AUSTIN, Texas, Oct. 29, 2019 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") today announced the confirmation of a further $500,000 non-dilutive funding in the form of a loan from the Texas A&M SOFINEX funding agency of the Walloon Region to support the development of its subsidiary Volition Veterinary Diagnostics Development, LLC.
"We are delighted with the non-dilutive financial support we continue to receive as it allows us to develop Nu.QTM Vet products in the very exciting veterinary market. We would like to thank SOFINEX for this latest loan which takes our non-dilutive funding total from local agencies and the Walloon government to over $6 million to-date," commented Dr. Gaetan Michel, Chief Executive Officer of Belgian Volition.
The contract signing ceremony and interviews with members of the Volition and Texas A&M teams.
On Friday, October 25, Volition announced the signing of multiple agreements to collaborate with Texas A&M University ("Texas A&M"), a leading U.S. institution to develop Nu.QTM Vet products.
The signing ceremony took place at the Texas A&M campus, hosted by Dean Eleanor M. Green, DVM, DACVIM, DABVP. Also in attendance were: Dr. Heather Wilson-Robles DVM, DACVIM, Associate Professor and Dr. Fred and Vola N. Palmer Chair in Comparative Oncology, Texas A&M College of Veterinary Medicine & Biomedical Sciences, Small Animal Clinical Sciences Department; Chantal De Bleu, Director General and Phillipe La Chappelle, Director of Innovation of AWEX, the Wallonia Export-Investment Agency; members of the Volition Executive team including Chairman, Dr. Martin Faulkes and Chief Executive Officer, Cameron Reynolds.
About the Texas A&M SOFINEX Funding
SOFINEX, a public organization focused on the internationalization of Walloon companies and encouraging exports throughout the world, has provided an approximate $500,000 (€450.000 Euros) unsecured loan to Volition and Belgian Volition. The loan bears interest at 5% per year with favorable repayment terms over five years and includes a two-year grace period for principal repayment. The purpose of the loan is to support the development of Belgian Volition's subsidiary, Volition Veterinary Diagnostics Development LLC who, on October 25, 2019, announced a collaboration with Texas A&M to research and develop veterinary diagnostic products.
Volition is a multi-national life sciences 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 NucleosomicsTM, 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 additional offices in Texas, London and Singapore, as the company focuses on bringing its diagnostic products to market.
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SOURCE VolitionRx Ltd