VNRX - Earnings call transcript Q1 2019

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Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to VolitionRX Limited First Quarter 2019 Earnings Conference Call. [Operator Instructions] This conference is recorded today, May 9, 2019 I would now like to turn the conference over to Scott Powell, Executive Vice President of Investor Relations. Please go ahead.

Scott Powell

everyone earnings welcome VolitionRX call and Limited. you, to conference today's for Thank cover operating the financial first call upcoming VolitionRX's This will and recent in March XXXX XXXX milestones. our quarter XX, results along of with discussion activities key ended the for

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

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

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

Cameron Reynolds

on VolitionRX particularly long and for we today. very many Form of with so fronts XXXX, like Capital areas. progress everyone with filing Nu.Q great delighted the in new many work even with Volition's thank in into much progress basics have taking not again that I of and happy you, since our exciting made so even am the made our all it just would in is I But have happening. fronts the absolutely the the call interest joining in say am Thank you for and past to few conference to platform new have XX-K we I recently expansion momentum its on Markets Day. I weeks. appreciate more on

company end of quarter delighted XXXX. of cash upon exercise $XX.X the to to were Firstly, cash aggregate we of an from the balance the in aggregate unless total financials. for an to very further warrants hold common expire showing million of a $X.X of existing placement to warrants price amount XXXX stock that shares strong last exercising sheets with by out am in year. in exercise prior shareholder continues investor once all-important to of versus million warrant in XXth the warrants quarter investor And August proceeds to today $ shareholders $XX.X private our This million The our XXXX. August equivalents investor most bringing exercise outstanding our recent $X of cash with I announce share exercised by XX.X received issued the in XXXX strengthened support. an the that We $X previously for to of year purchase at and closed million subsequent first with million

with a runway achieve extremely manage believe the We carefully, our sound key are we to financial beyond. position to continue regards XXXX milestones very to that and we cash and in

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Operator

[Operator Mark Instructions] from Oppenheimer. of comes Our Breidenbach first question

Unidentified Analyst

Hey, and on project to This the on progress Matt is progression guys. Mark. for the Congrats on congrats assays.

cancer is just a timeline the us can were indication give wondering now grade the are for finalizing for planning on we lead a colorectal So screening panel pursuing? you [Multiple at you where a assay product that are still point you Speakers] assuming

Cameron Reynolds

Yes, it's absolutely very a important us. indication for

in we large trials got collected in being the Asia ones Europe. and been obviously we've the very in US, So the have

So it's incredibly important to us.

last grades, we're said assays have product time, how with perform. happy As the first we come few extremely they the through

the We or more have got We process. a away bunch assays talked in getting to two accuracy feel one to we last time. the be from needed about we we panel in are levels

mid a late So trial. XXs AUC in the the in in larger to

through are a We some will in very the and was internally, I them progress So in are happy data panel. be preliminary assays. that's couldn't be that extremely very momentum help strong going coming well. our and with have happy how some going the There is with range more we new done. of to do certainly

very assays perform are of later together based time, getting this panel think level and through, I the bit we which looking very we ones year; should on coming coming last as which year. accuracy later hopeful good this we more months very are are still with discussed a have a good a we'll well. and the on of in current The So,

- think year that have been I has So target absolutely our that's target. our done this

very lung lung side, less to need got. the we're to indication, obviously results the primary we've get for assay excellent As have bullish a results the on

we pack actually if could be will, that data that collected. the but, will being know the from you So through

the year good well from is as it us earlier product to But that with going give data can are comfortable really colorectal. we some timelines. if been Fosun have we will and would trials; this to the colorectal well, more than three we've speed so later ones super very progressing We our indication, stick Chinese lung long the a

Unidentified Analyst

got Got it. it,

part maybe to then of your own? lead next-generation technology, positioning a in helpful, to partner you're tool really of and specifically you using or that tests how on very that improve this to Nu.Q Capture, like CTDNA improve and self a talk just or approach your so is also impact thinking of Nu.Q decision as thinking Okay, that's let's does how question Capture are a on

