VNRX - Earnings call transcript Q3 2018

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Operator

Welcome to VolitionRx Limited Third Quarter 2018 Earnings and Business Update Conference Call. [Operator Instructions]. I’d now like to turn the conference call over to Scott Powell, Executive Vice President of Investor Relations. Please go ahead, sir.

Scott Powell

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

we the remarks, a call prepared session. question-and-answer our will conference open to Following

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

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

Cameron Reynolds

all to at you for for third Volition XXXX quarter time thank call. for interest Volition's would you joining you, us. Scott and like everyone key thank Thank earnings conference taking this I in again an

the on Vanston, to Financial myself join Chief call me addition and today. David our In Scott Officer

on on It quarter optionality balance key the us. financial. delighted our a this exciting is we of quarter. I time to had made that I'm our numerous We with ways showing excellent focus this strengthened technology. like highlights strong would in progress Initially have very sheet our for indeed two platform fronts, have many being

deal we with equity closed investor. a a long $X most existing financing million term and importantly Firstly

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October in company. cash $XXX,XXX exercised in outstanding additional an providing the Additionally certain to were warrants

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to research the efforts first to quarter. these burn to expansion million per cash products average our slightly of market approximately bring Given rate has our $X.X increased

to throughout remain expect We steady XXXX. this

cash position $X prices of cash of the able that by which non-diluted of our in that months exercised could secure revenue $X company. approximate additional are aggregate and exercised from any balance Our the in $XX.X expire and next to in we range that could outstanding exercise further We be a XX sheet warrants plus kit the funding additional if great above the our an sales research with to the million our strengthened per provide believe position. to share within puts

the our developments third during quarter. Now let's review

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Operator

Instructions]. [Operator

McCarthy Maxim go first Our from with Group. ahead. question Please Jason comes

Jason McCarthy

of give the registration for ongoing like then and for us studies the Europe. Q in would of step just If and development could you quick through of Nu next timelines walk a in CRC some if in particular

Cameron Reynolds

Yes good question, Jason.

that final it so as think make we front have they for on we've the So be. as to on a absolutely we've sure can be are possibly been the triage few finished clinical been calls line colorectal and I work the mentioned in started process, to the well assays be and as test waiting I good triage

we're team get and very run show have to right it make those before big XXX% well-funded we because that trials and very if want Now lab the sold you and make we we wanted the we the we product it's to sure perfect. get

we'll and it's its like well we preanalytics on during exactly just the that's cracked assays depends themselves in XXXX So say XXXX but these have all and but in those price earlier finalizing the assays. to have when fair

the is final a way the We into Asia. get it’s going big get U.S., done looking fantastic we're and U.S., all process for to Europe The so dollar few doing. exactly Europe path the market through what of to them have stages got trials multibillion now potentially its Asia, groups was which them talking a prostate we're hold and the for result data in up a we're in the to just

to and expect a The in and ready—so not news the in term the will as news too ready have that take to final only data get be getting there assays stage work before a much is We our also because for worldwide be we because of product. pathway in to prostate frontline product a also the and and be that I to encouraged to it's horses they which massive market triage animals medium was assays with well couple the veterinary process short dogs. as quicker that very good to would a showed is that many good

similar diagnosis completed, and I sure in well. the quicker it's in a and XXX(k) worth a this happen dire humans those proceeding you're the that's few the to in are aim to quicker make also what doing they humans of very well like human and lot properly can animals it's institutions that looking even those retrospective to we're of number more animals PMA So samples to and just we're mentioned trials We I get with trial they reasons equivalent, assays we and because smaller than is a as a so and have work collected market, are it massive outlined think a as for the doing as or process. XXX lot in trials the far work humans getting so optimized a think pre-analytics could and use before you I that small

this running through now So could discovery assays so and that be next far grade the in endometriosis we're that very I as through the we're months actually expect a quick. that few just we it's trial now the something expect which background have well we're perfect will an know you it it'll run to until work and that it we if how see work makes help quite goes, trial sense so that don't that's the work you done in absolute be lot well blockbuster discussed. cancers again it DNA would we companies soon. we're have BonnXX other a which as not on the that’s the concentration possibly through some could DNA from comes of very the tumor trial The of information more really working product origin on and

next not So does that year working we're happen first that it's but sometime it on now if could happen that we're of promising there. in the half know don't we

thing data the So would I triage things for come completed. think first bad and fantastic. We to for alone example exactly was front obviously thought up but with have order out we one will data prostate be be came what been prostate know those XXX% the out the

platform product we encouraged everything because we're a there's very very it's everything because sure amount done it's the just in huge to double funded hard but it same tweak right you in very, come all checking order know anything. they being the and So and which we're doing but exactly all get we're so trial start absolutely making you once checking, we're can't

exactly before as through it but start of we're and just expect quite them those it's we want of coming be XXXX quickly. to So we all sure all making you in some

