AUSTIN, Texas, Oct. 29, 2019 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") today announced the confirmation of a further $500,000 non-dilutive funding in the form of a loan from the Texas A&M SOFINEX funding agency of the Walloon Region to support the development of its subsidiary Volition Veterinary Diagnostics Development, LLC.
"We are delighted with the non-dilutive financial support we continue to receive as it allows us to develop Nu.QTM Vet products in the very exciting veterinary market. We would like to thank SOFINEX for this latest loan which takes our non-dilutive funding total from local agencies and the Walloon government to over $6 million to-date," commented Dr. Gaetan Michel, Chief Executive Officer of Belgian Volition.
The contract signing ceremony and interviews with members of the Volition and Texas A&M teams.
On Friday, October 25, Volition announced the signing of multiple agreements to collaborate with Texas A&M University ("Texas A&M"), a leading U.S. institution to develop Nu.QTM Vet products.
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.
About the Texas A&M SOFINEX Funding
SOFINEX, a public organization focused on the internationalization of Walloon companies and encouraging exports throughout the world, has provided an approximate $500,000 (€450.000 Euros) unsecured loan to Volition and Belgian Volition. The loan bears interest at 5% per year with favorable repayment terms over five years and includes a two-year grace period for principal repayment. The purpose of the loan is to support the development of Belgian Volition's subsidiary, Volition Veterinary Diagnostics Development LLC who, on October 25, 2019, announced a collaboration with Texas A&M to research and develop veterinary diagnostic products.
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 centered in Belgium, with additional offices in Texas, London and Singapore, as the company focuses on bringing its diagnostic products to market.
For more information about Volition, visit Volition's website (http://www.volition.com) or connect with us via:
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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 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's failure to secure adequate intellectual property protection; 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 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.
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SOURCE VolitionRx Ltd
Released October 29, 2019