VNRX - Earnings call transcript Q1 2018

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Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the VolitionRX Limited First Quarter 2018 Earnings Conference Call.

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

Following the presentation, the conference call will be opened for questions. is today, conference XXXX. May This Instructions] being Friday, recorded XX, [Operator now conference Communications Marketing the to Officer. to I’d turn Chief over like Louise Day, and Please go ahead.

Louise Day

Limited. today’s Thank call everyone, and to you, for welcome, VolitionRx conference

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

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

this with our obligation to Reynolds. Annual update We have Officer, various other I’d do Mr. Cameron? undertake Chief our Executive an in Securities like We call. not President during risk now over factors to Cameron on and our any most the identified statements recent Form with operations associated to Report filings and and XX-K Exchange turn made Commission. forward-looking

Cameron Reynolds

disability Scott this time David all Executive for earnings VP, team and conference Volition join in by joining with staff which our for fronts, progress to taking expert and Thank also XXXX an made our XX,XXX Investor Vanston, considerably making that Powell, has Financial call. facility quarter thank you interest larger possible been you, like opened call Louise delighted today. everyone thank Chief absolutely square at Officer the last our us. on I'm on growing exciting first and me I for the our again would year. purpose-built Relations we're many lab you Volition’s at foot

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Operator

with first Our Jason Maxim the of McCarthy comes question Instructions] [Operator line from Group.

Jason McCarthy

but So seems to not huge are not an screening that potential has to markets, or for the and go non-compliant standards who a may patients are need the with a couple that's one colonoscopy it of if want patients compliant, current who Nu.Q option. address may

adoption the your major US, which is initial the markets, impact growing your how these strategy? and see to you which going differences commercial then Asian And among groups, So what do two and may be EU focus? are between additionally,

Cameron Reynolds

question, one good with Jason. Very first the do Yes. I'll first.

said, a products a really think do as and is blood fruit launching it, small low one only The lowest with the being is as routine process there company long out we’re company think a start one. I I you which to hanging and complicated tests. cost and to obviously way best the developing

compliant of the think So way I getting really to that’s market compliant. only the

colonoscopies all with every in I there, issues clinical there's huge measure and compliance tests think stool. the with your blood single of test that out

they’re up does either combined. Nowhere world the doing about people in the tests get, it end two-thirds of when

which within the So normal people blood in I do answer test, take I are mean a -- blood which only routine, think them actually basically is normal and test of ones that course blood work.

become with -- very whole other certainly case it’s be vast complicated they'll think don’t cannot the need So amount that’s the I and never going they of to are and routine. separate large If on a of the they blood routine. a and be tests majority the a expensive, development, lab

the doing. think So with we're the I way only dealing compliance is of what

very into because is the test test. a accurate So the I'm more very colonoscopy try When gets the market, it confident complicated, to of get is you exact rest the that market. of as

until get – for they of continue those that to the are to thing wise for everyone have, the tests. doing accuracy do people tests, is levels them who So those we currently to

very and non-compliant it’s Asia. So million but millions I think people and million large screening the the it’s of different market is EU, thought people a Asia. a in low-hanging to Europe In it’s absolutely good US, the is very between hundreds page XX the US, be market. or markets XX and the of of fruit, And question

there. very important accuracy budgets is have is going we obviously key Sensitivity, both trials in they I the follow-up underway Europe, the actually States, test detecting massive, be are sorry. large the logically market. cancers they’re the very United to US positives, they're us. specificity think most to to the The Healthcare in important all worried a which logical. to free of Also, is have very aspect both people about tests the because have get negatives, so who

adds of a Dr. fantastic, Wei Asia. has is of lot system. back lot I’d because positives, a got just lined very for getting the actually of don't time. Asia, where fantastic us trials to like in I spend growing good Asia market done cost from And a job they it So healthcare lot a up. a