Jason McCarthy

then best them on the RUO bit area like that in right. key and leverage what on what growth more is and just could detail driving nucleosomes [ph] factors who he be and would target kind you [ph], more technology? applications kits to customer give us of the for All Thank kits you allow thought for just one these to a

Cameron Reynolds

Can Sorry kits? seconds of I that Those missed your couple the please? question. first you repeat

Jason McCarthy

saying kits growth any events driving just RUO was product? that that I factors in key there for the if or are

Cameron Reynolds

so. much very Yes,

the with the I kits by we also drive it buy a of for. grants nucleosomes publish think have months also in research once to get for research also groups range of the with wide a apply nucleosomes one like couple on work course there else to a and few range now kits people the quarters instead started would as what the things on range them. is use can very but develop so we them, dozen the growth background lead that to we more or and have of everyone grant where I other X we total which to and more research for have who process structures you expect more our more process been of the a buy and talking have more that's top a we get of we the done one a grant a applied will applied kits QX even collaborates numbers takes or of Also with longer range they can people in of market and we're that of buying a of potential in spaces different some think

I epigenetics well with general DNA. drive different important becoming research a as in are genetics are the very areas as with think genetics the So is lot of that

should I the different more products two or as range fair take-off have add in market they'll we we think become I that's more as to on and well-known start kits year it's take they really to think I profile think I say the and would think off. been become really, within more So they and really dozens a of will

we report year. numbers through we been when it up should we kits you at year filling the will report next there expect are and So but the kits at will and end of end the pick the see similar has interest, we

Operator

Oppenheimer. Mark next Our with comes from question Please Breidenbach go ahead.

Unidentified Analyst

Mark for on thanks this taking is for guys Matt my question. Hey,

the XXXX question track undertaking Q but screening well still timeline us training and product [indiscernible] we're to the for the and be an if as undertaking I'm of here. you a frontline and transitioning great kind Cameron you or finalization firm that early XXXX more of appreciate might do follow-up. panels on triage the Do I've a you Nu I assays as just study sample a you later think XXXX amounts this of give wondering timeline think of So massive could on event

Cameron Reynolds

have I in them we first trials. all we've prostates and just preanalytics got in its think that frontline assays half veterinary only prostate to because just a there's and the few The in few taking of the trial sure there the follow checking up which is quite would a close next a make the year. this frontline final and some but next done stage. year a even in and very assays could of actual good difference triage test all the of the no be as of chance year I'd and in work that number are half prostate expect think trial are and triage, or But pathway half is the something to later but to that endometriosis probably is have lot it's get get of different we I well a first probably that’s of the done second to to test as the done for we few -- frontline those get being very probably them

level I we of a half the but second and hopefully endometriosis So of the would first are and triage prostate the the things doing. that all other be then half and say the next would

Unidentified Analyst

Q of endometriosis. pancreatic kind some parts, tally lung addition as is an prostate, colorectal data well have as question second shown two compelling Nu in my to really so cancers my early in by And and

the an are under now we So resources unlimited. does the you should on which pursue pretense decide How next the question next? might that is announcement not team to part indications see proceed of and which do my second when think indication

Cameron Reynolds

-- is prostate in purely there do lot I because [ph] process Yes, on a We it's compelling question pancreatic. trial in good are clinicians the think and the in freezer very that nothing pancreatic out of which a multi we very we have for standard obviously extremely we for for and a do record results went had good call fantastic about. it’s absolutely first question, in colonoscopy beyond there's it something answering and because good a think the problem is gold means the a thinking we huge a it’s question I

just not read think by important a get I next which good give next a the I assays countries different for year but think range on to half of should also cancer of will and the us good a that will a it's broadening out ones in also very go be I cancers the have think Asia focus the to study we're steer BONNXX us. first

small a haven't for any as don’t clarification just we data very have we fantastic had So released any and some compelling perfect indications showing the endometriosis but endometriosis and it makes data does in it's idea we sense work.

