VNRX - Earnings call transcript Q2 2019

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Operator

Good morning, ladies and gentlemen and thank you for standing by. Welcome to the VolitionRX Limited Second Quarter 2019 Earnings Conference Call.

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

Following the presentation, the conference call will be open for questions. [Operator Instructions] This conference is being recorded today, August 13, 2019.

turn President call of to Powell, to like Vice Executive Investor would the over conference Scott I Relations. Please go ahead.

Scott Powell

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

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

President call and Dave our Also today and Officer. Cameron Reynolds, Executive are Mr. Chief on Benston, Mr. Officer, Financial Chief

of that our events, well I of have conference Before like statements Harbor as risks, are Litigation statements we begin XXXX. These would include these Act as the will currently information to to covered on future this statements remind based uncertainties on of used assumptions. reflect everyone us. based the concerning Safe these Securities provisions we some discussed statements views under available Because forward-looking information the upon Private involve call and current assumptions Reform our beliefs,

based or results statements. to a from future results, different be significantly achievements or may on actual these vary may that materially number of events or performance future implied cause the by Actual expressed factors results

to and course We Commission. our associated on Securities undertake have filings of We identified Report with various do risk this in any recent Exchange obligation most made other any the factors update statements with Annual our during operations call. Form and not forward-looking XX-K the

Reynolds. Cameron? and call to President Cameron Executive to Chief Officer, the like Mr. turn over now I'd our

Cameron Reynolds

work, we fronts and made Nu.Q of today. summer Nu.Q Capture Asian with and course Thank in over conference platform colorectal with lung strong I'm progress our you have everyone say call Volition’s cancer many and that have cancer joining the our development, with Vet. months, trials, on happy momentum great for to

of companies, and space. excited a in Firstly, been DNA and with selection. have XXXX, to made drug vision for have let advances great treatment genome technology. research was have first mutations so published us in what strides buy Billions and our our been Since spent cancer our me sequencing the dollars in reiterating progress there makes tremendous wide of start human and been sequencing groups, range several well-known by

appears there but the the as realization be of only many chromosomes sequence DNA not picture. part for cells detection, now made or most However, in does And example, cancer unlikely, exists it's to clinically in a proteins be that growing cancers. one to for DNA isolations, up in DNA of early in occur nucleosomes. useful is and

forms all essentially recipe human book day. DNA don't make all recipe like for But The proteins. every making every we books, recipe the

recipes Many are recipes these with caused health. just the chromosomes. made loss diseases, science dishes and the epigenetics cancer, company, an on chromosomal epigenetics advances of advancing including epigenetic it's of made regulations. human are same rarely, by is normal when exploiting human determined often some being DNA Volition in the The focused Some by are made. are and epigenetic never others the protein state of a

founding, epigenetics. our heart very the coming to our mission and platform our at with This has been fruition since of it's Nu.Q now

a to expanding of DNA. work We believe epigenetics ever more than chromosome. puts last full if IP be evolution epigenetics, is DNA, and the important the it's extremely an position player team with without the say, we our as portfolio not Volition key So field. the in in not genetics, significant this short, in expansive it's the strong In decade

the product using nucleosomes two our antibodies calibrants. past many you assays as and of As have recombinant great a final developing are to monoclonal improvements, spent deal aware, with over grade, we including years effort

our assays. in few a just Something impossible that was it's ago, routine years now and

making. about assays, cohort. In finalizing work every performance one with in last blood data regarding lung Nu.Q is progress have assays protocols absolutely the to colorectal collection the we're two and cancer we first extensive finalizing delighted our addition optimized. cohorts the we I'm ensure our aspect On reviewing to call, done provided cancer

of As manipulate [indiscernible] nature and now assay performed Demonstrating platform. separate in all have [indiscernible] we in well today, five discovery across its cancers utilizes reproducible cohorts eight to-date. and this robots has studies on

including we and adaptation In also well order accessible the on our as such the large companies around tests leading is open work assays global beads. by are is our chemiluminescents format a broader and This smaller a to of range Roche as Abbott, have all magnetic diagnostic of world, to ensure our which used undertaken platforms. platform, as

cutting us robust Europe a this plug entire adaptable and This of call more on a in breakthroughs. and both more importantly great I platform allowed details analyzer why important and edge these from take won't That to start explain. go view. are platforms our work here auto that play could very made much into point But China. has to

aim We usable be to as in available any possible platforms as in truly test the to on our lab world. for be many

we our has XX more to by R&D low and keeping than still quarters. to Our team consistent people burn made fantastic prior relatively expected progress year with end, rate our and grow while

