HENDERSON, Nev., Dec. 5, 2023
/PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX)
("Volition"), a multi-national epigenetics company, has closed on
an aggregate of Euro 5.0 million
(approximately $5.5 million) in
financing from Wallonie Entreprendre S.A. ("WE") in Belgium.
Volition will use the proceeds from the financing for ongoing
development of its Nu.Q® product portfolio, including taking
forward its clinical and regulatory program for Nu.Q® NETs, which
it believes will aid the early diagnosis of diseases such as
sepsis.
Volition is currently working with leading clinicians and
researchers at centers of excellence worldwide to help facilitate
the effective introduction of Nu.Q® NETs into clinical
practice.
The Euro 5.0 million financing
from WE consists of a Euro 2.5
million unsecured loan to Volition's subsidiary, Belgian
Volition SRL, and a Euro 2.5 million
purchase of 3,205,431 shares of Volition's restricted common stock
at a purchase price of $0.8337 per
share in a private placement transaction. The unsecured loan bears
interest at a rate of approximately 8% per year and has a stated
maturity date of December 31, 2028.
Subject to certain conditions, the loan can be drawn down in three
tranches at Belgian Volition's election on or prior to June 30, 2025, with Euro
1.5 million available immediately, Euro 0.5 million available from June 1, 2024 and the final Euro 0.5 million available from March 1, 2025.
Gaetan Michel, Chief Operating
Officer of Volition, said: "We are enormously grateful to WE for
this latest financing, and for the ongoing financial assistance we
have received from agencies within Wallonia to date."
Volition is developing simple, easy-to-use, cost-effective blood
tests to help diagnose and monitor a range of life-altering
diseases in both humans and animals. For more information about
Volition's Nu.Q® technology go to: www.volition.com
The shares of restricted common stock were issued by Volition to
WE in a private placement in reliance on an exemption from the
registration requirements of the Securities Act of 1933, as amended
(the "Securities Act"), and the rules and regulations promulgated
thereunder. The shares of common stock will not be registered
under the Securities Act or any state securities laws and unless so
registered may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. This announcement is neither an offer to
sell nor a solicitation of an offer to buy any securities.
About Volition
Volition is a multi-national epigenetics company focused on
advancing the science of epigenetics. Volition is dedicated to
saving lives and improving outcomes for people and animals with
life-altering diseases through earlier detection, as well as
disease and treatment monitoring.
Through its subsidiaries, Volition is developing and
commercializing simple, easy to use, cost-effective blood tests to
help diagnose and monitor a range of diseases, including some
cancers and diseases associated with NETosis, such as sepsis. Early
diagnosis and monitoring have the potential to not only prolong the
life of patients, but also improve their quality of life.
Volition's research and development activities are centered in
Belgium, with an innovation
laboratory and office in the U.S. and additional offices in
London and Singapore.
The contents found at Volition's website address are not
incorporated by reference into this document and should not be
considered part of this document. Such website address is
included in this document as an inactive textual reference
only.
Media Enquiries:
Louise Batchelor/Debra Daglish, Volition,
mediarelations@volition.com +44 (0)7557 774620
Safe Harbor Statement
Statements in this press release may be "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that concern matters that involve risks and
uncertainties that could cause actual results to differ materially
from those anticipated or projected in the forward-looking
statements. Words such as "expects," "anticipates," "intends,"
"plans," "aims," "targets," "believes," "seeks," "estimates,"
"optimizing," "potential," "goal," "suggests," "could," "would,"
"should," "may," "will" and similar expressions identify
forward-looking statements. These forward-looking statements relate
to, among other topics, the intended use of proceeds from the
financing, the effectiveness of Volition's blood-based
diagnostic, prognostic and disease monitoring tests, and Volition's
ability to develop and successfully commercialize such test
platforms for early detection of cancer and other diseases as well
as serving as a diagnostic, prognostic or disease monitoring tools
for such diseases. Volition's actual results may differ materially
from those indicated in these forward-looking statements due to
numerous risks and uncertainties, including, without limitation,
results of studies testing the efficacy of its tests. For instance,
if Volition fails to develop and commercialize diagnostic,
prognostic or disease monitoring products, it may be unable to
execute its plan of operations. Other risks and uncertainties
include Volition's failure to obtain necessary regulatory
clearances or approvals to distribute and market future products; a
failure by the marketplace to accept the products in Volition's
development pipeline or any other diagnostic, prognostic or disease
monitoring products Volition might develop; Volition's failure to
secure adequate intellectual property protection; Volition will
face fierce competition and Volition's intended products may become
obsolete due to the highly competitive nature of the diagnostics
and disease monitoring market and its rapid technological change;
downturns in domestic and foreign economies; and other risks
identified in Volition's most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q, as well as other documents that
Volition files with the Securities and Exchange Commission. These
statements are based on current expectations, estimates and
projections about Volition'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. Forward-looking
statements are made as of the date of this release, and, except as
required by law, Volition does not undertake an obligation to
update its forward-looking statements to reflect future events or
circumstances.
Nucleosomics™ and Nu.Q® and 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.
View original
content:https://www.prnewswire.com/news-releases/volitionrx-secures-approximately-5-5-million-in-belgium-regional-government-financing-from-wallonie-entreprendre-302005807.html
SOURCE VolitionRx Limited