VolitionRx prices $6 million public offering of common stock and warrants

HENDERSON, Nev. - VolitionRx Limited (NYSE AMERICAN:VNRX), a clinical diagnostics company with a market capitalization of $64.56 million, announced Friday the pricing of an underwritten public offering expected to raise approximately $6 million before expenses. According to InvestingPro data, the company has been rapidly burning through cash, with a concerning current ratio of 0.35.

The epigenetics company is offering 11,550,000 shares of common stock and accompanying warrants to purchase up to an equal number of shares. Each share and accompanying warrant is priced at $0.52, with the warrants having an exercise price of $0.60 per share.

The warrants are exercisable immediately upon issuance and will expire five years from the issuance date. If fully exercised, the warrants could generate an additional $6.9 million in proceeds for the company.

Volition has granted the underwriter a 30-day option to purchase up to an additional 1,732,500 shares and warrants to cover over-allotments.

The offering is expected to close around October 14, subject to customary closing conditions. Newbridge Securities Corporation is serving as the sole book-running manager for the transaction.

According to the press release statement, Volition intends to use the net proceeds for research and continued product development, clinical studies, product commercialization, working capital, and other general corporate purposes, including potential strategic acquisitions.

The securities are being offered pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission.

Volition is focused on developing blood tests to detect and monitor diseases including certain cancers and conditions associated with NETosis, such as sepsis. Despite current challenges, the company has shown promising revenue growth of 35.1% over the last twelve months. For deeper insights into VNRX’s financial health and growth prospects, including 6 additional key ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.

In other recent news, VolitionRX Limited has announced a proposed underwritten public offering of its common stock and accompanying purchase warrants. The company intends to use the proceeds for various purposes, including research, product development, clinical studies, commercialization efforts, working capital, and potential strategic acquisitions. Newbridge Securities Corporation is acting as the sole book-running manager for this transaction. Additionally, VolitionRX has entered into a co-marketing agreement with Hologic Diagenode to market its Nu.Q Discover service, with the possibility of Hologic becoming an exclusive provider under certain conditions.

H.C. Wainwright has reiterated its Buy rating and set a $2.50 price target for VolitionRX stock, following the company’s new partnership with Werfen. This partnership allows Werfen’s Immunoassay Technology Center access to Volition’s proprietary Nu.Q H3.1 NETs assay components. Meanwhile, Benchmark has maintained its Hold rating on VolitionRX, although it did not specify a price target. These developments reflect the company’s ongoing strategic initiatives and collaborations in the diagnostics field.

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