I'm exercise $XX.X million quarter closed non-dilutive year-end. warrants. cash million outstanding with XXXX cash equivalents further second And balance in the strengthened and to to the that so, We of our to versus the out quarter $XX.X with funding And subsequent delighted we at our end, of announce sheets all-important the financials. and

us at take through to end cash This total the support. in common the existing quarter brings date by $XX.X the shares cash of million million, the the $XX.X warrants Our long $X.X exercise aggregate upon strong our XXXX. warrants company in amount shareholders received shareholder was a warrants to of very in invested amount purchase showing by plus is $X.X standing receipt exercise bringing in $XX.X which million cash hand on total to June which total of of outstanding XXXX to cash to stock, XX, million, to million, enough of

The last have of strategy cash continued additional exercised. proceeds to year. placement investor warrants key a previously been a terms recent warrants fully exercise provides non-dilutive warrant in an were of seek actively financial from in It this to both as part favorable at company's funding, issued our Such the August most from private development. is to now the the

grant to quarter. $X.X delighted have We're region this been granted million non-dilutive of last additional smaller funding in

the to to work We of reduced that quarterly be are able extremely $X this under with rates we of a done million. mentioned have proud all burn slightly announce just

trend. rates $X.X to expect do burn go million back monthly to Although we the million $X.X monthly

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

delighted XXXX dose the execution a Taiwan to scans, to XXXX has subjects contract were University During low started the I'm study, second including national this of which now to conduct receiving lung our will quarter, cancer collection. with announce lung announce a computed scale include happy first we with large And tomography cancer.

cost yet demonstrates trials a commitment At cost of payable $XXX,XXX, two approximately large study total worldwide. effective over years. conducting Volition's once to more This

the the and the by remainder XXX year. our be of concept expect repeated that hopeful will to quarter initial in very results the of cohort next this patient end data cancer lung relating are larger much to in of samples year in release and first preliminary proof recent We next

company. key Thirdly, based new appointed and Volition LLC Officer Chief development to and Diagnostics the we're will and vet to further and the drive for Volition Veterinary its our new excited early subsidiary Nason of Texas commercialization welcome a help Veterinary Executive formed Dewsbury Development have on team. we focus products revenue

strongly veterinary we Nu.Q were aim Vet on sign and the quarters October more Texas Texas and in memorandum understanding this advance to process. early A&M of and have data news several a quarter the and coming the University in with members revisiting delighted front, On team with to also report this months to hopefully

we're have China. parties Shanghai product proof also a executed data the Long aim on platform recent introduce to to study our XXXX. rate Based to concept And committed to Nu.Q have Limited more end cancer recently, Nu.Q Science by lung contract using March and excited the of assay, Medical Vet Company a this the promising complete study of with Fosun

the rate and scale large look the assays clinical to performing about well are reporting further small to addition our second of pipeline. product that and assays the that from so We're studies, forward news delighted so are first to in our our data scale subsequently quarter. studies development finalized view in And clinical many

clinical cohorts we utilized date, I are expect paper for first underway. these stepping nature. and and to across have eight trials at on As in said in least reproducibility submit one up performed scientific it We're and coming studies preparation to discovery well separate cancers has upcoming five robust the now we And conferences and demonstrating confirm earlier, assay months. for abstracts its all application in submissions this work now

worldwide that yet key the of or portfolio grants This say protects patents available is delighted differentiator I'm is to and Nu.Q aspects the under Volition's development in steadily. with various other of another growing technology technologies many market. our that

to XX further Union granted With patents the and European grant tests. grants diagnostic have a in We worldwide. related patent our patents in XX United families seven seven States,

in covers cover applications more and the which XX European I’ll name veteran patent States This subsidiaries,, applications portfolio XX applications have medicine we in such also our United Additionally Union. in of of mainly later.

