HENDERSON, Nev. - VolitionRx Limited (NYSE AMERICAN: VNRX), a company specializing in epigenetic blood tests, announced today the appointment of Dr. Ethel Rubin to its board of directors. Dr. Rubin, with over two decades of experience in the life sciences sector, joins the board as an independent director and will also serve on the Audit Committee and Compensation Committee.
Dr. Rubin's career spans various leadership roles, including Chief Scientific Officer at BioFortis, Inc. and CSA Medical, Inc., and positions at Medtronic (NYSE:MDT), plc. She is currently the Head of Ventures at BioHealth Innovation, Inc., where she leads a team supporting the entrepreneurial and investment programs of the National Institutes of Health.
Guy Innes, Interim Chair of Volition, expressed confidence in Dr. Rubin's vast industry knowledge and her track record in launching commercial products and fostering strategic initiatives. He anticipates that her expertise will be valuable as Volition advances its epigenetic solutions and expands operations.
Dr. Rubin acknowledged the potential of Volition's nucleosome quantification technology, Nu.Q®, which is already generating revenue in the animal health sector and shows promise for human health applications. She expressed excitement about contributing to the company's growth and the commercialization of its technology.
Volition is engaged in developing cost-effective blood tests for the diagnosis and monitoring of diseases in humans and animals, with a focus on early detection to improve patient and animal outcomes. The company conducts its research and development primarily in Belgium and operates additional offices in the U.S., London, and Singapore.
This news is based on a press release statement from VolitionRx Limited. The company cautions that statements in the press release may be forward-looking and subject to risks and uncertainties that could cause actual results to differ from those projected. VolitionRx emphasizes that its website contents are not part of the press release and are provided for reference only.
In other recent news, VolitionRx Limited has reported significant growth in its Q2 2024 earnings with an 83% year-over-year increase, totaling approximately $396,000. The diagnostics company also announced executive employment updates, including a new agreement with Dr. Gaetan Michel to continue his role as CEO under its subsidiary, Belgian Volition. The company has also made strides in its product offerings, successfully launching the Nu.Q Vet cancer test and outperforming the prior year's total sales in just the first half of 2024.
VolitionRx has made its oncology assets available for out-licensing as part of a strategic initiative to collaborate with other healthcare entities. This move is aimed at capitalizing further on its scientific advancements while enabling other companies to bring new diagnostic solutions to market. The company has also raised approximately $21.5 million through a registered direct offering of common stock and warrants.
In other significant developments, VolitionRx is in the process of negotiating its first licensing deal in the human health sector, facilitated by PharmaVentures. The company has reported promising preliminary results from clinical trials for oncology and sepsis. Looking ahead, VolitionRx aims to become cash flow positive by 2025 and is implementing cost reduction measures.
InvestingPro Insights
As VolitionRx Limited (NYSE AMERICAN: VNRX) welcomes Dr. Ethel Rubin to its board, investors may be keen to understand the company's financial position and market performance. According to InvestingPro data, VNRX has shown impressive revenue growth, with an 88.32% increase in the last twelve months as of Q2 2024, reaching $0.98 million. This growth aligns with the company's focus on commercializing its Nu.Q® technology, which is already generating revenue in the animal health sector.
Despite the strong revenue growth, InvestingPro Tips highlight that VNRX is not currently profitable, with analysts not anticipating profitability this year. This is reflected in the company's operating income margin of -3,355.66% for the last twelve months. These figures underscore the challenges faced by early-stage biotech companies as they invest heavily in research and development.
The appointment of Dr. Rubin comes at a time when VNRX's stock has underperformed, with InvestingPro data showing a -19.72% price return over the past month. This recent performance may be of interest to investors considering the company's long-term potential in the epigenetic testing market.
For those seeking a deeper analysis, InvestingPro offers 9 additional tips for VNRX, providing a more comprehensive view of the company's financial health and market position. These insights could be particularly valuable as VolitionRx continues to expand its operations and commercialize its technology in both animal and human health sectors.
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