HENDERSON, Nev. - VolitionRx Limited (NYSE AMERICAN: VNRX), a multi-national epigenetics company trading at $0.64 per share, has reported its key achievements from the past year in a Business Review of 2024. According to InvestingPro data, the company has shown impressive revenue growth of 97.5% over the last twelve months, though analysts note it is not expected to be profitable this year. The company has expanded the availability of its Nu.Q® Vet Cancer Test, which is now accessible in 20 countries. Volition sold over 110,000 of these tests in the first three quarters of 2024 alone.
The company also hosted a Satellite Symposium at the European Society of Intensive Care Medicine 2024, presenting the clinical utility of Nu.Q® NETs in managing sepsis in over 3,000 intensive care patients. In addition, Volition has been actively strengthening its strategic patent portfolio and making significant advancements in its clinical and research programs within the cancer pillar.
Commercial discussions have been initiated with key players in the diagnostic space for potential licensing and supply agreements in large markets, including sepsis and oncology liquid biopsy. These discussions are facilitated through virtual data rooms, which are expected to be supplemented with additional clinical papers early in 2025. While the company operates with moderate debt levels, InvestingPro analysis indicates current short-term obligations exceed liquid assets, with a current ratio of 0.22.
Volition's President and Group Chief Executive Officer, Cameron Reynolds, emphasized the company's commitment to revolutionizing the diagnosis and monitoring of life-altering diseases for both humans and animals. He highlighted the strong interest in potential licensing and supply agreements for the company's technologies.
The company has also fortified its leadership with the appointment of Timothy Still as Chair and Dr. Ethel Rubin as an Independent (LON:IOG) Director, both bringing extensive experience in the diagnostic sector.
Volition is focused on the development and commercialization of simple, cost-effective blood tests for the diagnosis and monitoring of diseases, including cancers and conditions associated with NETosis, such as sepsis. The company's research and development activities are mainly based in Belgium, with additional facilities in the U.S., London, and Singapore.
This news is based on a press release statement and reflects the company's reported progress and strategic initiatives undertaken in the previous year. For deeper insights into VolitionRx's financial health and growth prospects, including additional ProTips and comprehensive analysis, investors can access the full company research report on InvestingPro, which provides expert analysis of over 1,400 US-listed companies.
In other recent news, VolitionRx Limited has been making significant strides in its financial and operational performance. The company recently announced a registered direct offering of its common stock, raising up to $1.9 million. This transaction included the sale of shares to both company insiders and other investors. The proceeds from this offering are expected to be utilized for research, product development, clinical studies, product commercialization, working capital, and other general corporate purposes.
Additionally, VolitionRx reported robust growth in its Q3 earnings call. The company saw its year-to-date revenue double, largely driven by sales from its Nu.Q Vet cancer tests. These tests alone have sold over 110,000 units in the first three quarters of 2024, nearly doubling the total sales from the previous year. The company is optimistic about achieving cash neutrality by 2025, having reported $1 million in revenue for the nine months ending September 30, 2024.
In terms of developments, VolitionRx is making significant progress in human diagnostics. A large lung cancer detection study is currently under peer review, and a prospective validation study is set to begin in Taiwan. The company also anticipates roughly $6 million in revenues for the next year, with each business segment expected to support itself financially by 2025. However, VolitionRx noted that revenue can be unpredictable at this stage, with fluctuations in sales as they establish a smoother revenue trend.
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