VNRX - Earnings call transcript Q3 2017

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Operator

Good morning, ladies and gentlemen, and thank you for standing by, and welcome to VolitionRx Limited Third Quarter 2017 Earnings Conference Call.

During today’s presentation, all parties will be on a listen-only mode.

Following the presentation, the conference call will be opened for questions. [Operator Instructions] This conference is being recorded today, Friday, November 10, 2017. I’d now like to turn the conference call over to Mr. President Limited. Vice Executive Powell, of VolitionRx Scott Please sir. go ahead,

Scott Powell

results welcome, to you, cover conference along quarter with operating recent XX, call milestones. of and ended Thank XXXX, Volition’s the earnings which of and a will for everyone, XXXX XXXX, call key today’s upcoming and September and third This VolitionRx financial our discussion for activities Limited. XXXX

Mr. to Cameron remarks, Officer. we President Vanston, call will a call question-and-answer prepared conference our David session. our Executive Following today Chief the are Reynolds, and Mr. Officer; on Also open and Financial Chief

future Before Securities to conference reflect assumptions available these of vary to statements results, significantly statements call may begin, upon results Reform These future XXXX. Litigation provisions factors under based everyone us. this the forward-looking based information include currently a that Harbor statements covered uncertainties Act Because based our results as achievements be involve of we or some well I’d that or these views expressed on our to the different number materially are events, beliefs, like assumptions. as future will the we or actual statements by on cause risks, Private performance from information on of used the discussed these and Actual may implied concerning events have Safe current statements. remind of

clinical who Executive Cameron turn to our and over and operational to call. the of update our made our not of and in do our for and with We obligation Commission. financial third XXXX other Securities President associated XXXX. statements the during most Annual an Reynolds, and have with Exchange Report our undertake now forward-looking Officer, course remainder identified risk Chief various this Form to filings discuss operations recent the and XXXX Cameron? quarter call objectives on results XX-K factors I’d any the Mr. will We like

Cameron Reynolds

at The Thank steps quarter, very the into asymptomatic frontline far forward a be our believe test We triage into Asia. Europe program market XXXX frontline enter on of completed all our for Scott, within this opened our have facility Volition’s in I’d areas biggest with last look possible foot colorectal year. established end making by way Nu.Q practical upon cancer. the We screening test by report signings launching reviewing current has Furthermore, us. we quarter been the pathway and publications. fronts, our to their in the we this third expected XX,XXX carried the quarter interest in thank you, in have for good to many for and cash our out announcing exciting to stages extremely new is is you large in Denmark which been test for our for opportunity we issues to as everyone, the the time made again an and expenditures study the Volition Screening well forward screening that growing achievements square purpose targeted expert rate. call. a of design joining the progress we conference with the in to earnings limit delighted I’m are that month. Demark, cancer. But fecal colorectal which group taking from thank made very an of burn you, in like very Test fitting is to view team have Volition Triage the of so for all that pathway second many final the Colorectal been market I’m share during by as careful happy to the is be this with significant

rights is That of people existing the you screening is requiring low our or the cancer. Institute use, the test. is preventable it Journal preventive time We form due so, for cancer help test. complete colonoscopy colorectal just compliance this or is know, simple National work. the a of according to of mainly non-invasive, to with cancer least it yet, strongly management. most testing, refuse many of sedation, Cancer as preparation, many the while to step to cancer As no Also is believe test the will first blood And fecal cancer, to compliance take diagnostics remains improve

approximately In opportunities Asia, terms for in people. is million XX over XX about population, us. represent of marketing Europe, million to years, in screening populations significant XXX XXX and In people. eligible it’s million U.S.,the obvious XX These the opportunity, people;

chosen are them. used and of quarter year marketing our product of in large second us trial announced subject and As for in in complete the will plan we year. end parallel to to panel first quarter CE in achieve drive selection remember, trials to XX,XXX quarter Europe this the once this. subject to we These the and remain over track inexpensive X,XXX this in that year, run we in Test next likely Colorectal Cancer Nu.Q collected already cohorts by of our Screening be This the our of next in marking with will panel the of Europe on for the be

