Our client Volition RX, quoted on the New York Stock Exchange, has had an amazing year in 2021 despite the ongoing pandemic.
As our interview on their quarterly financial results showed, the company has been making positive headway on the development of its tests for cancers in humans and animals: See the financial interview here:
“We have enjoyed an exciting quarter navigating the due diligence process and negotiations with three multi-national companies to advance term sheets for Nu.Q® Vet licensing and distribution arrangements and anticipate signing a term sheet with one of those parties before the end of 2021,” commented Cameron Reynolds, President and Chief Executive Officer of Volition. “We have also made progress in other key areas including our Nu.Q® NETs and Nu.Q® Capture programs as we shift gears towards our goal of becoming a commercial company with products.”
Highlights of the quarter include: healthy balance sheet with approximately $22.9 million in cash and cash equivalents; advanced term sheet negotiations with three large multi-national veterinary companies on potential worldwide licensing/distribution arrangements; expanded the Company’s intellectual property portfolio. Made significant progress with the Company’s Nu.Q® NETs development Continued focus on, and made strong progress towards additional new product launches and licensing in both the human and veterinary spaces worldwide.
In advanced term sheet negotiations with three top global veterinary companies and anticipate signing a term sheet with one of those parties before the end of 2021. Published two abstracts at the Veterinary Cancer Society Annual Conference including: the first data published in relation to what will likely be the second Nu.Q® Vet product, a disease monitoring tool, on track for a planned launch in 2022; and the first study using Nu.Q® Capture as an enrichment tool in the plasma of dogs with lymphoma.
Cash and cash equivalents as of September 30, 2021, totalled approximately $22.9 million compared with $19.4 million as of December 31, 2020. Cash burn rate averaged approximately $1.7 million per month, lower than the rate during the previous two quarters and also below the Company’s expectations. Net loss for the third quarter of 2021 was $7.2 million versus $5.6 million the prior quarter with this increase primarily due to non-cash items.
Dr. Gaetan Michel, Chief Operating Officer, has relocated to the U.S. and is tasked with expanding the team with roles expected to be filled in the quality, regulatory and manufacturing functions. On November 1, Mr. Nick Plummer joined the Company as Group General Counsel.
27 patent families (plus three in-licensed families) covering both human and animal use of Volition’s Nucleosomics™ platform. 82 granted patents (12 in the U.S., 14 in Europe and 56 rest of world). 82 patents pending. Continued focus on filings during the third quarter of 2021 and expect portfolio to grow in the quarters and years ahead.