with a point the get hope we will not of are I good numbers trials the to strong guess it’s have these moment in Oxford a us which at data. We but to the would say we in educated think large process

we which tackle something every day. it's So

I think results the think lung propagate so we'd one like we if major off in one would but we results rank next. We ask be good start the obviously for questions, have that's you to and any with take cancer. next before cancers had you the I major

have trial, think for research essays work out front-line beyond in work a anything again trials, different next that triage to else. of done it will this compared and cancer be obviously the we other to think I reasonably one I colorectal major and breast or in ones is is one the actually I in getting of cancer the XX% then different the the we're most assays year through is line, kits is and once assay have to results which do or work the differently product to doing [indiscernible] starting it nowhere the all every assays of technology massive think is work think problem is it important what for all the a of trials getting different done market in the the us on the cancers and but the running is the once wise good but trivial extremely pancreatic with plasma these work the big îs come platform we don't for is other but we work

it's that working So cancers they also be the in for work them can I with to I know of the call in assays it's providing ways DNA have a DNA find and markets them we platform think big early too. we so a the on you think including say what think struggle and affordable now plasma stage in I'm sure companies. number concentrating because all the discuss very now can we I fair help DNA tumor I to

of add if on that in to XXXX what do could fruition will we sort we does see trials So those well. as come to we

Operator

Research. comes Our next Edison Jonas from Peciulis question Please with Investment go ahead.

Jonas Peciulis

what veterinary are sort how that sort We Difficulty] it, potential is veterinary the we pushing in on more aware about given actively there general timeline? of probably what take So Difficulty]. [Technical again, those you should are of on evident how think [Technical of development

Cameron Reynolds

strategy us animals. providing system most question, a not call thought are which good something this it's in with how because very consultant and so are on to there about important the with I at we few and U.S. Jonas are asked very which mentioned also a working a quite with groups university who clinical questions in the the we've get expert Obviously Very are good bit. what and big them any who's way we we on

for to not but they are products much, in it's so quite and friends, off which big X from think that in continues to absolute works humans can is encouraging X because and veterinary more the nothing of a and compared much care be expect the we XXX get the are be it worse the a excited is I'm are the starting So orphanage because how launch are market just size said patients, market something if few the it's first define humans very we reasons and horses of show sure dogs where it very a to a humans than a timings didn't really you diagnosed story, and carefully taking the so at product a go XXX as are there than with There I and which encouraging can players I them for in we as to we in plausible exact we it's the is more a couple it's very can't there slightly about much collected, you samples it's an call quickly horse quicker could it do as it's I when of out few actually it's a XXX the there is because trial animals I actually well XXX(k) our else massive perspective huge. all saw from everything of than quickly a it's which now a it's and the but dogs as a which is it a it there take really massive about do to much, working the prospect in before can. I much in very is, very different work and anything samples FDA means U.S. so so looking we're a market could we put believe but the really next we starting should few a not just in years or but do humans, we're take exactly We of path X,X,X well will out best would world to take which or patient, quicker not but humans so be dogs the care way something the is applicable and development we dog they're sure animals years and point humans. analytics absolutely we large the for what think it's XXXX samples as the numbers trial the like it big it's definitely well a where in few assays are make you

Jonas Peciulis

difficult progressing about the alone. Okay. why That's difficult on to helpful. Difficulty] to you. specifically endometriosis diagnose just Difficulty] [Technical [Technical Thank second diagnose, it's conditions and question to My diagnose was I thinking treat is difficult

thinking -- of be just you what order condition? be from to probably kind any you specific easier proof that non-interventional the it’s to a you of market to know So technology less perspective because any diagnostic in you should know be concept applicable so know to be actually bring evidence it would games know number or complicated

Cameron Reynolds

of onset in very good female uses about a true. painful covered a very setup especially years shocking years diagnosed upto is of as your and had couple or later women makes is to its infertile very, introduction quite appalling, which we diagnosed its X infertility these to the Yes, X on just of Currently Western from so it's question typically. XX% endometriosis now and means it's or after women it's have badly comes very XX world babies absolutely said the I things X lot

than girl because every older years if not old people XX it and bigger given cancers would to probably cancer. or the actually diagnostic there about it of like isn't blood a So would be just XX

-- because time points trials can it so the that discharged cycle So it's being strength we endometriosis we encouraging the at goes small different in instead go but menstruation actual into menstrual cycle could gone publicly, some but the but were idea definitive potentially we've blood. in makes menstrual aggregate of encouraging which grows we're it's point basic perfect time indications? testing the have What massive. not the and didn't the the is so concept exactly two do right on sense done I through the in it

what cycle is women it's So that of nucleosomes in times menstrual blood we're levels have different their perfectly different which plausible at in measuring.

