Cameron John Reynolds, President and CEO of VolitionRx Ltd (NYSE:VNRX), has acquired 139,811 shares of the company's common stock. The purchase was made at a price of $0.5722 per share, totaling approximately $79,999. The transaction comes as analysts set price targets ranging from $2 to $5, suggesting significant upside potential from the current trading price of $0.63. This acquisition was part of a registered direct offering by VolitionRx. Following this transaction, Reynolds directly owns 2,117,404 shares of VolitionRx. Additionally, he holds indirect ownership of 1,007,718 shares through Concord International, Inc., where he is the majority shareholder, and 34,076 shares through his spouse. While the company has achieved impressive revenue growth of 97.5% over the last twelve months, InvestingPro analysis reveals challenges with short-term liquidity, showing a current ratio of 0.22. Discover more comprehensive insider trading patterns and financial health indicators with InvestingPro's detailed research reports.
In other recent news, VolitionRx Limited announced a registered direct offering of its common stock, potentially raising up to $1.9 million. The transaction includes the sale of over 3 million shares to both company insiders and other investors. The company anticipates the offering to close around December 9, 2024, subject to customary closing conditions. The net proceeds are expected to be allocated for research, product development, clinical studies, product commercialization, working capital, and other general corporate purposes.
In terms of earnings and revenue, VolitionRx reported significant growth in its Q3 earnings call. The company saw a year-to-date revenue increase of 100%, largely driven by sales of its Nu.Q Vet cancer tests. For the nine months ending September 30, 2024, VolitionRx reported $1 million in revenue.
Regarding recent developments, VolitionRx has made significant strides in human diagnostics, with a large lung cancer detection study currently under peer review and a prospective validation study set to begin in Taiwan. The company is also in partnerships with companies like Fujifilm and Heska (NASDAQ:HSKA), which have aided in launching the Nu.Q Vet test in various markets. Looking ahead, VolitionRx anticipates roughly $6 million in revenues for the next year, with each business segment expected to support itself financially by 2025.
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