very been think launched And the XX on of diagnostics same years, a I because But lot there it's the really same money market it's of American it’s in not the as in don't well. typically I knows for Europe. an as So think lot they’ve spend the overlooked everyone systems test as they and market of parts more also more we’ve other it's become lifestyle a last government more generating also things cancer, much that But in Asia. they’re are are at in much because much example, most differences, common colorectal prevalent genetic for Asian much cancers countries in more [indiscernible] like of looked [indiscernible]. wealthy and in their becoming in and prevalent, a Asia, lot Asia,

which trials unique to some XX looking panel I in we're which quite years. do to again last and So -- are the much more focused, that is Asian probably products

every to those The to So is seriously EU very outlined. us. FDA hope The is healthcare people to hundreds of approval are grow use I think extremely billions becoming region we extremely take have process which as begin is we now, and we through products. are important US, people of and our important Asia many able because it's to of of a millions who have who markets

we've So to those we’re very, managed of regions. three start addressing very each confident

We small predominant small small Asia sense. in team group We’re a do Belgium, I we a also the in are very small in it. important but and company, a think a tech do a to US. team lab but We multinational have in do it's have

or Asian an run process from from to tough or very Europe. it's America think I Europe

those groundwork in laying a for and team Asia. in the very members and places US great with our we really they’re the I'm the doing success have in happy So in job

think to of I are. them absolutely and So be all taken seriously have we

Jason McCarthy

more And question. then just one quick

I a differentiate the could other commercial advantages Nu.Q that think helpful it about from bit you tests will if be of in the the talk some market?

Cameron Reynolds

a exact, diagnostic you is frontline, obviously, which Thanks, a just the do is and closest outside to lot test, other viable very United test, it those and a the will quite of don’t people your few products Absolutely. people everything, to is in in compliance. because accurate. take a so only such means option of very the whole huge a the test a which with it’s – of reasons. it. big for And Again, have very fantastic have but there if lot for is absolutely Jason. some people that is Yes. reasonably the the There as range A tests obviously expensive the a currently The example problem stool, accurate, colorectal not invasive, of do of reasons. can number colonoscopy, you of as test screening check blood States, are for that's – the it’s

what is only around the PSA, millions is routine. familiar sense is similar blood we makes used year for believe with which also And of wide in is a cost and It’s a So times prostate, detection blood every The currently therefore us tests. in and blood cancer very the to test. a world. test in used millions being analyzer different platform. test very our low it’s Everyone

going things to a circulating in be certainly another to much DNA which blood are low platform events more well. work we’re else test it again exactly blood, be that’s have have anyone routine to really differences familiar blood to or and in you blood, tests to lot to we and any what, complicated, doing. be lighter be just routine your test, and be of cost, and unlikely We're what means really tests to not other So you a normal very blood expensive looking the lab of means beyond rare goes for that’s to be developed routine need part the be more routine cell-free we as have with inherently few you we’re

very the they’re think it’s needed launch get to outcome it are needs found you and that normally unique tend outcome not and done you people think have it’s cancer and is don’t continue is absolutely because have they diagnostic So that I have cancer. products because we tested or way think if and can be tragedy, cancer early not successful, diagnosed, I to currently, we really better. for removed, I a change a very there good and a It’s if to good the

problems, So once both really we which unique. solve very those makes us

Operator

you. Thank

comes Lake question of from next Capital Bruce Street Jackson Our Markets. line the with

Bruce Jackson

just can get quick update if trials. clinical a So the on we

of the first had quarter, XX last Nu.Q markers. out with the XX you one done So

assuming first I'm trial. set is, And training now? with concurrently that So question the where is trial the that second, that is running right then

a is in just So to you the happens one trial that questions, if lot after this can curious to XX,XXX to the going validation patient And assume you are does finished. and you’re --? And how try is know what I trial remind is. but markers. confident selecting where of I know, in timelines? be you that then can kick these if then people when

Cameron Reynolds

Very good questions.