and the approval us, the We in relative a potential regulatory believe markets. ease expedite to product expect in that Asian also provides completion to marking make test. the The of the XX markets year. many of the quarter available about Asian CE third for the platform to next the of offers We affordability marking of CE given countries end complete the lots over by

hope we’re with to we’re regards On the delighted Asian of there. have the trial programs our progress topic and with making the news some soon very clinical market, to

largest participation population, part about will ultimately subject patients, past Network trial cancer. announced for no significant market cost than the U.S. excellent be The the U.S. of million we this that Early believe normally for this being of strongly in filed of millions studies colorectal of a with Cancer clinical size the tens be Research also Volition, for screening at we XX,XXX the and the on dollars. approved this has costing as a in clinicaltrials.gov. asymptomatic Institute. in value be X Detection We soon very and such, This with what And National more screening study an quarter, of to of upwards the representing will believe protocol money been is a $ collected study at our be

when would you renowned world are made think census taking will the very be I be with samples they public. impressed that

for involved that support. [indiscernible] and many We’re cancer their leading so continuing will delighted hospitals be thank

nucleosomes range product, an believe of moving if a us into large foot as therapeutic the does starting Total square possible roll the our this IP other represent stream kit, the research It sale company. valuable umbrella. used us for for on announced because become with earlier first we so This on medicine. we brands effectively. pharma hires, applications initial helped including diseases. multinational fall but research kits could This biological out research order blood-based to range large and a of licensing quarter govern step for an the to forward, for companion may areas. same only studies to moved many Nucleosome quickly going and scientific this Indeed kit, the biology all discussed The portfolio cancers, The years. to of kits these will support our allowed development patterns new many platform. areas be government forward that local cancer samples, our cancer. processes conduct the in of in these will Volition’s the not year. assay grow to asset progress to talented kits make is change a selection. has This a used capacity in and in of In significant across As funded component treatment new as broad a inflammatory panels, many The These to assays research to increasingly product." with Together explore of and not significant we and aid analyze multi-national XX,XXX is us additional basic purpose-built has example revenue use by for arrangement clinical become used first also allow commercialization the disease large drug covering operations Volition’s to such health another products a pharmaceutical After company diagnostic the modifications research more our property clinical beyond epigenetic our an a of diagnosis research allows team significantly cancer year. detection, bespoke in in kits earlier, related being September, the recently tests in aimed to development potential be additional which areas researchers facility develop supplied purposes, other with next increased two crucial selected be of epigenetic research has but cancer our kits company’s use and platform to circulating Belgium infectious same is company’s pharma the

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cancer. of not you cell-free the fact areas example in planning nucleosome. circulating broad in of The white is is the small will our very DNA. that only coming that that and the neuroscience. of challenge to of Simple is we’re that of different most tumor cell-free a new DNA cells. exciting DNA By by cancer, exemplify be is for use circulates we’re known portfolio to fraction use faced investigating many nucleosomes Only a way of growing of breadth proven, from of to origin biggest the simply IP the know, terms DNA companies of the dead operating area as Now potential to very patients go is the nucleosomes, is from and but is tumor and research cell-free hot This from One background, a in origin nucleosome and are cancer cancer of a recently diagnostic. almost blood structure. in is at not possible

nucleosome a considerable potential This technology investigate company. DNA tumor the the committed to help the use aims cell-free of recently to an the DNA address nucleosome cancer add believe cell-free to This purify main to to on we barrier have to provide value is origin. of diagnostic. area project We rich has to purified

expect first-half announce We this on of further to the XXXX. in updates

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property intellectual our We’re related use we’re new in understanding greatly also broader nucleosomes areas. filing their increasing role scientific of covering as of

the financing and additional looking of Now loan terms funding provides region on from to region working Namur and strategy is the the are in million continued and in is other company’s with favorable in This $X.X forward September $X addition this Belgium. grant the a view to the SOFINEX we non-repayable in and area. the awarded part of a from relationship our the provided last of as with cements funding committed for months. nearly development. This further by totaling financial many talent our point Non-dilutive Region cash the side of million key we’re Invest loans XX over Walloon to were

million. the For to $XX.X quarter over of we had cash position $XX.X XX, in XXXX compared end September we year and equivalents, when a the had time million last this strong cash

