NEW YORK (GenomeWeb News) – Singapore-based VolitionRx today announced it has raised about $1.2 million, which will be used to support further development of its diagnostic test kits.
The firm, which is developing blood-based diagnostic tests for cancer using its nucleosomes technology, raised about $1 million through a private placement of 582,510 shares for $1.75 per share. Each share entitles the holder to one share of common stock and one warrant to purchase half a share of common stock at $2.60 per share, valid for four years.
The company also said that 13 parties including directors, employees, and consultants have converted salaries and outstanding debt owed to them by VolitionRx on the same terms for an additional $184,777 in funds.
The funds will go toward clinical trials for VolitionRx's NuQ kits for detecting cancers and ongoing capital needs, it said. NuQ kits are being developed for three primary areas — NuQ-X for the detection of nucleosomes containing specific nucleotides; NuQ-V for detecting nucleosomes with specific histone variants; and NuQ-M to detect nucleosomes with modified histones.
The firm also said that Belgian Volition, its R&D subsidiary for its blood-based diagnostics technology called Nucleosomics, has moved into larger offices and laboratory spaces. The new facility is standalone, which is required for ISO certification and European and FDA approvals.
Earlier this year, Abcodia announced it and VolitionRx were collaborating on the development of biomarker-based cancer tests.