AUSTIN, Texas, Aug. 8, 2019 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") today announced the recent formation of a subsidiary, Volition Veterinary Diagnostics Development LLC ("Volition Veterinary"), and the appointment of animal health expert Nathan Dewsbury as its Chief Executive Officer. A video regarding this announcement can be viewed here.
"It was important to form a U.S. based Volition Veterinary subsidiary to enable dedicated focus on the development and commercialization of our Nu.QTM Vet products and help drive product development and early revenue for the company," commented Cameron Reynolds, President and Chief Executive Officer of Volition. "I am delighted to welcome Nathan, a highly experienced business development executive and Texas A&M University alumni to our expanding Volition team."
Mr. Dewsbury has global expertise in the animal health industry having direct involvement in national testing programs, current health diagnostics platforms and commercializing next generation diagnostics. He has a strong background in forming new commercial teams as well as launching and growing successful animal focused startups, all to achieve a global impact on the lives of animals. Mr. Dewsbury was educated at Texas A&M University where he received both his science and business degrees.
Volition has previously announced the execution of a Memorandum of Understanding with Texas A&M University with the intention to collaborate on the research and development of veterinary diagnostic products.
"There are currently no accurate, simple, affordable cancer screening tests available in veterinary medicine and yet 25% of dogs will develop cancer at some stage of their life. As with the human diagnostics, early diagnosis of cancer can dramatically improve outcomes," said Nathan Dewsbury. " I am delighted to be joining Volition Veterinary at this exciting time and look forward to further developing our relationship with Texas A&M University and to launching our first Nu.QTM Vet product in the U.S. that we expect to occur in 2020."
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.
Volition's recent proof of concept studies demonstrated that nucleosomes can be detected in dogs and, therefore, the potential to differentiate cancer from other conditions. Larger trials in veterinary medicine to test the Nu.Q platform are currently underway with results expected in the coming quarters.
"Volition's extensive intellectual property portfolio includes coverage of veterinary applications and we believe that not only could Nu.QTM Vet potentially provide significant revenue for Volition, it may also provide further technical validation of our platform in human diagnostics," commented Cameron Reynolds. "We are delighted to form our new subsidiary and look forward to further developing our relationship with Texas A&M."
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
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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 establishment of a collaborative research relationship and the negotiation and execution of a binding agreement with Texas A&M University, 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 or the veterinary markets; 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.
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SOURCE VolitionRx Ltd