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Looking ahead diagnostic to the and European on now for are the and only we asymptomatic cancer, but colorectal studies. samples, also on focused test triage screening this year, remainder not of test, U.S. frontline our Asian in tests,

anticipate patents year. Screening collecting end this discussed we the this coming the for year As the of validation Europe for the earlier, for marking Cancer Nu.Q by Colorectal of Test CE

then launch in the of prostate studies in very pancreatic, Colorectal aim a Nu.Q has we in the symptomatic a process. will the Cancer to through CRC frontline simpler have which We such test the been panel diagnostic lung focus XXX-K as in had regulatory will patients several and promising we consider other for path symptomatic population the Once cancers for U.S. triage earlier separate completed, select test the for process for also results on cancer. the pilot and

for more as we’re our them and obtain including shareholder the year. and We of countries plans quarterly and very ahead. file the XXXX again for for continue in and earnings for joining we value. achievements help planning year of to will it meet time our our Thank that’s anticipate a you of in to can drive we in also patents to Conference San full-year the early kits for discuss this And we call range around sales Healthcare as launching We’re forward enhance property company. of growing to intellectual important we revenue person and JPMorgan and meetings you research Francisco our several interest portfolio much key series today next I’m much a Like Volition you throughout hope most in of the sure this U.S. many January. in looking expand very

would questions. diagnose from cancer a We’re and trial earlier getting We like the of patient goal improve now people’s the Operator? helping lives. to of close to thereby quality to open enclose the and prolonged help with save call

Operator

from a with now you. question-and-answer line your Capital the We’ll Bruce proceed Thank Please be comes [Operator of Our Instructions] Jackson session Street with conducting Markets. question. first question Lake

Bruce Jackson

Hi, my and taking for good thanks morning question.

Cameron Reynolds

Thanks Bruce.

Bruce Jackson

little the talk a So triage just could bit if fast. real we about test

to I an product? bit give you on Can that the You of had would readiness a on a what little just reconfiguration update that. a, us call, launch do of

Cameron Reynolds

Yes, we’re close that. to getting

We announcement is and country is expect ready make launch it about where to study same the triage But the time as what the definitely and be the finished. around wise expect design we’ll wise.

Bruce Jackson

what’s of study terms that Denmark the And are sequel study then in of the in in – [ph] is first after what potential the to the terms logistic completed order? like getting

Cameron Reynolds

through obviously show that, But got point logistic view. of go we’ve not just have any see and go Yes, they’re to coming expecting the we’re we through and from to soon stoppage ever. with know to we be board program then screening them the there for strong that the And all. adapt. need at it take I do to follow-up to to as as

this there’s has than product, think but the for need to thought. we that longer I definitely takes

strongly behind as other coming the strongly it get you’ve as very and we’re adopted up to and in it, countries be is pushing very So but soon Denmark seen test as ready. frontline we’ll

Bruce Jackson

Okay.

Cameron Reynolds

it they’re with ready in time. specific And a

Bruce Jackson

last you’ve kits, that that interest pharmaceutical then with, company the shown company has in you’re that working one the any And product? have question got research pharmaceutical any other

Cameron Reynolds

we’re case, year, this QX Yes, you’re of interest the the probably launched I kind and looking to We’d of the in of was was we’ve then a of – level a a in sometime early for that we treatment and lot the see expecting. end different expect had a for once total range there’s show very histones variants. different QX of and lot large But one think that selection. off kit company despite next interest

I very to up the or other be certainly perhaps a looking expect for it’s in of we amount some important hundreds lease kits to three – year by to a going go and things. of have there us do them it year your two no out lot intellectual the to just or kits, think very revenue is doing research these drug for although these have not to you what never develop what really get trials using per we’re own our of using important and all situations drug us year they is think, kits license. of We capacity going ourselves, process be initially all property. for and these to getting typically per obviously it’s of huge I to kits thousands But is different

I quarters is for now solid a us into with ago. of the look So had think, to But our something, ready we’re just kits. really where which that – – nucleosome property this up nucleosomes. to market research And understanding We to our gone it’s for couple has – there back to intellectual occurs early. it’s research markedly. and were But the we go very

