Updated on 16 May 2012
VolitionRX raised over $1 million to fund clinical trials of its NuQ test kits
Singapore: VolitionRX, a life sciences company focused on developing blood-based diagnostic tests, has raised over $1 million to fund clinical trials of VolitionRX's first NuQ test kits.
Shares in the offering were priced at $1.75 per ordinary share, which entitles the holder to one share of common stock and a warrant to purchase a half share of common stock at $2.60 per share valid for four years. In addition to the capital raised, thirteen parties including directors, employees and consultants converted salaries and outstanding debt owed to them by VolitionRX on the same terms, for a total of $184,776.74 converted.
Funds raised in the offering will be used for initial clinical trials of VolitionRX's NuQ kits, blood-based diagnostic tests based on VolitionRX's Nucleosomics technology; as well as for ongoing capital needs. The tests fall into three main types and are intended to be used together to complement each other and to provide a total diagnostic solution:
NuQ-X: To detect the presence of cancer by detecting nucleosomes containing specific nucleotides.
NuQ-V: To detect cancer and nucleosomes containing specific histone variants.