So well. We're has been trial absolutely. background, concurrently, running them doing the

the final exactly the the off the validated as resolute training this very and The on around be timing the to it -- that will finishing has training have run world, we've FAs kits. of the everything in steps. been, research as in been be used set, difference key be to We’re running

can I as as the reproduced we've and they them, all including the kits, uses of other work, mentioned all different for we're valid working our world background anywhere to looking in including So trying be, analytically on huge that collaborations done amount a the on. assays the we’re call, research for make

the of the is [ph] precisely One actually is the the assay biggest of to nucleosomes. recombinant we've calibrant the much discovered, to which – benefit very things

discussed It’s actually possible a worked out the was ago. even way out getting of Active another very group a Motif have never year think worked actually way, up we’ve briefly good to before which it I of that very and before. calibrant, cool

the of assay to What a they’ve added is is shipped DNA, in histones are Ireland calibrant. together one assay. So and but with structure assembled put that the China are itself, histones they’re nucleosome that it’s we then bunch made the from and after the where not actual all the done is

typically structures nucleosome. of before, are there obviously, on So we’ve thousands hundreds discussed the or

was exactly being was So extremely what to you’re possible made. breakthrough precise not measuring this until

is are, for as what the, instituted of kits assays the way time whole it and we’ve we now makes calibrant research our much calibrant everything recalibrate all the but it to these in being better assay, exceptionally it So the our going for calibrant. all throughout good of the doing the trials of takes do new course, it in of for forward assays we

So going very, that’s well. been very

Some others. of those have taken longer than

time. that’s actual finished last in we the take trials timescales doesn’t the hadn’t as very of the long thought trial all. So why running at we The

once the the calibrants, all running the them assay just everything four doesn’t sure. final version have and you making We it’s perfect of take have tested, very and ready, actually long,

see was, blood, are also ingredients make good ingredient very use you study you the the about was animals, sense, excited in is detected same nucleosome for to that. good the the sure dogs, makes same you cancers which it a in is to scientific but have But that think cancers, very all sense, XX for in before for they which, different you colorectal as said, the the very it that and it. actually takes If tests in kits, that human research we’re

lot for process the things trials. assays done on so work these out, those all more we ruling the in have all in So a

that these the Triage said X. more the We like the less we be expect be one first of will just be Du.Qs before, frontline come will because We or to through was meant in test, there. test you much in X to assays, couple

recalibrating process are assays it frontline lot the obviously obviously, the most other So it the sure as in can assays a of be it. the make slowest, new with the all be, the because because and test has we’re in as good calibrant they will of to steps they

and Triage of that to, all for to test year. expect we the call, have earnings the finished end by before the So next the

a it, lot chain September, that is the it but job taken few project levels November, hard from the these become we on Now, quite getting October, of each guess have of on things at of supply all for in job. remarkable managers done a on, Ph.Ds a We’ve certainly who I sterling same that time, Belgium depend it the it’s done. depends have the

the trial actual still counterintuitive, sounds it long. doesn’t take but So

So want, these be we’re the well believe we European exact as make Asian for using to sure decided will we’ll just all ingredients got we that the FDA as regulators. but need the and

something sense this is we is if way have [indiscernible] this take it simple, incredibly in a seriously, should So it’s do, obviously to not we done the the of, a not really we exactly is be. and process

process done everything well as So we’ve can. as we in the

amazing progress all a it’s longer few It takes making it Sometimes, in and that do to all bearing those areas. get fruit. absolutely to months all seems finished, but it’s the right thing

be the of will second all the coming it So in half year. through

the validations study. marked wise, get timing at once sets, parallel them have we go validation so through then CE and then the training you the And we to

in We were make by better. of the all the first you using thinking end said. processing large you doing and that the more the run So with a things variables looks the exactly new set then year, the given panel what you picked XX,XXX as and of which we’re the product the blinded what the to through discovered assays the this and for we it time, but population, then training middle lockdown panel nucleosome likely the in of it is quarter,

realistic we’ve amount a now all considering the very think I made schedule, the of in progress that’s fronts.