Cameron Reynolds

good. very a That's

good is, that were observation, then of is - be opportunity I amount which you've we we once the defeat very to it is a a far the sure as now. as we commodity in If think getting companies initially former are assessing huge thinking, probably more goals as we've am this ourselves more of close we DNA they're we which great to - what but I achieving, tool. were would can a a I space achieve work, of the - as licensing the can doing well sequencing there think it is - do were we're captured ourselves, Nucleosomes so developed think

is it this we that ways. same of sequencing, I work both think all space. with It's possible I the so, something some in we do - ourselves almost do could So it external think

be I licensing think to it's a opportunity. going

think we'll look I can. licensing always to we when

a forget not on is Capital weeks very nucleosomes. side, Day nucleosomes it's sequencing mass the captured our on of doctors prospects doing very We ourselves, by spoke few spectrometry the and the in with Imhof small amount commodity almost with could don't trying level the a with have. but we do I infrastructure we - now of last from are then, effort sequencing to do the not But much well at not that that do ago, DNA from nucleosomes, think is positive - Market sequencing a who just capturing everything just a just

panel, is markers nucleosomes, by the large do mean what doing same which of is range exciting. incredibly a one on that you one could would per marker instead marker So of

nucleosomes you using that at a new We it's mass whole there different - discovery obviously, just some of nucleosomes viability, the lot for; initially one become you analyzing you be tell as there's and look just signals to a level know the of one time. as assay. just by the or certainly possibility if what's a hundreds what could there doing of the capturing - all spectrometry product not cohorts know then on are commercial getting to do though on Once of towards markings, become same assay different reiterate features machines the we the But can those of

but it little powerful it's you more complicated, to give much, tools it's becoming more So that a more very, stage. get routine, very but if will we

So like we agnostic do, finished. we're it's everything until all

We are looking do do to we normally rapidly expand. to possible on is are which it have it looking for and we be see not ourselves, we're but is to to we looking license, if what normally

a very But others certainly it at and closer look If it business new massive on the sort have to would model get ourselves we can breakthrough. do, do which and little we all time, it we is doing if finishing getting the to We manage then do team. it we do to of line, a are get to a ourselves. massive be

very So we are excited.

Operator

Our next of group. Maxim from McCarthy Jason question comes

Jason McCarthy

the to then up, you for and the the Thanks could walk which step of Essentially to congratulations from data, on through sample guys. us be Hey, larger like limiter rate for I'd like actually see question --with some taking collection, really these? the if analysis progress. studies would workflow collection reporting the of and kind coming the with

Cameron Reynolds

Yes, a very so good question. that's

So will, assays, focus to line, this really we've time get gives getting so once trials, you all amount of the platform time while door. much effort different the momentum spent effort these the through for and us huge tremendous to massive system, the facility our with and if we've starting we got

it is its the different the stage final it what means assay So is be in clinical, preclinical can once all trials. using

that about diagnostics had you quality of are that's in a half lot be two sure for been can if to have be make revolutionize the used Obviously, realized we huge something as everywhere the to now a and years going a So it first-class pace work to us to absolutely ago, really really of we world. now. do have and you

wouldn't lot you the and we don't be in first putting assays So areas ones Asia, a of completed, and shift now are trials through I system have also of to can there's lot it in looking completed certainly work, trials that now also a different in used the run example of can that it's in even one they we're to you say but a have that. - and Once Taiwan, we ourselves, for China. our are

the to space. looking also the run trials are US in some Vet in We

that's but to a as us, very beginning the been the trial So takes after on then it time. for depends big that collection the

continue taken So a for And are like half trial the half a aware been now. year year date, as would you finish. up on to and has we a its a continued and have

If the by you that's last trial NCI. funded the colorectal look, co EDR

The chances and will and be X,XXX when study. it's first very can year thousand this camps samples meaningful other have we collecting you a a Lung chunks samples, like lot of a controls, actual later you those cancer, XXX big when have quicker. are the

the very in the are we we running areas, we Taiwan, about the plated very they testing So those work in and now because giving level, ones are work; speed for got take running a freezer the time. But, it run new the is do while and are [old] large of been now. very which up, we've done which robust range trials like been in is this so and of the getting we from to put platform that mark And assays of pictures X,XXX and it final been to X,XXX trial so, well. first as term on happy the the in we've medium the in easily does test, Taiwanese that and up that. colleagues short short incredibly will message the is a in to serious the And quickly today can are proud of answer till we how really be has now, to and pacing already well the the show assays it but

reason that not So thought them we run planning these trials. have other. are we The ahead, we the can while also going after so have - we one collecting on been concurrently and

think it's this kick I is with up it things get a also the it just it's that all So, - could a space, we ground so in have. we to And how different are of great the doing. in for do strategy the us nice different been really running really we platform uses and with veterinary tremendous working of the all which the shows developed system we've many robust can

