VolitionRX Awarded $1.5 Million In Non-Dilutive Funding
Published: Sep 22, 2017
ISNES, Belgium, Sept. 21, 2017 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") today announced that it has been awarded a loan and a non-repayable grant totaling $1.5 million from SOFINEX and the Walloon Region, Belgium. This is in addition to the $947,000 in loans previously provided by Namur Invest over the last 12 months, aggregating to approximately $2.45 million.
Dr. Gaetan Michel, Chief Executive Officer of Volition's subsidiary, Belgian Volition SPRL, commented, "We are delighted with the financial support that we continue to receive from our local agencies SOFINEX and Namur Invest, as well as the Walloon Region, Belgium. We are committed to the region and plan to recruit even more of the talented scientists in the area. This funding will support our continued research and development activities towards what we hope will be life-saving cancer diagnostic tests."
David Vanston, Chief Financial Officer of Volition, commented, "It is a key part of our financing strategy to actively seek non-dilutive funding as this provides additional cash on favorable terms to support the Company's continued development."
SOFINEX, a public organization focused on the internationalization of Walloon companies and encouraging exports throughout the world, has provided an approximate $1.2 million (EUR 1 million) unsecured loan to Volition and Belgian Volition. The loan was entered into on September 20, bears interest at 4.5% per year with favorable repayment terms over seven 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 America Inc., who announced in July its participation in a large 13,500 subject Colorectal Cancer Screening study in the U.S. This study is to be conducted in conjunction with the Great Lakes New England Clinical Validation Center funded by the National Cancer Institute's (NCI) Early Detection Research Network (EDRN).
Belgian Volition has also recently received a commitment from the Walloon Region, Belgium, to receive an additional non-repayable cash grant of approximately $294,000 (EUR 245,520) as a contribution towards the cost of the new custom-built research and development facility in the Crealys Science Park, Isnes, in the Walloon region of Belgium.
Namur Invest, a public-private partnership which supports the development of companies in the Walloon region, previously provided unsecured loans in October 2016 and May 2017 totaling approximately $947,000 (EUR 790,000) to Belgian Volition, bearing interest at 4-4.85% per year with favorable repayment terms over 3.5-7 years to help fund Volition's continued research and development efforts.
Volition is a multi-national life sciences company developing simple, easy to use blood-based cancer tests to accurately diagnose a range of cancers. The tests are based on the science of Nucleosomics®, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid - an indication that disease is present.
As cancer screening programs become more widespread, Volition's products aim to help to diagnose a range of cancers quickly, simply, accurately and cost effectively. Early diagnosis has the potential to not only prolong the life of patients, but also to improve their quality of life.
Volition's research and development activities are currently centered in Belgium, with additional offices in London, Texas and Singapore, as the company focuses on bringing its diagnostic products to market first in Europe, then in the U.S. and ultimately, worldwide.
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Media / Investor Contacts
Louise Day, Volition
+44 (0)7557 774620
Scott Powell, Volition
+1 (646) 650 1351
Tirth Patel, Edison Advisors
+1 (646) 653 7035
Rachel Carroll, Edison Advisors
+44 (0)20 3077 5711
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Nucleosomics®, NuQ®, Nu.Q and HyperGenomics® and their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this press release are the property of their respective owners. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of the United States of America.
SOURCE VolitionRx Limited