Bruce Jackson

you they’re helpful. We kind will And be a don’t then to sense labs have information Active of they if how if a and that you could Motif, much about them, have they just but reach market privately so tell little us held. that lot about give bit what us in a of of, sell can

Cameron Reynolds

should Very I something good question That’s cover. that and thank you.

So worked, a a things nucleosomes. the with we’ve of consume, supply while Motif range different we as that which in such obviously recombinant Active areas for now,

some good. good, other lot very into them come to we’ve very not. antibodies very be and a supply are are of So people factors, much, We found some

So we’ve more them. working more with been closely and

it’s way with bit thought and so being the a products use worldwide. some people So we to of good perfect be others. as distribute two of with we’ve that that We used relationship, some what their a because would

want distracted our the trials. And in distributing we be don’t so this the and the They process be manufacturing from frontline they will all will kits, also them distribution, be frontline follow-up. also to

don’t what we’re finger lift doing. currently actually we So a beyond

getting from we’re so them. And a royalty

There some is that goes straight no cost apart and their of all of selling business from the the types bottomline. worldwide. other is these to recombinants So kits of And involved. antibodies extra that’s

As what them found been from in we’ve said, I buying extremely good them. we

So with happy work we’re to them. very

lab. years. our the they’re And of discussion. be a to will the side, platform. people our a different Every really technology, is it It license. few we a product it’s is because kit, just wonder come going in bottomline. then the to it’s to to very straight for do XXXs, may revenue ourselves, you for product But work using if all if thousand, is we stream to it the technology, coming sort royalty back this writing they our XXs, do develop stream, They’re don’t interesting. gets do property, sell mostly to in intellectual lot very XXX revenue a a XXXXs that to sell papers. one want goes doesn’t you coming We of they’re because On of selling us. those per But you’re But the of XXX someone allows you else’s the validate when a $XXXX, kits, what what validating really

an those So cancer not but things we field, all all expert trials do expert in in things. an therapy, veterinary could drug monitoring those ourselves, we’re and not try we’re and

buy bottomline. gets good that to cost come you their becomes at and and you So and by the us the publish value, to a then it and of the more organizations kits And more does hope validated in keep product then and money platform institutions research straight try our goes these part so to people when that it. a lot any

very on. early finished, got actually We very think So intellectual that we now, for weren’t as it’s comfortable But all granted huge which as we’re exactly what doing the about just to key until there thought nucleosomes, more about to may Researchers new confident the very breakthroughs amount recombinants much and and precise, encouraging a say, very, doing. our are property to I you to good have assays all given this we’ve getting us. is quantify, that have better key I know in calibration.

happy big technology very Nucleosomics And he good as Active press thinks release, you the I should a of becoming they’re story. they that genetics he very in things said now, the founder a are and sellers. breakthrough said, I things the said, as is be very Motif So

in world a their everything of lot of do ourselves the So a not doing shareholders we’re hopefully, money do of property this lots around course platform the through. we is our We work that kits our way just going use trying the we’re follow in with in and going thing, groups trials, of around validation to can hope a to world happen. their and lot our get to for to really the the can research make of good, and people right lot of and to

month, number company that So by a think much range And year it’s us makes and a products and actually make company. us only calls, will I kits launching we’re of nucleosome always first and one actually we product the because for new the bought definitely aim to next next because that’s now groups different out of a or things one others, standard, so then the two one after in only product, to a stronger one team but it’s win-win. after sold to which those is it’s criticize that the the with June perfected the XX all the more right the process earing more interesting, will month, get become the our we’ve much maybe month for through this process but And add should we every away and structures, them get quick that. process next to it’s this, about a a that, saying total by time,

So per month. or expect one two

handful the market good of least next have about year. the of dozen and we’ll the them more So at a probably a at on year end

exciting. very it’s So

Bruce Jackson

going guidance soon? mean giving to does Indeed, anytime this start that revenue you’re

Cameron Reynolds

think demand think -- David I the Good here kits and XXXXs. question. that is the in we we for is

going be. that’s when sure not We’re to

that. like or the nothing It’s not anything frontline guidance add is becomes company expect So the for It’s research for kits, but like the neutral to clearer become this we it kits. massive the revenue when from to we it’s – and because us. but cash expect to from short revenue to going term, will which be don’t something guidance flow it’s nice, giving not

training year we for of see think take and Triage test and until and traction the certainly will have early on a or this next Once would good. we I that frontline we final test, the but panel better David? year. the finish idea, very set be a side be the the get it should the

David Vanston

Yes.