So, yes, given. that's the pacing two major

Jason McCarthy

Alright. a the Thank potentially you. about would then, because I Vet And like actually, seems Nu.Q bit to the meaningful like talk source. this nearest it's revenue

to So an you looking that space? are and of the are vet the at some market, Or that market of other products could at guys' any in kind other vet the of indications we diagnostic pioneers space? look dynamics idea there diagnostic get in

Cameron Reynolds

lot I given market ways in potentially is think think it as attempts in in of a lot big market rates their as a need; the have the the high massive and lives. cancer short dogs the been is space made I very human of because vet

as from So the been looking we've well. parable

to mainly actually been dog because haven't because of you [size] have moment and as problems. of very them very them a and lot many at can hard there's keep the found a dog to you we ultimately We be have still, work probably we too none think scan, successful

not do, there's do out of but proteins work at which vast those lot make for ourselves. majority nothing think in when The human is so of the a there's on which sense is there we you All - massive work information all have nucleosomes actually as So it, blood about we've a purpose. done need for fit products. those, the

excited to space. financing we're the are Texas doing right about keen professionalism, was just work really are date; down One impressed extremely us this the to I of with I was A&M get [Indiscernible] of in the market think with and Vet with across line. the very after the things how the they Texas capital I they

Texas. an setting that all So in up for we're of office

local a up to a are also lot setting A&M going not as company. us bit of by as are subsidies a well. to region well financially money; We It's getting cost help Texas as the get will looking we little

all the should to that get So it market.

So It your - position first would was be really - could. this this first product? basically, the could proposition

looking in per space very the we even If samples USDA dogs for you as products results are dog seeing are have for in trial in a good a products, hundred of lab humans. or few we

I could very have there's a a on next we hold even There's clinical few plausible because assays, So or in think produce ups no year. And product can the them. a it's grade no areas, - their products and mass are and Texas to any really will market with we of we help in months those which drive if cooperatively space as the this working knowledge A&M, we think aim few next off finish to I in professionalism sales final well.

very know I the little looking for done to market with very, who strengthen as can So, carefully that's we well. to about looking anything. we re-analyze But the - looking team it, Texas are model keen - things really people but, key against to yes we - very actually we also and few haven't in the are are

We a for market a get you we'll have well, by I of as think the could huge. quarter. to analysis you, back next So but better it's

Operator

Our next Peciulis question Edison comes from Jonas - Research.

Jonas Peciulis

you taking Thank for my Hi. question.

recall I data where potentially different show you batches. cancers that Market your during assay, proof-of-concept one studies, you pretty that looking way studies that with care were do you guess Day Capital perform. how release upgraded you and real you still these interesting slide working a are I more doing have on - these first the about that assays to both in are those So now but and data small-scale

that Nu.Q testing are it's plans - of timelines, new on you those I just date those Your study? any or assay would but studies just like small-scale interesting precisely because because - helpful guide the what you guess details can in release are be specific very

Cameron Reynolds

Yes, in and quarters. milestones the months a absolutely, to quite next I think the key in science, going few there's few the data be

bunch a first more stage are assays Now the close for at the getting the final over view got we've summer. the and

- ones, going to Fosun using quite have from ones now. currently the being new we collected China in in freezer, big them few are trials but those big a We the three are the be the

So in space. them collection colorectal the on Taiwan of going a we would in expect huge coming is months. the amount

to So this have We've few months later samples the some well. year next data as as also A&M we more expect well. on - in are we that Texas - to would expect weeks in getting or have

other or - --at team. before, get of other two range running. the will well, of million the we of the have including a XX but now balance very these over and these XX veterinary So $XX.X different things We do with the strongly data the the in we Dr. really we and the was capital expect done. in all raise resources what as March. end have $XX.XX lab. in all We Belgium our XXXX freezer space also a on well three year things the We as capital this really much do now with cancer couldn't as people at the left end and now studies, sheet, which range be people, ones Holdenrieder, sheet given to could a do strengthened the in things of at same balance have time with have million strong And to ones have

contract we them. Texas Memorandum also of the support we So be A&M and on obviously a we've with there amount on - - very side data with of milestones side should large Understanding the signed

we data local to discussions partners. in to And to - Taiwan. looking talk the few areas - China. We to those we're the in strongly groups months potentially like groups other where the Fosun markets there are see for will expect think groups China, with about The keen to next we're to start work I have few us weeks agreements next have as or our also months in looking like They very products outlined we're might in and like licensing well. licensing with getting final stage

should it few busy So a be quarters. very

Jonas Peciulis

Thank you. Okay.

