Volition(US:VNRX) Prnewswire·2024-08-14 20:10Core Insights - VolitionRx Limited reported significant growth in revenue and product sales in the first half of 2024, indicating strong market demand for its Nu.Q® Vet Cancer Test and ongoing advancements in its product pipeline [2][4]. Financial Performance - Revenue for the second quarter of 2024 reached $396,000, an increase of 83% compared to the same period last year [4] - Total revenue for the first half of 2024 was $567,000, reflecting a 55% increase year-over-year [4] - Operating expenses in the second quarter decreased by 24% compared to the prior year, as part of cost reduction measures targeting $10 million in annualized savings [4] - As of June 30, 2024, cash and cash equivalents amounted to approximately $6.0 million [4] - A registered direct offering completed post-quarter raised $7 million in gross proceeds, with potential additional proceeds of up to $14.5 million from milestone-linked warrants [4] Product Development and Market Expansion - The Nu.Q® Vet Cancer Test is now available in 17 countries, with over 60,000 tests sold in the first half of 2024, surpassing the total sales for the entire year of 2023 [2] - The company is actively engaging in commercial discussions with key players in the liquid biopsy, IVD, sepsis, and oncology sectors [2][3] - Progress has been made in preparing the Nu.Q® NETs product for sepsis and the Nu.Q® Lung Cancer and Capture-PCR™ technologies for licensing [3] Strategic Initiatives - The focus for the second half of 2024 includes negotiating the first licensing deal in the human diagnostics space, with PharmaVentures engaged as an advisor to assist in securing these deals [4]