SeeThruEquity Issues Update on VolitionRx (VNRX)
NEW YORK, NY / ACCESSWIRE / March 20, 2018 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update on VolitionRx Ltd. (NYSE American: VNRX).
The report is available here: March 2018 Update Note.
VolitionRX Ltd. (NYSE American: VNRX) is a life sciences company focused on developing simple, easy-to-use blood-based tests to accurately diagnose a broad range of cancers and other conditions. VNRX's novel Nu.Q® family of blood-based diagnostics tests are based on the company's proprietary Nucleosomics® technology platform, which identifies and measures nucleosomes in the bloodstream. In our view, the company is targeting a large potential market, which, if successful, has high impact potential in the cancer diagnostics market given its tests' low-invasiveness, high accuracy (80%+ in a retrospective study in Denmark) and relatively low cost.
VNRX has made significant progress since our last note on both clinical and corporate fronts, as highlighted below:
Positive Interim results on asymptomatic colorectal cancer study. On February 26, 2018, VNRX announced positive interim results from its first asymptomatic colorectal cancer (CRC) frontline screening study. The interim results of the ongoing 680-subject clinical study showed high detection rates of Stage 1 cancer and pre-cancerous adenomas in colorectal cancer screening for the company's Nu.Q™ blood test. VNRX is also conducting a larger 4,300 training study to finalize its diagnostic panel, with results expected in mid-2018, and will commence a larger 12,000 subject study in 2Q18. The company is applying for a CE Mark of Nu.Q™ and is hopeful it will receive its CE Mark by the end of 2018.
Commencing large US study. During 2017 Volition also announced that it would be participating in the largest-ever colorectal cancer screening study, in conjunction with the National Cancer Institute and the University of Michigan to validate the Nu.Q™ for the US market. Management stated that collection is underway for this study of approximately 13,500 asymptomatic samples of screen relevant subjects, with estimated completion by 2020.
Initial "research only" revenues anticipated. Volition stated that it had begun commercial activities for research use only kits, announcing an initial order to a "large, multinational pharmaceutical company." The research kits use the same platform as Volition's cancer diagnosis panel and are intended to aid in drug development and treatment selection. While the majority of value is expected to be generated from VNRX's cancer diagnostics, the research use only kits should provide early revenues and help validate VNRX's platform.
Financing adds runway enabling VNRX to focus on execution and clinical studies. Volition ended the year with a cash position of $10.1mn, and completed a public offering of common stock in March, raising an additional $8.4mn in gross proceeds. Proceeds are expected to advance clinical activities and appear to provide runway through mid-2019, assuming cash usage of approximately $3mn per quarter.
Price target of $7.00 for VNRX
We see VNRX as a high risk, high potential reward biotechnology company targeting a large and potentially transformative market in healthcare/biopharmaceutical space with its proprietary Nu.Q® blood-based diagnostics tests.
Please review important disclosures at www.seethruequity.com.
About Volition Rx Ltd.
Volition is a multi-national life sciences company focused on developing simple, easy to use, cost effective blood tests designed to help diagnose a range of cancers. The tests are based on the science of Nucleosomics®, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid - an indication that disease is present.
As cancer screening programs become more widespread, Volition's products aim to help to diagnose a range of cancers quickly, simply, accurately and cost effectively. Early diagnosis has the potential to not only prolong the life of patients, but also to improve their quality of life. Volition's research and development activities are currently centered in Belgium, with additional offices in London, Texas and Singapore, as the company focuses on bringing its diagnostic products to market first in Europe, then in the U.S. and ultimately, worldwide. VolitionRx.com
About SeeThruEquity
Since its founding in 2011, SeeThruEquity has been committed to its core mission: providing impactful, high quality research on underfollowed smallcap and microcap equities. SeeThruEquity has pioneered an innovative business model for equity research that is not paid for and is unbiased. SeeThruEquity is the host of acclaimed investor conferences that are the ultimate event for publicly traded companies with market capitalizations less than $1 billion.
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