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VolitionRx Ltd set for US$10.6mln cash boost after placing

Thursday, October 6, 2016 6:33
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(Before It's News)

Cancer diagnostics specialist VolitionRx Ltd (NYSE:VNRX) has brought in around US$10.6mln after closing the  previously announced share offer.

The group sold all the shares on offer, priced at $5 each, namely 2.25mln.

The company plans to use the net proceeds to continue its product development, clinical studies, commercialsation and for working capital.

In September, VolitionRx said it expects to receive European Union CE Marking on its Nu. Q colorectal cancer blood test later this year.

Receiving the CE mark would pave the way for a product launch in Europe in 2017, providing European healthcare practitioners with a much more accurate blood test than the current industry standard, which has a poor record in terms of identifying patients who genuinely need to be sent for colonoscopies.

Colorectal cancer is ranked second among all newly-diagnosed cancers and responsible for around 215,000 deaths in Europe each year. It is, of course, a big problem also in America also and the firm  has told Proactive Investors that the product would also be released in the USA when the time is right.

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