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HENDERSON, Nev. - VolitionRx Limited (NYSE AMERICAN: VNRX), an epigenetics company currently trading at $0.59 per share, has expanded its supply agreement with Fujifilm Vet Systems Co. Ltd in Japan, incorporating an automated version of its Nu.Q® Vet Cancer Test. According to InvestingPro data, the company has shown impressive revenue growth of 97.5% over the last twelve months, though it maintains a challenging financial health score of 1.67. The deal, set for an initial five-year term, will now include the chemiluminescent immunoassay (ChLIA) version of the test using the Immunodiagnostic Systems (IDS) i10® automated analyzer platform. The enhanced agreement builds on the existing arrangement that provided the manual ELISA format of the test to Japanese veterinarians.
The two companies are collaborating on the final validation and verification of the automated platform, targeting a launch in the summer of 2025. This move is expected to cater to the increasing demand for canine cancer screening, with a more rapid turnaround and higher throughput capabilities.
Dr. Jasmine Kway, CEO of Singapore Volition, remarked on the significance of the Japanese market, noting the presence of approximately seven million pet dogs and the leading position of Fujifilm Vet Systems in diagnostic testing in Japan. Kiyotaka Fujiwara, COO of Fujifilm Vet Systems, expressed enthusiasm for the adoption of the automated platform, which is anticipated to enhance service delivery to the over 1,000 veterinary hospitals registered to use the test in Japan.
The Nu.Q® Vet Cancer Test is designed for regular preventive check-ups in older dogs or those from high-risk breeds. Priced at a global average of $11 per test for central lab testing to partners, the test offers a non-invasive and cost-effective approach to early cancer detection in dogs. While analysts anticipate sales growth in the current year, InvestingPro data shows the company faces some financial challenges with short-term obligations exceeding liquid assets, reflected in a current ratio of 0.22.
FujiFilm Vet Systems, a subsidiary of FujiFilm Holdings Corporation (Tokyo: 4901), provides a range of testing services to veterinary facilities across Japan. The company operates central reference laboratories at ten locations, offering specialized testing services that complement its nationwide network.
Volition, headquartered in Belgium with offices in the U.S. and London, is committed to developing simple and affordable blood tests for early disease detection and monitoring in humans and animals. This agreement enables Fujifilm Vet Systems to sell and perform the Nu.Q® Vet Cancer Test throughout its network of central reference laboratories in Japan, potentially improving outcomes for canine health. With an EBITDA of -$28.87M in the last twelve months, analysts have set price targets ranging from $2 to $5, suggesting potential upside despite current challenges. Get deeper insights into VNRX’s financial health and growth prospects with InvestingPro, which offers exclusive access to over 30 additional key metrics and professional analysis.
This expansion is based on a press release statement from VolitionRx Limited.
In other recent news, VolitionRx Limited has reported significant achievements from the past year, highlighting its expanded global reach. The company has made its Nu.Q® Vet Cancer Test available in 20 countries, with over 110,000 tests sold in the first three quarters of 2024. VolitionRx has also made strides in the clinical utility of its Nu.Q® NETs for managing sepsis, presenting findings at the European Society of Intensive Care Medicine 2024. The company is actively pursuing commercial discussions for potential licensing and supply agreements in large markets, focusing on sepsis and oncology liquid biopsy sectors. These discussions are set to be supported by additional clinical papers in early 2025. VolitionRx has strengthened its leadership team with the appointments of Timothy Still as Chair and Dr. Ethel Rubin as an Independent Director. The company remains committed to advancing its strategic patent portfolio and enhancing its clinical and research programs. These developments underscore VolitionRx’s dedication to improving disease diagnosis and monitoring.
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