export-Investment Agency; members of the Volition Executive team including Chairman, Dr. Martin Faulkes and Chief Executive Officer, Cameron Reynolds.
Under the terms of these agreements, Texas A&M received an approximate 12.5% equity stake in Volition Veterinary Diagnostics Development LLC ("Volition Veterinary"), a subsidiary of Volition and will provide its expertise and conduct specified research and development activities. Volition (through its subsidiaries) will provide certain of its intellectual property associated with its proprietary Nu.QTM platform and assays as well as an aggregate of $400,000 to TAMU and affiliated entities towards the collaboration.
There are currently no accurate, simple, affordable cancer screening or diagnostic tests available in veterinary medicine, yet 25% of dogs will develop cancer at some stage of their life.
The U.S. is currently the largest veterinary market in the world with more than 55 million dogs and approximately 4.2 million cancer diagnoses each year. It has a clearly defined regulatory pathway via the USDA, requiring fewer and smaller clinical studies than the FDA process for human diagnostics which generally allows a much faster route to revenue for veterinary products as compared to human products.
With pricing currently expected to be between $100-$200 per test, Volition believes that this is a multi-billion-dollar opportunity. Volition aims to have the first Nu.QTM Vet product on the market in the U.S. in 2020.
About TAMU CVM
Texas A&M College of Veterinary Medicine & Biomedical Sciences ("TAMU CVM") was established in 1916 and since that time has graduated over 8,000 veterinarians. The faculty and staff of the college are committed to exceptional teaching, research, and patient care. Their research addresses significant problems in both animal and human health. The Veterinary Medical Teaching Hospital provides patient care services to thousands of animals every year.
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
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NucleosomicsTM and Nu.QTM 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.
SOURCE VolitionRx Ltd