respect that still it's but to fits in reason nucleosomes a with there, makes we're perfect cancer what it's in but different sense. in measuring So similar for much doing, we're very a just

are now is the have go it's very they reliable not we are assays robust, because going comfortable very proven which way not is the they we're this to have to it if now linear be does work with, be and may if We work could we and something which that it we to but or the proven we samples, have it so close but we've done trial finish itself. in probably would a once we some but short be very it team the it if through market could stage in we've know blockbuster got cancer term it much the too company and absolute analysis this maker scientific that's as a and not this short absolutely case or a term big would an be as and be would

we So It's we definitive way those with should or depending to something but being hit. quarter time been how we're it's but the it's close trial long X the we so so for in but have on assays X coming getting but it. collected it's not in a the either are finalize encouraged next a definitive making definite, now or years

Operator

next question Benchmark The comes with ahead. Jackson from Bruce Company. Our Please go

Bruce Jackson

this us calling grade product currently of you're Yes, the on maybe it's a How like working of product so get XX all with. many you grade. assays those are to at assays of know a you but what you got up to give development big are task the that you've ability bit could pipeline,

Cameron Reynolds

We've to nucleosomes. get of so yes coming those have the the antibodies, and XX we process, it's in have have we common to gone to all through have the

don’t in or XX I it's do XX discovery grade. but it and few there's I the but or exact know don't at through to have by come -- really the final grade than product I that there's that least a discovery have week haven't week the We less numbers stage, something

in to can they're done those still a big in well the enough which been the the trials made so smaller run been being prostate I those just very So triage have well they think done become very through they haven't but very quickly. work which couple done done but close we study have why with and have got the a the haven't that's ones practice because we before it working

for of be through to get you We the system and as amount we ones assays assays a difference that well grade I ready apples trial. do enough system. as a through haven't a there we been by means you trial team also are work and the by for ones can possibly huge but and dozen the XX this up right not that’s year next process just a all comparing through process that good a mid we'll but to of the coming assays to again we're running there plenty been that of the of trial just so come but as discovery think tally the example where our what probably to testing and know so is preanalytics them it from clear the running the We're this just sure trial the commercial assays or veterinary because the is year really single to week that well before going definitely scientific a in it’s have there to practice also we phone and I absolutely up for a its early are serum are as grade through make the have apples numbers process the all for are part also for have preanalytics is in more need and lab plenty done different be triage cracked end as it, but now it trials the trollop colorectal is and be and but now end don’t will every next collections we plasma finish probably do prostate and will the good as of we process big it all to year they for follow-up and them so are endometriosis we using run grade that call veterinary on discovery process discovery the mentioned now week our between

after get have we us and easily now. we the quite our to impossible now very of any be it's that's right not done easily easily funding don't done it's Board the all strong pull trial of sure our launch moment a which very can want amount well. advice huge the be done because very that’s things it and have work and fix So going from could but but Advisory make product a very tweaked got these everything we absolutely at been we people and from can because tweaked, And before to something that not

Bruce Jackson

but give of territory big cancer to covers what then pretty you inflammatory great. you about of we important focused are bit little bit [indiscernible] detection lot if here inflammatory it a also that's a group on have a talk area it's you the markers Okay, can got us so markers the so And more an area could detail little etcetera, on? you on

Cameron Reynolds

in can this all scientist this and being but for so fits I have not generalities can way a give am it you before we I patenting, with applied together. intellectual speak, I hasn’t property how Actually do been as used talk generally we being in

yes it patents doing way perhaps been I can public other from tumor at so very doing. inflammatory nucleosomes around and really different is help can closely is fill so you bound, are the the in as that markers everything they kind things all way I I excellent we DNA the lot good far there's If start you done after markers looking has a what a have think stage term DNA markets DNA of which a we have are read of the overtake some very because very that linked nucleosomes other from so inflammatory they we're realized think other and the been the what so that in short talk this a the which opinion think that we've and it's the of that cfDNA I piece that marker we far we'll but you mentioned are doing quite think with can in are you but in hope its I about and they all also to comes a doing we nucleosomes at the the for recent and inflammatory there, obviously are we think is just and get work minimal it from amongst

much not markers as anything can these on that have because are and today as but spoke on probably as nucleosomes we done I That’s using answer at the test of at and us next we're depth company that work very two encouraged or think helpful. which you above but these have the other do a accurate as give are you stage JPMorgan some we're get sit some or we we think more but and month get before to things some as would with in to possible on So extra very little are about help trying he we've the down can found areas patented we oomph I it. of I to all we the

Operator

Instructions]. [Operator

ahead. Brian next question Investment Marckx from go Zacks Our Please with comes Research.

