AUSTIN, Texas, July 10, 2019 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") today announced that it has been awarded additional non-dilutive funding in the form of a non-repayable cash grant totaling approximately $1.4 million from the Walloon Region, Belgium. To date, Agencies from the Region have awarded Volition an aggregate of approximately $6 million in non-dilutive funding including this most recent award.
"It is a key part of our financing strategy to actively seek non-dilutive funding as this provides additional cash at favourable terms to support the Company's continued development," commented Cameron Reynolds, President and Chief Executive Officer of Volition. "We are delighted with the great progress we are making on so many fronts and look forward to achieving many milestones throughout this year."
Dr. Gaetan Michel, Chief Executive Officer of Volition's subsidiary, Belgian Volition SPRL, commented "We are delighted with the financial assistance that we have received from the Walloon Region and would like to thank Monsieur Pierre-Yves Jeholet, the Walloon Minister for Economy for his continued support. This grant will support a specific project to be conducted in collaboration with GIGA at the University of Liege, Belgium."
About GIGA / The Project
GIGA is the University of Liège's interdisciplinary research institute in the biomedical sciences. Located within the University Hospital on the Sart-Tilman campus, GIGA counts more than 600 scientists focusing on the development of health solutions for the benefit of the patients. GIGA scientists include medical doctors, pharmacists, veterinarians, psychologists, molecular and cellular biologists, chemists, physicists, mathematicians and engineers.
The project, led by Dr. Denis Mottet, Head of the Protein Signaling and Interaction Laboratory at GIGA, will explore the mechanisms of Telomers maintenance, inherent to cancer cells, as a tool to cancer diagnostics using Volition's proprietary NucleosomicsTM platform demonstrating once more the versatile nature of the platform.
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 currently 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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NucleosomicsTM and Nu.QTM as well as their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this press release are the property of their respective owners. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of the United States of America.
SOURCE VolitionRx Ltd