lung trial - study another around Now question cancer would this in in be Taiwan.

insights computed your to been thinking a has or limitation? as positioning Is and test so is but cancer, nucleus so you'll and used it's lung tomography what before standard important, in such the with lot that's trial low-dose - the thoughts be on are computed get initial what given issues and the specificity, this gold or a about tomography of considered be could that? obviously positioning big is that in your So to in of specificity, conjunction there design a after from is obviously trial what large just that prove really is

Cameron Reynolds

scan We standard, gold is I very very bit; good question. CT thought think this but that's a good. the low-dose The not a it's about

that people's needles think false indication good that. in a anyone you've with will very a got rate and something It's this you place around it's mess not tell lungs I want actually positive is the to and lump got very you high unless cancerous.

conjunction would with a can a used be nucleosomes structures level cancer. to both it's would you How high and a scan but they have we chance very good from are definitely used low-dose work you in think high is at the in have It one lump data-driven, specificity. have be a So of indicate scan cancer your better very in and there then a add census. that'll carefully that question lung I looking CT quite can be you if very

and The does is scan year old lump of a CT your in a you So definitely process. low-dose smoker, up a and problem pick on well. your a XX with having are as lung, something but or than the that very high lumps else have percentage you lumps lung worth chance good a a most needle it if there's biopsy

through the two. compliance. they low-dose is some scans still dose, you getting it's it lot use scan, I our that, So tell you scan And reasons. it's all radiation. ideal, the things, appears the although for we'll because not problems it's problem expensive specificity. bigger data we've other it are scan, with CT and a know lung, like between said as than is also discuss the very the all and and ever a having go our get is a strong I to problems But It in those conjunction be it's best collaborators to before scan even with compliance if to it's jolt any in of low the said - going together, also in could But the to doesn't then the very so with is in A give people not data cancer. difference with also data a had which of the specific. lot use don't

to a which outcome. trials a front from tests, but the table be can and we'll on day on easy drive all, - work current Taiwanese as before current kind the it's over would scan of quite we to systems But part while test ambitious where gold lot like you that lot somebody trials year, be system a do, Chinese very in that and and test would from thought about and is is to and much of to and there continue with after, it's of of low-dose which the it air lung to China work next better we the helps So we standards this one, a standalone quality in with we so, towards ultimately are aim the massive and cancer pollutant data or the are the for become a year Asia CT have therefore QX is we obviously and product And a a current line looking which beginning have excited. first us and particularly prevalent. India a large

Operator

from comes Jackson Benchmark Bruce of question next Our company.

Bruce Jackson

Hey, morning. good

Just a the veterinary. quick question on

lab a a a that So offering is developed A&M; Texas veterinary a question a test possibility to approval? being there believe, on the lab, have they reference they with I prior the test could agreement USDA be as quick

Cameron Reynolds

Yes, absolutely.

they're are people, discussed in they they but [Indiscernible] much very passionate only their we've the animals very with professional not So about care. and and in care very this obviously space the knowledgeable good very

them revenue which generate as externally. with well look anything use They'd works. very to we as to obviously themselves keen be So show

you thing great with the we be it once the and continues the first expectation, only it have that's that and off can very we'll veterinary large go - - my there that's are much you to is self. very and So be works and reasonable them, and it has fantastic - could really revenue working other a as which through and that's quickly their revenue professional a well next not to to they I assuming getting go there - phase, research internally think the see with well also does happy and they're hospital need that for externally best in the a way product take because are used they but could we group schooling get reputation. could sit that a how serious desk very as showing in They a of way it but much that is

very are a for it good the to and very in the them believe I expectation and to get we to So keen very expectation product. using them that would medium that be reasonable use short term

Bruce Jackson

USDA what and the a process a the so step are approved real submission getting milestones USDA getting just what's the then, test, the for faster next you? the for And approvals one, you can approval key for recap and in if