So I year. would next see

grow of significant I than revenue think, validate a research the kits think our stream. to and platform more

Cameron Reynolds

month how then expect pans sales in they we the throughout But we’ll expect sales the and QX. strongly revenue, get and that see to will next out year have we strongly

Operator

[indiscernible]. Our next from question comes

Unidentified Analyst

a of couple questions. Just

colorectal the in and set of or different and analyzing I’m may just As Asia of sensitivity all required if software, product a algorithm do and the tailoring territory? of you’re sort for tweaking for the for matter which the the feel specificity readout US, the markers screening markets requirements, you you diagnostic different different have of see the wondering Europe each

Cameron Reynolds

question. That’s a very good

agent see in Europe doing I the on never speculation going hoping you US product but try. what product be trials CE on that that is we’re think the a marking to not, be. and is all, know is difference, then some first until There may the of and be, trying we’re to may probably there if you some just there samples, there not

in the can are discussed likely we the obviously certainly use more to get a team, we’re interval. open moment were we to length So necessary quite if probably at because but than slightly leaving obviously to choices that, to the this amongst assays, there different few algorithm we to different be

algorithm for quicker different you do into example. well, be an would a actually not, you training give situations, very between set Asian you a population and works typically be There then find Asia in product a would more an the these but see, a a only much or what you turn I surprised Asian If to we get better of start, difference and CE US then outcome is in and for if Asia, huge US it’s then these that of a set if surprised into a population, marked I approval head really there combination think a if because difference separation Europe, for example, So trial if but is of the with validation was trials. be gives a assays out. is through the run can it’s of or the that the run it could we much population. telling for European way panel to

So large a as in you being know, selected the have with US. very we trial EDR

in our a we on We’re lines have looking US and same hope do in to the smaller being on population coming Asia the trials along panels that months population. to We have large some get we to these collected. test quarters that before news

be will information given. that all So

more run and to a how assays that same panel everywhere, that the for same probably So more set see not would months different work trial thing It that us easier in you process. goes. change it’s the but into much six have delay algorithms is training to obviously it and to about

of like there to, we Asia, in common is in also, forget, not are one there in would all in you probably are our flexibility, the a flexible, I of don’t different can being US. Asia, probably launch don’t that tests we different, or Asia at first, seems [indiscernible] that Europe have is change hopefully think there strengths but things you’re So great markers, because around, panel

those not or can be around company actually different tests get the regions and way we different being we plan a But or other it’s the that to from and worldwide same budget thought process in Asia in Europe it’s different they’re So we’re or of a ways lot just through certain we truly I cross-pollinate we hope of talking. all perhaps have and think all doing a that a US done, to and things. it, things

Unidentified Analyst

the for strategy patients can early symptomatic tests? regulatory maybe the And reliance just screening us what is and from you diagnostic different remind and the

Cameron Reynolds

test patients, of Yes. Symptomatic example. just more more conjunction given doctor obviously, the likely colorectal for probably to different, you X you of used familiar. rectal just in likely to particularly for bleeding the in or Triage the everyone, because are things. or Asia. stage go is have are test bleeding typically who have is something those age, listeners to is area The stage likely. aren’t XX, just are Symptomatic to a test much once the if cancer, if Europe and you with you in Frontline kind Therefore, is you you cramps, as late not symptoms, if be the with

want rule So it's an seeking on. two out then, rule and we questions, the question or there still in It’s we’re whether is actually to cancer. open question advice

