NEW YORK (360Dx) – VolitionRx said on Thursday that it was awarded a loan and non-repayable grant totaling $1.5 million.
Sofinex, a public organization whose goal is to bring international attention to Walloon companies, provided VolitionRx and its Belgian operations $1.2 million in order to support the development of Belgian Volition's subsidiary, Volition America, which in July announced its participation in a colorectal cancer screening study in the US with 13,500 participants.
The loan bears interest at 4.5 percent per year.
Additionally, the Walloon Region has committed to a $294,000 non-repayable cash grant to Belgian Volition to help it pay for a new custom-built R&D facility in the Walloon region.
"This funding will support our continued research and development activities toward what we hope will be lifesaving cancer diagnostic tests," said Belgian Volition CEO Gaetan Michel in a statement.