NEW YORK – Epigenetics firm VolitionRx said Tuesday that it has secured €5.0 million ($5.4 million) in Belgium regional government financing and it will use the money toward development and regulatory approval of the firm's blood-based diagnostics.
The Henderson, Nevada-based firm said the financing from Wallonie Entreprendre is comprised of a €2.5 million unsecured loan to Volition subsidiary Belgian Volition, with a maturity date of Dec. 31, 2028, and the sale for €2.5 million of 3,205,431 shares of Volition's restricted common stock. The firm's research and development facilities are in Belgium.
Volition said it plans to use the money to support development and regulatory clearances of its Nu.Q nucleosome quantification platform. The firm is developing assays to aid diagnosis and monitoring of cancers and infectious diseases, including sepsis, by targeting NETosis, or cell death characterized by release of the neutrophil extracellular traps (NETs) that are expelled by neutrophils to trap and kill bacteria and viral particles.
The firm also priced in June a $16.5 million public offering, and the underwriters exercised their option to buy more shares, bringing in gross proceeds of $19.0 million before underwriting commissions and other offering expenses. This followed closure of an $8.7 million underwritten public offering earlier in the year. And the firm secured in August 2022 a $1.5 million loan from Belgium's Namur Invest Capital Risk.
Volition also inked deals in August 2022 with Diagnostic Oncology CRO for the development and validation of the firm's cancer and sepsis tests and the University of Texas MD Anderson Cancer Center for evaluation of the firm's sepsis tests.