QualityStocks would like to highlight VolitionRX (OTCBB: VNRX), focused on bringing to market a range of cancer detection blood tests. There is an urgent and unmet need in the cancer diagnostic market for large scale and low cost screening tests. Inevitably, the chances of surviving cancer are greatly improved by early detection and diagnosis. There is currently no screening test for cancer in general, and very few effective mass screening tests for specific cancers.
In the company’s news yesterday,
VolitionRX announced it has raised $1.0 million through the closure of a private placement of 582,510 shares at $1.75 per share. The company will use the proceeds in part to fund clinical trials of VolitionRX’s first NuQ™ test kits.
The funds are allocated to initial clinical trials of VolitionRX’s NuQ kits, blood-based diagnostic tests based on VolitionRX’s Nucleosomics technology; as well as for ongoing capital needs.
“We’re delighted that we have raised over $1 million, which will allow us to begin clinical trials of our tests, both in-house and in independent external trials in multiple centers across Europe and the rest of the world,” Cameron Reynolds, CEO of VolitionRX stated in the press release. “We are very encouraged by the promising results we’ve seen in initial validations of our NuQ tests and are hopeful that we’ll see similarly good results in larger clinical trials.”
The deal also entitles the holder to one share of common stock and a warrant to purchase a half share of common stock at $2.60 per share valid for four years.
In addition to the capital raised, 13 parties comprised of directors, employees, and consultants converted salaries and outstanding debt owed to them by VolitionRX on the same terms, for a total of $184,776.74.
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