VolitionRx Limited (NYSEAMERICAN:VNRX) has announced the closing of its underwritten public offering of 3,809,524 shares of its common stock for gross proceeds of approximately $20 million, before deducting the underwriting commissions and other estimated offering expenses payable.
The company said it intends to use the net proceeds of the offering for general corporate purposes, which may include continued product development, clinical studies, product commercialization, working capital and other general corporate purposes, including potential strategic acquisitions.
All of the shares in the offering were sold by Volition. In addition, the company has granted the offering’s underwriter a 30-day option to purchase up to an additional 571,428 shares of its common stock.
Cantor Fitzgerald acted as the sole book-running manager of the offering.
The offering was made under a “shelf” registration statement on Form S-3 (File No. 333-227248) previously filed by Volition with the Securities and Exchange Commission on September 26, 2018 and declared effective by the SEC on September 28, 2018.
Volition is a multi-national epigenetics 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 Nucleosomics, 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 a small laboratory in California and additional offices in Texas, London, and Singapore, as the company focuses on bringing its diagnostic products to market.
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Story by ProactiveInvestors
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