Cameron Reynolds

reviewing evolution we've expert I'm next of doing that this that this considering set up We're now; actually veterinary. weeks. guy not of the all couple

a as final lab well few a have in then get a have, products next few veterinary work A&M space company you of you as as people set going go start the just who we drive mistake. Texas developed we but from a Texas then to up. as done process team on of know well dedicated the process the is full done which looking is subsidiary to the can much I as own USDA But sure as team where we to to we that's then few Texas And which I going some so get deal gone participate something and the with A&M, that much modeling, exact personnel do steps indications in all am it I the with as shorter a be can working of product a once key are video get pathways the quickly now, developed X one sure our key up trials and is questions to we're really quicker. accurate, lab and together, the product together to personnel. I the in approved, so it tens won't on are it with key in very to talking and be a process because months it Hopefully are in get with as A&M; which company. very the And quicker be mentioned in to the well business process. will case XX specifics, process. possible. filling want a products USDA out through market the make and lined the the would keen through, up from a or the - to are We be hundreds we're as actual the USDA a expecting we The the go patients can Texas revenue also get the through that, team outline be make have

subsidiary Texas in Our Volition veterinary.

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Operator

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

Brian Marckx

that the Is subsidiary morning, Nu.Q to prerequisite Cameron. moving establishment good of program a along? Hi,

Cameron Reynolds

time to We've to now develop It's of the a spent work we quickly are it's think make the a we reap as keen requisite, we've product to small time to lot sort a of make sure done. as I always platform; but focus deliver extremely we group can.

Capital So, there a I happy. was Day small dedicated just team in team the Markets very, I close Texas the to the visited think Texas facilities; and after very

to the first a right in we close it in products is So can pathway action subsidiary way I revenue going the really Texas all think where and group develop the very A&M. fantastic Texas of to it's the on, so do to is in focused the with where

here. decentralized it from So has doing not it's being Volition grown be multinational. a running We could prerequisite, processes, could a by we but be

done all managed we so And things have far a and locally want it's we really much but because research, team strong and easier the does much faster. do quicker in and get that to very locally central to Belgium

subsidiary and that's that's why we Texas we're A&M. in So setting why up are doing

well as done So possible it hits it's go not this quickly drives think way because rubber us we - a prerequisite, as but really as the help really on to the as possible everything can want as the get I else. and bedside it's it make quickly as that really road sure best

Brian Marckx

commercialization Triage candidate? past on for the potential a radar and considered Okay, you that your on for still about then Test talked that CRC in the is Europe, had initial

Cameron Reynolds

first product based - the on ones is are so The the collections great. are progressing, next getting the going the while there the a lot triage to assays now. obviously stage and absolutely, are final of was Yes, batch being and

good. the first colorectal results have and been very very, in So,

properly are the a platform, said guess. to now. the very make early sure process we as triage We had and XXX% I a on every years - where product products done need robust I profile, had the all now. product that's I've So is We couple call, the was ago push and that really think for we would too

problems a where So, those still product of huge solved. in None they were colonoscopy still but a problem. the countries for before. been need triage There's capacity have there's absolutely

similar I think there Taiwan. are also in issues

products the front as well as for looking Taiwan, triage as, in So running we'll as symptomatic. well be line, potentially and

and now. the we XXX% Chinese much to - colorectal triage, really make launch product the and need to to well. all about the this as work we're we a to just platform are as we in done products very But So launch get and had the And for do Taiwan, really the very that European is samples we guess from is much products, test and symptomatic frontline will had have colorectal there very still the sure there still those from from right that's this. the the also data first. all tests, still on which it's them all where need serious those, of best year expect space and the I the is

on have guess, We year. be been line. triage platform the colorectal beginning the from data, the and products. could change this just with can has well I the There gone has frontline processes, but delay get to these market need launch been it We'll helpful. the very update very a the on all together starting the on We but case first to the that panel always to depends much it no that we for tests to the the need levels we're which later all were of in that,

Operator

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

Scott Powell

wide in time. get the very, very we are as I the are we with data very important for possible range Thank really sure sheet, these milestones door getting, in. try of you, am the make this we working happy taking everyone at quickly we will momentum in us interest and strengthened to balance areas to as very

going and Thanks forward for I we'll time. lots the all quarter with on, am looking summer the So do really a in your next to August.

Operator

call. conference concludes This today's

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

VolitionRx Limited (VNRX) 12 May 192019 Q1 Earnings call transcript