Volition(US:VNRX)2020-08-15 01:46Financial Data and Key Metrics Changes - The company closed the second quarter of 2020 with $21.3 million in cash and cash equivalents, up from $12 million at the end of the previous quarter [12] - During the second quarter, the company raised $13.8 million in gross proceeds from an underwritten public offering, and approximately $1.6 million through its At The Market (ATM) offering program [12][13] - The monthly burn rate has increased to approximately $1.6 million to $1.7 million as the company approaches commercialization [17] Business Line Data and Key Metrics Changes - The company has developed 13 assays as of June 30, meeting its target of 12 assays, with plans to reach a total of 20 by the end of the year [32] - The company has manufactured its first recombinant nucleosomes in-house, with plans for additional production [33] Market Data and Key Metrics Changes - The company has been added to the Russell 3000 and Russell Microcap Indexes, marking a significant step forward [16] Company Strategy and Development Direction - The company aims to launch its first products later this year, focusing on the COVID-19 triage test and cancer diagnostics [7][52] - Plans to purchase a neighboring facility in Belgium to secure supply chains and reduce production costs [11][41] - The company is focused on developing a prognostic test for COVID-19, which could also be applicable for other respiratory viral outbreaks [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's adaptability during the pandemic and emphasized the importance of maintaining operations [7] - The company is optimistic about the potential of its Nu.Q platform in various applications, including COVID-19 and cancer diagnostics [23][50] - Management highlighted the ongoing challenges posed by the pandemic but remains committed to achieving key milestones [34][52] Other Important Information - The company is in discussions with a major U.S. contract research organization to conduct a large prospective prognostic COVID-19 study [26] - The company plans to launch a low-cost product that could be used in any laboratory worldwide [30] Q&A Session Summary Question: Can you provide more detail on the upcoming CE mark? - The CE mark is expected for a triage product related to blood cancers, specifically the H3.1 assay, which has shown excellent results [56][58] Question: How many assays are needed for a CE mark? - The H3.1 assay has shown impressive results, and while one assay is sufficient for CE marking, more assays typically improve accuracy [59][60] Question: What is the need for prognostic indicators in COVID-19? - Prognostic tools are essential for determining the severity of COVID-19 symptoms and guiding treatment decisions [61][62] Question: What is the status of the COVID-19 longitudinal studies? - The company has collected some longitudinal data and is working on additional studies in Europe and the U.S. [87][90]