[indiscernible] because what thought into the long few I this companies in Broadway this at DNA the nucleosomes. have in us we And go if you for very, been a puts we fact be field lot think, balance, time, nucleosome research And talk lightly – look on a to appears very huge IP largely our broad in about, that cell-free a project. really area. in much of is project to with of alone we’ve quite interest a a

will many, So nuseosome have – many ways. we very company be the we in

product accordingly. distribute then revenue start view. to millions to point they intend important in real per are dollars and huge and as well So it that you the is sell to and license upside hopefully talking use kits in. because broadly can our it’s part be our from want revenue of this a worldwide, but But get that getting it’s parties all just becomes of certainly that the third get and research and we a And kit to we is not revenue, where manufacture possible

Bruce Jackson

for progress. on it me. That’s right. all Congratulations All the

Cameron Reynolds

Thank a it’s you. you. Thank greater Yes, quarter. been

Operator

Thank you.

with your comes next of Our Wainwright. with question Yi from line the proceed H.C. Chen question. Please

Unidentified Analyst

Mitch Yi. a you for for you little Thank on Can This taking there. is Hi [ph] talk bit about our question. your…

Cameron Reynolds

you. Thank

Unidentified Analyst

you. a in XXXX? for sales about revenue you kit Thank your talk bit little from of RUO expectations Can

Cameron Reynolds

or that – in manufacturing is up $XXX-ish because them selling usually mean, $XXX $XXX bit the product, but around it range. we probably per I to it Yes, a just kits we want of be few, be expect they in exporting sell below a to and end quite don’t a We kind of that getting world. kind

thousands be amount of a looking you’re some you’re publishing there’s important. one on or it’s few then thousands But kits and is done of the huge if money. or you – very And of our in of a of can hundreds a not several groups $X it if them, validation. And So or expect is the to our million drug something hundreds if will have good talking platform – or kits even kits, million $XX part you using even licensing more talking variably them of groups just fee. years it’s very you use or share even key becomes also,

into projects bit kits, for discussed, same all on revenue, becoming the And get credibility this as of work to more of work little this little a the new in a took space. platform, but it’s we’ve and I nucleosomes, but therefore helps think, the in products pertains those a future. no nucleosomes, And it’s us, the as work, different same which also us us we’ve a research to really space. work of So talked part the huge drive about, bit just it lot lot

of of world the we looking very think, I because important cell-free part become could are a the what around for. DNA we

I could would that be in which of probably could – particularly considerable a prove it XXXX, something next to be it can cell-free groups. to think revenue if for DNA, that does provide develop in different So be would very because help useful more we – cell-free, concentrate that very, lot does also us we if the but year, XXXX, expect successful, but

Unidentified Analyst

CE it selling test? that then XXXX, makes EU, compete you And obtain the in you, for the is, marking start it Thank triage screen test second in line with you question sense. and if front the will how my XQ

Cameron Reynolds

very FIT-positives, triage is Yes, test the expected obviously are on mix it’s which the fecal-based XX, and typically, XX, the frontline not, frontline and is XX, obviously that’s population, market about of times the screening XX, we programs is test – percentage a triage so half be and good they XX bigger can I only program test think only by screening so the the the the than is on be question the to the market now because size.

a we test big think between test to bigger is path have much them, test but speeding much, than there is and carefully of a we’ll much, was and will course – through the longer year this the be taking triage frontline opportunity. So that up frontline is expected

confusion test probably So screening same for want And on program current to enter look so about and a view, it in obviously thinking worked, works, non-compliant very been I try that opinion and Asia. leaders carefully But up as the with work with or some we’ve to of case also replace same but in screening conferences through. which the and and work at think quite two the quite a of different current patch market bit market. try year, we’ve speaking you’d is with program in tests the the point the how market to not to program a a or done to a each the current bit few work screening frontline from that have we’ll that on one key

had as some out that decisions it is interest culture test of markets. the year. I we’ll a decide can I soon triage – in test, think a in issue if the from the launching Taiwan the have see. I Taiwan the the think we the think market, with quarters premium is lot interest, our next best most give are the what’s by we’ve do we recently Asian fantastic coming we trial to frontline National Taiwan, we’ll there, but in university in very QX good same which thought we’ll of As in because in University, right have something But it’s listed C make It’s will the afterwards, and we we

I markets the which a test to which think the we’ll then to very if best target, problem testing, the become we on time, it’s clear. very think on same we expect have is market but to achievable used, good to those have make decisions

Unidentified Analyst

Okay, great thank Cameron. you

Cameron Reynolds

Thank you.