of colorectal else. what a been have different value, go clinicians the something very you what would to we an you, -- or a curve you think or get they at everyone do, unlikely the on particularly cancer, we like it's looks stomach get it has would and -- cancer, the particularly, So everything a it's tell rule say, be opinion best, in end colonoscopy problem have probably a got ulcer other you the

and the it's most you’re likely stage much by we’re symptomatic, probably to So and third cancer. between latest are pre-cancers once the those from screen, a the where your have test the same far more one decide important, different pathways still you’re probably stage two. particularly or to working the the on frontline and that still on second panel frontline the But

the have we better can and does just assays cancer we settled product a So in and cancer. of at as want rule colonoscopy Europe, of of capacity, on both some different I merit rule whether they different in which or these, in depends the it rule say discuss give that we both stages also out enough have to probably to probably and commissioning. I out think a want flexibility. We of And on but

both. With the US, do you could

of third lot do line of I a to things the consultation that very questions. and the mentioned. through two carefully one and product So one that think is in We is the open try behind still

in answer assays, which patch with that test, question that analysis can next to of we’ll before the I'm couple sure questions. samples we really different that So, we we take of finish then and in of indeed our the quarters both advantage different to really, or work can, those

Operator

line question of next Raymond Company. comes Benchmark from the Our with Myers The

Raymond Myers

My question Motif a clarification the first research Active about is kits.

price than $XXX the talked because you the kit $XXX That's the I believe expecting. than You to in it's range. price then? don’t higher we’re about being per intriguing, Why clarify

Cameron Reynolds

break just down. I’ll it Sorry.

sell from set be product, to them. a for far on just is which $XXX to their which not licensing test, is the $XXXX below the that’s is them. one in what So somewhere assays a they the When different kit, or We’ll it’s we’re high. we obviously, few up We us XX. less US, depending the

So that’s the entire kit. for

different contact things. lot a customers these be us to like of very have So have few they question. of that for they it and a good lot kind they be all and service customer would clear, worldwide to to for. how and But they dollars in a with We sell a conferences be however, kits didn’t of it’s go much want involved for

So their giving that reinvent are very and us. with happy have we want service we their products to they didn’t been

we process and from kits be our look $XXX and we We they ship all understand and So all don’t things, it. we chip manufacture a range up those the on to but use around do things to the on have them world, that, to them world they decided factors, research we which which somewhere depending to get but what would ends is finger, kit all expect depending up, the and that the other pure contract, around for will will $XXX is as license and to the those them, to royalty a profits. follow they

Raymond Myers

like is kits the this revenue at royalty a XXX% a manufacturing is be either, not you will so And that correct? margin,

Cameron Reynolds

Correct.

Raymond Myers

to The expenses always are approach we sense can of good us expenses, as where I a go for know you this you’ve outlook give likely very been commercialization. year your expenses, controlling about

David Vanston

good you. a question. Thank very It’s

rate average million per same think I in $X same the it the be burn around on will quarter. cash of

not to managed at range. that. the you We the last it look that history in as away well, If expect from to keep year do move significantly over see we’ve

Cameron Reynolds

important A very point.

we a that with of these the three the like has strong or we do quite something in four heard facility small We in I’ve people such things lot to rightly think for it, that decided region and and all to burn have because very there this been how support years, I thank a we do have them rate. Belgium, again. have

we is things team low very profitable, fact conscious to very we’re cost. that Our of keep have until the

we the Our world, a well of is lot lot collaborators have blood given and support because a -- us samples amazing as of have as from access for groups around cancer. test for to really everyone desperate

have we've it shareholders’ very very, been carefully. that extremely money to we're mindful use we and given that it's So

of money blowout all runway future because had done. amount the need the to about we’ve all So near obviously the medium spending it’s in recently. we to either, In never things a we get the

very we're careful. very, So

Raymond Myers

for received published that that QX? included And QX clarification, that the the the is mentioned, statements were financial it you something last you that in and is $XXX,XXX loan in

David Vanston

we we a QX. No. will That's and of it letter given, take received intent in be it -- will down

So if that you statements you’re in looking at. noted, included the not it's quarter’s

Raymond Myers

Okay.

