NAMUR, Belgium, Mar. 20, 2017 /PRNewswire/ -- VolitionRx Limited (NYSE MKT: VNRX) today announced the creation of a wholly-owned U.S. subsidiary, Volition America, Inc., which will be based in Austin, Texas. Dr. Jason Terrell, Chief Medical Officer of Volition, has been appointed as President and Chief Executive Officer of Volition America. Scott Powell, Executive Vice President of Volition, will serve as Vice President and Chief Financial Officer of Volition America.
Dr. Terrell will lead the commercialization efforts of the Nu.QTM cancer tests in the United States, focused on implementing 510(k) and PMA trials for Colorectal Cancer.
Speaking about the announcement, Cameron Reynolds, Volition's Chief Executive Officer said: "Having achieved significant milestones in our European commercialization strategy, we are now focusing our attention to include the U.S. market. Colorectal cancer is the second leading cause of cancer-related death in the United States."
The Wallonia region of Belgium, where Volition's R&D activities are based, has strong economic links with Texas. At the end of 2016, the Texas Economic Development Corporation signed a Memorandum of Understanding with the Wallonia Foreign Trade & Investment Agency. This agreement supports organizations wishing to relocate or expand in Belgium or Texas through integration into local networks and industry clusters as well as access to business incubators and university resources.
Dr. Terrell commented: "The fact that Texas is one of the leading life science states was a key driver in our decision to make this the home of Volition America, Inc. Texas has the second largest workforce in the nation and is home to one of the largest concentrations of life science professionals. In addition, the economic ties with Belgium make the state even more attractive and we have been working closely with Texas economic development and grant programs to try and maximize the potential return on our investment."
Volition is a multi-national life sciences company developing simple, easy to use blood-based cancer tests to accurately diagnose a range of cancers. The tests are based on the science of Nucleosomics®, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid -- an indication that disease is present.
As cancer screening programs become more and more widespread, our products aim to help to diagnose a range of cancers quickly, simply, accurately and cost effectively. Early diagnosis has the potential to not only prolong the life of patients, but also to improve their quality of life.
Volition's research and development activities are currently centered in Belgium, with additional offices in London, New York, Texas and Singapore, as the company focuses on bringing its diagnostic products to market first in Europe, then in the U.S. and ultimately, worldwide.
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Media / Investor Contacts
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Statements in this press release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. Words such as "expects," "anticipates," "intends," "plans," "aims," "targets," "believes," "seeks," "estimates," "optimizing," "potential," "goal," "suggests," "could," "would," "should," "may," "will" and similar expressions identify forward-looking statements. These forward-looking statements relate to the effectiveness of Volition's bodily-fluid-based diagnostic tests the results and developments of clinical studies as well as Volition's ability to develop and successfully commercialize such test platforms for early detection of cancer. Volition's actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties. For instance, if we fail to develop and commercialize diagnostic products, we may be unable to execute our plan of operations. Other risks and uncertainties include Volition's failure to obtain necessary regulatory clearances or approvals to distribute and market future products in the clinical IVD market; a failure by the marketplace to accept the products in Volition's development pipeline or any other diagnostic products Volition might develop; Volition will face fierce competition and Volition's intended products may become obsolete due to the highly competitive nature of the diagnostics market and its rapid technological change; and other risks identified in Volition's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that Volition files with the Securities and Exchange Commission. These statements are based on current expectations, estimates and projections about Volition's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are made as of the date of this release, and, except as required by law, Volition does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
Pursuant to the disclosure requirements of the NYSE MKT Company Guide Section 610(b), Volition is reporting that its audited consolidated financial statements for the fiscal year ended December 31, 2016, included in Volition's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2017, contains an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to Volition's ability to continue as a going concern.
Nucleosomics®, NuQ®, Nu.QTM and HyperGenomics® and their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this press release are the property of their respective owners.
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