Cancer test specialist VolitionRx Ltd (NYSEMKTS:VNRX) reported a slower first quarter cash burn rate on Thursday while growing cash reserves.
For the quarter ended March 31, the life-sciences company said that it increased its cash and equivalents to US$14.3mln, compared to US$10.1mln in the previous quarter.
"We have made great progress this quarter, moving our clinical assay development strongly forward and broadening our potential revenue base with our recently announced exclusive global license, manufacturing, sales and distribution agreement with Active Motif for a range of research use only kits," said Volition’s CEO Cameron Reynolds.
"We look forward to achieving our numerous upcoming clinical and commercial milestones, while continuing to keep close control on our cash burn, which has remained relatively stable."
VolitionRx has entered into a groundbreaking sales and distribution partnership with a rival life sciences group Active Motif that will pave the way for the sale of a range of research-use-only (RUO) kits based on its proprietary Nucleosomics technology starting in June.
These research-use-only kits are based on VolitionRx’s technology platform of Nucleosomics, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid - an indication that disease is present.
Once they are distributed with the help of Active Motif, these RUO kits will provide researchers with new ways to explore changes in gene expression across different diseases from clinical samples.
The RUO kits are based on the same Nu.Q immunoassay technology as Volition's cancer screening panels and may be used to investigate a variety of clinical questions beyond Volition's core focus in cancer biomarkers.