VolitionRX Subsidiary Enters Into its First Revenue-Generating Agreement to Profile Blood-Based Epigenetic Signatures
SINGAPORE, Nov. 15, 2011 /PRNewswire/ -- VolitionRX Limited ("Volition") (VNRX.OB), a life sciences company focused on developing blood-based diagnostic tests, is pleased to announce that its wholly owned subsidiary, HyperGenomics Pte Limited ("HyperGenomics"), has signed a contract which is expected to provide Volition with its first revenues. Volition has been commissioned to develop epigenetic profiling signatures from blood.
HyperGenomics Chief Scientific Officer Mark Eccleston stated, "Our HyperGenomics™ technology is a cutting-edge method of epigenetic profiling. We believe that epigenetic profiling is set to make a significant impact in the area of personalized medicine – selecting the correct treatment on an individualized basis. We're delighted that others are beginning to see the potential of our HyperGenomics™ platform. The funded study will contribute to our ability to identify unique, epigenetic signatures from blood and thus support our internal cancer-profiling program. In addition, data analysis will help validate the biostatistical algorithms we are developing."
The agreement provides for staged payments of up to $55,000 to be paid to HyperGenomics based on successful milestone completion over the next eight months. HyperGenomics will partner with Biomedicum Genomics OY to fulfil sequencing and bioinformatics requirements.
"We're excited to generate revenue from our HyperGenomics™ platform, a non-core technology which we are developing separately from our main Nucleosomics™ blood-based cancer tests," says Cameron Reynolds, CEO of Volition. "We are awaiting delivery of the antibodies for our first Nucleosomics tests, and plan to enter production and beta testing on the kits later this year, making them available to the research market soon after. In the meantime, we've seen promising preliminary results in our Belgian laboratory for our expanding range of NuQ™ Nucleosomics tests."
Volition is managed by a well-respected team with extensive experience in diagnostics and commercialization. Volition's development activities are currently centered in Belgium and will be augmented by commercialization work in Singapore with a focus on bringing its revolutionary diagnostic products to market first in Europe, then the U.S. and worldwide.
Volition is quoted on the OTC Bulletin Board in the United States of America, under the symbol VNRX.OB.
Volition's HyperGenomics technology will be used to determine specific epigenetic signatures from biopsies and blood. The HyperGenomics™ range of tests will be used as a second line once cancer (and potentially other conditions) has been diagnosed, to accurately determine the specific subtype of disease and to help decide the most appropriate therapy.
For more information, please see http://www.volitionrx.com/hypergenomics.html
About BioMedicum Genomics
Biomedicum Genomics Oy (BMGen Oy) is a functional genomics focused spin-off company from University of Helsinki, Finland. BMGen offers broad range of genome profiling, data analysis, genetic engineering services and preclinical disease model establishment & assay solutions for unmet biomedical needs. These services are offered to biotech and pharma companies through contract research and partnering options. Applications include drug target discovery and validation, pharmacogenomics, biomarkers, bioprocesses and diagnostics. BMGen currently implements projects for pharma, health & applied biotech and food industries.
For more information, please see http://www.biomedicumgenomics.fi
Forward-Looking Statements: Statements in this press release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "optimizing," "potential," "goal," and similar expressions, as they relate to the Company, its business or management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE VolitionRX Limited
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