QX QX? or for QX? So

David Vanston

we get Timing and know will QX It through be stages be will it. it’s already, it’s either or gone month. we’ll one QX, but the that

Cameron Reynolds

the from be move strengthen helps product as to strongly what a obviously and we want us it these run we company, rate. do exactly of And the to range they getting a expect

on has pretty the given work over been us build fantastic, within the assays on we’ve mountain background huge in Belgium to think years couple of really up discussed work of it's Belgium. the same amount and with the budget team do themselves. much allowed All So been last doubled really the the to flexibility very which the done a -- of I the in has we’ve bench has the us of

Operator

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

Brian Marckx

updated cancer in stage. and and sensitivity results so, announce be Triage, that QX, it by you to parsed On expect the will if specificity will that include

Cameron Reynolds

Yes of those. expect and yes. both We would

Brian Marckx

initial today. can a sense us of of kind your commercialization thoughts Triage, And sort what it of terms of of you are then give just

Cameron Reynolds

Obviously, Yes. company small a issue. we’re a is and distributing difficult

kits speaking Obviously, Asian regions. a actually who worldwide European a have some wide the have distributors, found So of Asia the small like but generally, countries, European for done model do it. might to reach, we've wide or what distributors quite a can research we our few some specific advantage, we be countries, I been is who and for some in with but think of would fantastic we've group Singapore, home

study, that's getting to we’ve governments Given as some approved the the of see assays fascinating different I we work areas, complexities to also all our cancer XX European go. best said, the it’s way through clinical going the how from think And in and to -- involved the probably be other cancers.

that’s couldn’t is run don’t want I cancer, rephrase can of Our obviously model to that which the then example, to with they going the a think other be be necessarily going in products also we to the we license and forward because license where for same world. trial to them, to some whole it’s help groups, launch product we one the would sense different us skillset launch

it’s the to primary look a of a overall, and and simple leading where royalty we streams that kind model we And a it then where distributors we for for well. the a that’s like at, And our platform are that’s think it’s licensing very source would to I so income. to very platforms assays makers, given the think to So also We’d relationships, for uses, go ones maybe we strong other works I eventually other platform. way produce areas very few characters, the their wherever divisions that absolutely we possible, I and have license use stream. of think the think to is that, revenue like better possible would means, almost achievable, but it’s the except beyond everywhere that’s which

lot the times, guess it the The little and research time total important. of it’s of are important I could switching more is a to and I become really nucleosomes and very enough increasingly and but I themselves, and I part huge become DNA. can’t very on think off intellectual programs taking we ahead eventually catch a think going to ever, become than a time now property say up, have almost of it’s We it

disease So our whole only it’s because projects and center itself circulation, and those there has at our assays and do in we tests are front and that all we’re our really it, ones got we anyone approach, our very and of which position technology because any ranging, who we and good when strong it do things intellectual there, have started. obvious means worked team. think who we’ve we’ve property of also we But with given a a IP, can it we’re lot and the

distributor I those, all model. for So and it’s think licensing

Brian Marckx

EU terms in of the And then screen.

in sample still I doable. expected anticipated it announce that is the think that last to quarter, – you you results of XXXX study QX,

Cameron Reynolds

No. That’s next month.

progress happy very how with the and So we’re very Triage less we as takes do strong it discussed. we we're we but discussed making going, progress announcement is first, will the as because

So all we more without now wouldn‘t things mind half product training validation much, any and decided the kits we've the and then both the much any the second assay done for other set them the we and at But have calibrants aim for or these all in Triage the given rest, first the background files work we've research to any on for done precise frontline nor test. we the with really in done. the trial final

it's time, taken actually it’s the second we a ago. in possibly weren’t both done, two those products us because has ways But and in given and which scientifically to we’re what from year see a right or So half QX assays much precise of expect absolutely this some the measuring but quantify can have in QX thing the to more those. and