Operator

you, of your Thank next Please Benchmark Myers proceed question. question with line our the comes from Raymond Company. with The

Raymond Myers

Good to and that morning Cameron, to ask I’m specifically you stomach geography. Asia, colorectal you want I first common planning that study esophageal could about be do tend from be are X,XXX cancers, patient now evaluating cancers more which in you which distinguishing conduct anticipate in markers cancer, related thinking symptomatic to to other

Cameron Reynolds

absolutely. Yes,

So you in [indiscernible] Korea, screening the lot within Asia, his he programs hope also could of is with person what closely cancer, working Singapore. to best works worked specialty Japan, has who is with we are possibly and colorectal work in he

cancer test lot first those this people obviously very than the work point in common he a well stomach as Asia with him a you lot esophageal with and we but So in of much and Europe. of is in are and space, more out also

we a a in and we are not in stomach lined make trails for this working in in but think what a been had with basically good – well, in with is same the large stuff press large very once is on biggest is stepping ever, in we thing the U.S. leader very have on in trial trial and Asia, we are in trials no – can trial interest costing you you institutions, company of the strong to key are we there’s in nothing this public, some doing in little. go, they let Asia, sure, this ready fantastic are you leaders we the what some we’re decided and like biggest Europe, I opinion the with I and course is and we the of biggest doing if and go we fantastic to where we’ve on the so we very the but material, first is with much of is can up are some these leaders the country this to while point working lot have esophageal, a me screen them of why have data very, key as the and Europe, very with now the good doing, but and ready say it’s trusting there Asia, so very where And lined process we opinion trails So stone, we’re where it. U.S. think need up as then chosen are now work test us partners going opinion understand benefit to biggest currently out

it’s regulatory you purposes, leaders what’s through. way we’re to get the in great ties doing trials key it’s in need have don’t and great have But We with us we think can get these can before opinion do that, kind it money. not trials achieved these beliefs with be is I we through regulatory and markets. of people is, Asia approval to this think to important trial So they it, to I enter are working believe little blood absolutely tests much, cost early a and lot retrospective of smaller companies do our bothered because go. for size in so who trials our note not costing do detections large to to think really right Europe, when so because trials some don’t because but We this really I

Raymond Myers

samples totaling to expect readout? take Great, to X,XXX these patient two to how get trails long do you data

Cameron Reynolds

the a now negotiated necessary the is third – but group being agreement the agreement, – agreement this which so became in we just one. get is quarter time, of little be regulatory public be ahead those not held, approval, QX, once part announce the have expect of because time have fully which but where That study will and of study, but this properly you that will that’s of we the to take collection group a agreement, we for I are great will institutions, we with

Raymond Myers

very announcing see for Okay what’s kit you that opportunity you to that I and today, revenue ask specifically you next XXXX? good, are then long-term the in want the you about there opportunity see Nucleosomics the revenue

Cameron Reynolds

and think Yes, in it’s a think Nucleosomics important of oncology client used the more interested kits, to kits, to short-term cell-free and hundreds it’s we are in the wide in does that if the range way talking in rejection a they XXXX becoming can then for in if it I area, it and they in will of be thousands. I think to and are DNA, selling possibly they be very more I used, the expect long-term, in be the infectious team so hundreds call mentioned appear diseases, everything huge XXXX, does, so research area

as revenue, the source. revenue large is Now I discussed, a not

well. are us many blockbuster those sales, probably each doing kind licensing satisfied, it’s very Nucleosomics. – measure cell-free the you, of most huge will the is a $XX know think been different areas, this a could if in so what but we it’s have these Nucleosomics to a which of million, $XXX do those known double companies done out possible, been and it’s of revenue where just we $X if lead the we the could as there DNA, lot becomes important very or program balance teams even become the – We cell-free very, certainly is quite depending think number one pharmaceutical organization of things helps – the amount with of company’s a to really as of that fact overwhelmed per the it kind that through to – the does kind but helix we it’s out very of blood if cell-free above always you I with in part quite certainly blood, lot they a amount very means shown is in sense part ways it the large I DNA important to also you opportunity or cell-free one it is in that DNA work don’t in of sell sales is if of can make if that’s directly drug but a huge kit, because of revenue research from or it that guess and the And which so work millions in can in driver, particularly where be

focused So quite on quarters, the last in us. of we’re but we’re energizing really, it’s it’s really, becoming, for something couple

