Updated on 19 December 2012
To promote these kits, the company is initially selling the tests to researchers in fields as varied as stem cell research, inflammatory disease, and chromatin structure and function. At the same time, VolitionRx is also carrying out multiple clinical trials both on the tests in general and on specific indications such as lung and colorectal cancer. The kits are manufactured in the lab in Belgium but the company has plans to outsource production as and when the demand would rise.
Talking about the funding for the company, Mr Reynolds said "Much of our early funding came from a range of entrepreneurial individual investors and small private funds who have invested about $4.35 million. We were also awarded a very generous funding of just over 1 million Euros by the Walloon region in Belgium."
The company boasts of its proprietary Nucleosomics technology, that involves the identification and measurement of a large number of different nucleosomes structures with almost innumerable potential combinations and this is therefore an entire platform rather than a single biomarker.
"As far as we're aware, we are the only company working in nucleosomes in blood, and our broad patents and applications reflect that. We've had very promising results thus far, showing higher sensitivity and specificity than the one or two commonly used blood tests, such as the PSA, and we see ourselves as sitting very separate to those companies working on biomarker- or CTC-based tests due to our low costs and potential for early detection" comments Mr Reynolds on the benefit of using VolitionRx's diagnostic kits over the other kits present in the market.
"For 2013, we will continue to sell our kits to the research market, while at the same time continuing with our four current clinical trials. We also plan to commence a number of new larger trials in the first half of the year in several new cancers. We also aim to open an office in the USA in 2013 to coordinate the process of FDA approval, as well as begin the process of applying for European regulatory approval for our first clinical product. We are also in discussions with larger diagnostic companies regarding possible licensing of our products" concludes Mr Reynolds.