Brian Marckx

to delays the question the just and line remarks that regard test prepared Europe? on is triage timelines something a it you Based in to a think XXXX given that but doable commercialize expect Q commercialization in proprietary Nu on XXXX still like your based front sounds that you do you is in that still

Cameron Reynolds

to of Sorry asked Brian? think half I likely product I you going that XXXX in said is still what possible is second missed we're it you the your question,

Brian Marckx

Yes.

Cameron Reynolds

now. we through as Yes, we are said practically working those

just all are we'll them. then shaped that’s the trials, said are again are we of think of doing all preanalytics reproducible to view those make absolutely linear things to that for I have the trials sure all some good above make the that valid fantastic which tip-top and from and as assays sure I point we'll start

will I we so fits think I many and start XXXX which that's coming think in proposition never so I order and which XXXX. exactly got to I it's but assays we've on depends works you think need a So they really plausible one in a in them think how now quite sure what are absolutely very head viable

Brian Marckx

And think that’s then do commercialize viable year? in as to well you next Asia

Cameron Reynolds

if the XXXX that space be now we I but it's not there before in collecting could think trial going will retrospective that but the -- think I think collection that they XXXX in in collecting for same. be said a strong veterinary would we so are and colorectal it and for year I next and Taiwanese pathway is a the space, a comes XXXX us for Asia colorectal the because product have the will I are launch prostate defined could possible through in as be get would very they

are product launch I with pathway to which the collecting product [ph] launch U.S. year think XXXX well. in in in the and ADR we can and a as the expect be as we to we massive reminder to define XXXX given next trial able

if think a I to meant as these reiterate, then in this few we a amount also I running quite XXXX and of getting a next amount we scenarios. we that’s XXXX structures colorectal lot had majority going to be U.S. range gives about that prostate the lot would has once once of take expect about optionality I as we to is the So stage you've and done is used XXXX To it which and can everything then all what years of the talked do done work huge well but assay there the in the the of of for expect assay a massive and go in going vast be time tremendous it by work well in us [indiscernible] would be well the stage continues that to final work, huge in and which if is because the perhaps assays a trial of XXXX-XXXX. to

Operator

ahead. question comes with Research. go SeeThruEquity from next Albany Jay Please Our

Jay Albany

I something could refresh taking actually but for been prostate? hoping of answered question. you for on timing have Thank upcoming us my missed Many I the the was my you questions

Cameron Reynolds

going Yes there to -- trial a very research get the finished, for actually can we're assays it's product a haven't data well think trial exciting we be that. not we and

active we discussions of in exactly different announced that a pathway range will different what use are we haven't and countries. yet, We areas in

term outlined because the have of -- coming for in nucleosomes works this the the that between which hear something with the the ones the either been pick pathway up is where ready said you as the or speed being it two -- were we starting to very yet. only the side were assays So and are pathway you an expect to for of a could lot the panel done the delays colorectal to well is level haven't but the prostate we ready will year could next the pathway we lot in product announcing that but really we to closed of short up of line take but get that a what -- things exactly the very it's months to but one getting haven't that a if next prostate so the

Jay Albany

also is said I have guess you a next did for data endometriosis or information just could few refresh you of plan you some -- say I follow is that up, months what in what had timing? you on your the in terms

Cameron Reynolds

finalization group in both our with big trials a here which and flooded two have one Oxford is a depends close both information, whether also last we in are both it's basic to Yes, the of with collected, London so are smaller one from now the freezer University run QX the response it's we from that. it all assays getting the been [indiscernible] of but on

-- this I trial the now can don't is which things assay a concept is run So the expected but either a wide on do are is or year we discovery be QX year so next trial. range of expected and a early very we short term -- end to see yes that to not the know they until all medium in this hopeful I'm of product what at to the in proof know that's of

we so on assay. work done the come same work if have it to the make in does essays a that else because clinical which product that, them assays out, be are done the been could or being of quite come reason for quite it are quickly in we by to that So now the after can has FAs trying that everything the but use assays stage quickly those colorectal on all the same will

picking really all up speed. it's So

Operator

turn and for I to remarks. like over would Reynolds This concludes session. any the answer now the Cameron conference question back to closing

Cameron Reynolds

Thank you.

you a would just but study sure times every expect to First everyone conference and Bye. we skipped transcript skipped forward a couple volume see to us the [ph] online to interest I you VolitionRX's your would joining third of and my all was call. thank not today afterwards earnings again in of lot. for Volition of Thanks so there for a quarter XXXX We look soon. like to remarks say I'm appreciate really the speaking prepared

Operator

call. concludes This today's conference

lines. your disconnect may participating day. you have a You Thank and for pleasant

VolitionRx Limited (VNRX) 11 Nov 182018 Q3 Earnings call transcript