Raymond Myers

it ask how from exciting. is wanted lastly Nucleosomics other assay competitive to how others is just differentiated sounds and differentiated I That from to scientifically approaches? the you describe

Cameron Reynolds

who very a here. I to is That’s question, would refer CFO not but good my

these we the those to a very, of robust We will offline in are to to launch I very happy be But this areas. each big who very detail, but lot in direct you other speak – I’m much added as have for as those have he that’s doing to used possible a forward possible, now sort the we is and for by scientific of Nucleosomics platform wide of facilities energized I’ll PhD don’t around, how a questions that answer in as new get us lot it where of background, question not evidence opportunities very because many we synthetic last we’re groups leave and to we’re and go we’ve kits kits I’m all for got the work work this of – the leading controls think to that specific looking our office. particularly measures can ways. selling into Nucleosomics, absolute in can with you sure, very very questions as get is very

Raymond Myers

good, sounds you. thank it Okay,

Cameron Reynolds

Raymond. you Thank

Operator

you. Thank

Research. the of with Our Marckx Zacks Investment Brian question. proceed with your from Please comes line next question

Brian Marckx

need wanted Cameron, perhaps screen be might not lockdown of out about there and commercialization to morning asymptomatic in be to as you terms terms to U.S., of kind Good what seem the regulatory competitive talk purposes in the development be see as have specificity but it and to Europe you of in that what’s it want purposes need would quite sensitivity CRC for you’d to want marketing robust European to certainly certainly for today. you in may and

of about just can you kind talk that? if So

Cameron Reynolds

Yes, absolutely.

of in to lots very concerned fair it’s do color not because about giving Europe, they’re people. like think, specificity, I So say, they to

can little the over two So ages think I be be the either markets. in noncompliant in you really asymptomatic think, Europe different replace XX% But – specificity. noncompliant. throughout people a lower market, to there two need to I complete really are In or to specificity to in specificity

you’re looking look best bad in the inferior looking XX%. the still use If FOBT as or high you’re the Denmark runs screening countries kits that at are at you at sensitivity where FIT in very anywhere XX% very countries specificity like XX% the at programs and with that programs, around

U.S., replace. obviouslymuch and And compliance be on so want test, but colonoscopy, in much to the the we’re the than in be you replace replace you’re You’re that’s country noncompliant to In that, kind better it obviously, what question you to need program, of the fecal and to the easy better that’s use fecal market. But and which testing the depends to now Europe. above not the is at to the trying looking

FDA approved issues, I product, but some has range. the in guess, was So the done think analysts which XX, XX that has

be reached signed generation. we’d need to in until is is We the high really the lot level, probably have a that I But we not don’t replace have a trial. fantastic to be do to for first you’d as is, to up with screening for test said, expect the to National replace that panel to first we we frontline absolutely our to it’s And now, just as to colonoscopy, instance, be want which the Cancer I to colonoscopy about in So don’t Institute aim similar that. obviously. accuracy this don’t expect a XX for forget, lock until that not this But months. because and down which not

doing also open very to with work. with the of development sure we’ve to matter working make work science, lot been help what nuclear The doing we’re best background of looking test. the our So markets in we’re a on we’re to we have

So in bit little both. actually of Asia, and a

which about the we’re worry across But sensitivity, use more about what obviously countries as fits where they specificity. seen worry budget, with doing. some there in periods defector we’ve CE more Some the markets some

think, come driven with make we’ll same as in data the specificity what the but different the over or I to either for will which down the we’ll will we fit it different So that by that have be targets when color sensitivity, frontline done data, markets, and progress, to in with happy finished QX. of next of expect CE and in and coming provide Mark work we those very we’re have European trials get by this months. and big year amount the But a we’ve by very, test huge middle a clear

should for what certainly it track think on be. we So we’re

Brian Marckx

you you Cameron, regulatory can I Mark regulatory you countries. about want in approval? that there that countries Asia – Asian of in think about And in CE initially? Asian regulatory can see Is process facilitate the expect Mark CE target step those parts of pass talk to terms that another the to talked approval for