Brian Marckx

results of it's the announce Will be announcement? XXXX an to the study completed? that when expect you Do

Cameron Reynolds

finished. be will not Well, make research Yes. sure are those we flows. -- mentioned Absolutely. kits, running quite is before, make and all all test trial, just as yes, Triage, a it’s looking when good can the it’s the actually the few I the as And ingredients announced news frontline them. as There the to want you for

comfortable precise seem kits from So being and sides, all of developed, and the good we’ve those which to more really expanded into to need and cutting we’ve do cool and edge been properly, the because calibrate process range our the which through. reproducible to we’re process things gone it of good the the those things, be, but there’s more some and of makes we test, now but going, added got with team and but why we assays takes is time the them

Operator

Instructions] [Operator question Our the of next line comes from [indiscernible]

Unidentified Analyst

Many of I the my ask license agreement you a I the but a would timing veterinarian size little answered, bit and opportunity questions bit been a have market. about as you the could little more, expand for of thought pursue the

Cameron Reynolds

and animals in done has didn’t very market. to dollar I that this. market of We Dr. and a diagnostic reasons say good safe Terrell, than market a think keeping, US market CMO humans. work The lot veterinary is it’s is lot spend and more on even CEO obviously multi-billion very animal a

a diagnosis, given the not regulated is USDA, get to revenue. easier process obviously. of lot It’s but a think it we don’t I have to because to the animals is So FDA adequate by

got don’t quicker to. as we’ve get not is to we’re a one be revenue. is different to which animals which we But at are it a to to obviously lot process make products, want important one and and well, but So it’s expert careful because

humans. we’ll with similar groups, particularly animals nucleosome bigger news guess, animals, been to where lot also like have very the that patents worthy So this very like not discussions few I of as note ones we’ve have those it the a have well later it’s in different just similar nucleosomes, but on to a year seem looks

not people who much we to quality an some assays extra have in ones, agreement are the animals The which different aim with development assays it’s work. that our in So again have groups veterinary test to now, experts or we animals. research

animals, circulation know, Now, the of we we detect in those can done, the nucleosomes as but we’ve don’t dogs.

So, is in a to to very specificity set up animals those we’re the the next and see and clinical hopeful. trial step sensitivity

worldwide, something and dollar could of where same launched with a I we billion suffering it’s multi lot and be obviously quickly because products hope a could business humans, in think animals. of really animals of it’s think quite I

we’re something different to kits one and what of two them, we the selling talked and add package So can to have we the ship, which about is really use groups. the uses, do that given should we we hopeful these the now research for assays research

The samples who detect a if knowhow, therefore free and other it they for or one or you can we – works. is provide the where can provide animals if the we can animals don’t cancer them cancer from it of supply we JV and the those where and can assays well the in suffering collaboration have help have treatment can to see try you we

very it's So exciting.

the these going the we essays So the different assays. feel same and is It’s some don’t something we give same platform all to of we're in for money. The – lot our spend uses. beauty a of

a uses of should have which the lot some we hope lot could that’s lot more help news a on which have things, other coming quarters. of hopefully, of platform a that developing different will uses other we’re we so in So these in a

Operator

gentlemen, Reynolds come Mr. to any closing of and turn have for the allowed Ladies back will we the I questions. end time our to for comments. floor

Cameron Reynolds

time exciting building everyone again this another Thanks for in and call. taking quarter. Yet the

exciting is the as to of year and we the announced next these quarter big be trails. half I think going second

months. in I keeping these Nucleosomics Thank look in come revenues date you other as up through your from and we uses, we've the really to develop to all been forward involvement First, the coming for calls. for our and you all time. platform discussing your Thanks which

Operator

you. teleconference. concludes today’s Thank This

time. lines participation. Thank disconnect your your at You you may this for

VolitionRx Limited (VNRX) 11 May 182018 Q1 Earnings call transcript