VolitionRX off to strong start in 2017

Cancer diagnostics group VolitionRx Limited (NYSE MKT:VNRX) has seen a strong start to 2017 with ‘many milestones’ passed in its latest quarter according to chief executive Cameron Parry.

“We have kept very close controls of costs despite the high level of research and development and marketing activity in a broad range of areas, and yet again we have completed many milestones on a relatively tight budget to ensure we use our shareholders’ equity carefully.

“2017 is off to a strong start and …we look forward to achieving additional milestones in the second quarter as we ramp up into a commercial stage company in 2017,” he said.

Earlier this week, VolitionRx published results from an 8,000 strong study that showed a 24.5% reduction in the need for colonoscopies using its NuQ blood test compared to the current standard test with a sensitivity for colorectal cancer detection of approximately 95%.

Going forward, a first clinical evaluation of the NuQ CRC Triage Test is now underway in Taiwan, Parry said.

In the US, meanwhile, Volition America, Inc., has been established with the sole purpose of mapping a route to FDA approval of a colorectal product.

For the three months to March, Volition, which is still in its early development stage, reported a net loss of $3.35mln, or $0.13 per share (US$2.49mln, or $0.13 per share). Cash at the end of the period was US$18.5mln.

Story by ProactiveInvestors