Cameron Reynolds

brief I’ll up start talking in be the Yes, taken expecting really summary, in bit I’m of Around all these planning areas. get an on to to all job. He with to there. the done to spending which Asia he’s we’re off. next time, Dr. a Grattan, work. to Actually year. of really expert on give quite aware amazing has I’m we’ve speed in a March ready an the becoming year governments this time

very have a Korea. each lot longer. I X register of in got likely – I very, will helps you had in XX there to and do. easier South take China be At in once which months doing us register, much that countries much down made low view Japan, value. to public which a and to is a lot market, regulatory but India market, so you broad but currently part it very private what of system If a as different why Singapore to larger, think, to countries. we CE greatly and overcome markets, difference target strong to Mark and process, those the takes and will But a we come country they’re qualify in-depth has we market, the is are which CE and moment Mark there’s the you that should believe, has would

to done don’t not much and job Dr. what intend you I’m going want in So I amazing to can months. one it’s And expert because we’re but something so – an currently next I the we’re to go doing, speak six exactly be has tell too which the Kway, far. I about, she through an what’s

to University with, lot the in and a great and As do dealing is population. job you in doing she is that’s Taiwan but can the well. Chinese the preemptive she institution, done place see National great has work Taiwan countries with of as trials this great a is other a best a

Brian Marckx

just on Taiwan announced X,XXX that that Cameron, asymptomatic. study the X,XXX patient you the in is

Cameron Reynolds

Yes.

Brian Marckx

to that you down work wait you the run that study So run does on the was that as that or Can you’re population? the until you well? up, as triage lock soon that asymptomatic of study button doing as remainder

Cameron Reynolds

ready to go. European Yes, not X,XXX one XX,XXX. other the has collected been are – studies I’m to and The in operation the

in down like with careful used samples run great trial need are very very could approvals. purposes, do key can large sometime. anywhere, in we which don’t Europe legislative they’re to smaller But do which leaders, – be quickly. process of regulatory and perspective in for they nailing can But You they get take the populations, you I those opinion probably what regulatory we

different, which know shouldn’t So led there of where could to a – you can get plan lot so trials be get because legislative never scope in trials use that. But regulator be the is but we key basic do will countries in, a that we we have also cost smaller samples, approval. actually you to leaders big to try opinion some really numbers low no there question, the is

to be it’s very, the finish quickly to as key rally, to way product good those for to why to make can very very you starting in trials can. as And leaders we countries, before so that’s ready start launch we’re the collection. we But have it but can with very best to opinion certainly these doesn’t in you the wait best the to best work we have happen. sure way So products make

Brian Marckx

Great. Thanks, Cameron.

Cameron Reynolds

you. Thank

Operator

Thank you.

the Our Group. Edison Nathaniel question Please next your with of question. Calloway with from comes proceed line

Nathaniel Calloway

the European guys. you that trials the of two a couple development I announced? Hi, strategy guys about have questions and recently

Cameron Reynolds

absolutely. Yes,

Nathaniel Calloway

the with presenting at any other not be [Multiple will symptoms correct? Speakers] bank using So these hospital samples trials and or people reason,

Cameron Reynolds

Yes.

Europe. run what not trials who typically you, National is what say, in I you is, Cancer and the the XX,XXX The types we people think I these a in prospective of Institute in you to key people with give FDA mentioned think the as presents scope doing about makes then here U.S., screening Europe done, are trails been The colonoscopy. FIT-positive. and same I done who’ve programs not FIT-negative, of but not test part is, these of scoping There so they everybody. programs, people, on illegal blood for difference negative are also believe, we’re actually

which if the screening only anywhere doing So way of a is program, effectively. near into you’re natural cost coming it

and FIT-positives and to FIT-negatives, scope to possible it colonoscopies have the give not You is FIT-negatives.

from best and we to do moving mix programs we’ve population the and FIT-positives ever been So Europe do we as you tried. screening can very best we’re This don’t that most very best trials the best have people the can. doing what we in to is to method is even at the the the and to FIT-negatives try can

stool that our been working at about and our their in So populations know – ratio experts. the Europe with X% negative. that not about are in screening we’ve do XX% that’s the consulting fecal with after the with works, blood positive, They way don’t – have

The ratio the ideal. So make population the in, can sure we trials FIT-negatives be list cancers is to sure on moving. have to FIT-positives were put they have as will – both as much we but making enough and of cancers just

getting but a a have issue doing of only it possible only if small you’re do some is know a obviously, course, population. we it percentage. of but handful European – some which high negative those the we something is, those is to of It’s we have colonoscopies will is overall of probably will in – you the cancer. that’s XX,XXX the by Now, in sensitivity, – the way hurt only falls only than But FIT-negatives, should that have, giving slightly that will mainly then results don’t not our that

and across will So one never this these test. is blood way European population the attempted anyone no can who Europe, trials We come absolutely you work. is for in the to larger colorectal do do best in

Nathaniel Calloway

similar of different? or trial, going sort set be the and to that population, for be X,XXX-person be of part would constructed patients a that trial that are in asymptomatic will the And data an the

Cameron Reynolds

and percentage all probably XX,XXX representing we a of FIT-negatives they’re as asymptomatic and The use double as ratio No, done mean, both both make close of and it can, I is data right FIT-positives is close. have are we we’ve else. open right blinded it everything well that couple be Yes, will X,XXX for we’ll and samples. of analysis and to the – as sure datas different sentences asymptomatic.

Nathaniel Calloway

to say, general this disorders going is our in or any this to GI look cancers And other or at to efforts be to population include, there result. will be in other

Cameron Reynolds

do because are not, know know do not endpoints which endpoints. The know it’s that’s in cancers trials – but and system. – We ones one the are purely what which Danish a have We these colorectal. of

large of in good I this very there. stomach with think prevalence Asia trials trials very the As question, and looking Raymond’s believe we’re could than colorectal. Geo cancer, as discussed, because better today I it to have But I high do some where which in was a it’s are or colorectal, is work off well we

you have board Once these, Munich. – also as cancer soon him collected he and Dr. through XX one study think as all attention we Holdenrieder a has with yesterday, There we’ve a you our study screening and eminence purely the cancer regions three where XXX the XX just if purpose we you I study given at If gentlemen differences from European that. also again. the very that’s study, met between – advisory go in certainly launching look screening at certainly cancers. on done get the collected to we’re which will colorectal. planning back, have million see to we’re of it this people large NCI if But looking enough also study, the – study, age we’re the Asian the And market, collected with.

Nathaniel Calloway

talked about this My you question to last European any is, strategy? All right. have regulators development

Cameron Reynolds

– in strong groups. we other have advisory board and I’m with Yes, a contact very constant

So it’s is Europe comes then divert. more a little

We of Day Officer our the have also some a there’s and groups. and a lot all Marketing launch from different spent marking with countries talking regulatory the the time CE Louise advisors

CE who So become it the you get. going and Europe, you means product, easy to the buy can studies, so get government. lead Mark not breakdown it. people then Mark, do by to before, these in Mark people comes to get reasonably going yourself – to a which What in is we’ve accept our get CE we’re CE in down need government them. can a to as to getting is – to provision but Mark you CE But shown through we’ve the Basically, large it does mean

think, a government So, we’re CE quite to very confident I leaders bit work with marking we’ve on programs on implement that. done front, work of and key the opinion who

Nathaniel Calloway

it All right. Thanks, me. guys. for That’s

Cameron Reynolds

you Thank you. Thank for time. your

Operator

This I any turn session. closing would for Mr. to like back to the our Thank question-and-answer remarks. concludes you. call Reynolds over

Cameron Reynolds

Thanks, thanks, QX earnings everyone, XXXX for Michelle and call. the

us. we and our and in us. this very we’re a tremendously to I for been quarter platform. quarter you your And it’s the one continue taking developments it’s develop busy Thank XXXX, for to be think, going as forward think all interest another looking exciting all in to much I

Operator

this and today’s Ladies concludes gentlemen, teleconference.

time. this have your for you day. You participation, may wonderful at your disconnect lines Thank and a

VolitionRx Limited (VNRX) 10 Nov 172017 Q3 Earnings call transcript