for Neucleosomics our product and technology continue continue future apply the We patents developments. intend to will development for of to

strategy United products to countries. including and coverage technologies for on gain technology in is market strategic States the XXXX. that should protection at Our products our least in to and patents protect and exclusivity patents with believe underlying the each provide other Europe our broad We the

drive on products It enable Nu.Q form revenue revenue development to and focus our of subsidiary for and our evolution is the to commercialization important company. help Vet real the early

and Nathan, delighted alumni team. expanding business to welcome advisor development a to are A&M Texas experienced highly our We

startups, strong health industry, in in commercial involvement health direct animal He diagnostics. at business national growing He received background commercializing generation in degrees. having both well lives of he all Nathan's the and next global successful carried Texas a University diagnostic educated launching new expertise A&M animals. programs global the science teams has focus launching platforms and as where achieve testing as impact and to in the the animal was

member result detected with undergoing development the potential medicine to a conditions. in the member differentiate the A&M Volition's carried underway Neucleosome that to which on platform the the larger and make Texas coming collaborate study Nu.Q veterinary of are be intention therefore dogs execution of in the from can cancer test University and proof-of-concept and diagnostic announced previously research with We products recent expected trials in demonstrated quarters. is veterinary other studies to

with the in U.S. than XX of defined more X.X It veterinary as regulatory FDA for approximately the than study by the human revenue clinical the veterinary million cancers diagnosed is which and fewer each for process USDA, products. market currently requiring much clearly dogs a allows the human largest year. to world rate million pathway diagnostics faster and smaller generally products compared has

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we’re currently From Vet point life. of a some in simple, of cancer excited Nu.Q view their test screening extremely offering cancer There are possibility commercial stage owners XX% to who available medicine. the at And affordable of no in animal vet yet accurate, tests veterinarians. about dogs developed and

cancer medically outcomes. early diagnostics, human in can be improve As diagnostics

human we vet would market opportunity. a test what test $XXX that estimates [ph] expect preliminary equivalent believe passing to between We what per chart of market. and dollar the approximate be is multi-billion sale would and we $XXX for a market Our the to veterinary diagnostic in are the currently

data on Vet first forward are Consequently the this and moving aim Volition possible have the have Nu.Q in with XXXX. on coming vet We quarters. to in the we to report as news Vet quickly more and the opportunity seriously product taking as aim with market months very Nu.Q to

of quarter, were Day so see in We Auckland. you in delighted, second the a in to Markets many Capital

board outlined Center the Capture and of a Biomedical Ludwig-Maximillan Biomedical Proteomics LMU Imhof Professor project. of protein a the and professor Core with member Axel Center. for scientific newly to-date at of the Nu.Q appointed advisory analytics Professor University, our Imhof the Facility of is Director During the progress event LMU's

nucleosomes. project we have Capture to doing the the work Nu.Q or tumor been investigate of purify use associate to Our Neucleosomics enrich leverages

studies. previously Capture, As XX% replace using we been beads on to by nucleosomes with unissued plasma XX%, serum magnetic to have able in Nu.Q and announced based

the cancer nucleosomes in The product next address step it is level mass associated to This discrimination of DNA which potential help DNA using the spectrometry diagnostics. to aimed barrier tumorous enrich determine tumor and main technology sequencing. turn to associated breakthrough of

progress Nu.Q about is our past work of analysis very nucleosome much ultimate team progress. made significant Capture year. aim is platform we addition diagnostic still with potential This have providing our the in But origin a the is excited complete cancer. And and platform. very to this

to is the forward of throughout very we form know, many completing so currently scale And our which And clinical most colorectal and look prevented worldwide. milestones, to have 'XX research of trials as yet large cancer. cancer, to much least XXXX date efforts you our future concentrated and we on preventable

have We Cancer with Institute. regards GLNEXX discussions by funded the [ph] study been our U.S. to National in partly

a screening due population. final We likely outcome, of additional to this will provide lowering it a larger merged the have positive disclosures update will cancer the provide finalized. view patients looks agreements, as but with number to will the GLNEX once we of is it once We we prevalence in the cancer trial, and be in [ph]

cancer are in will the recent of hopeful National with in cohorts. we lung proof University. larger cohort by our repeated to that the be concept In Taiwan colorectal addition being Starting results now our X,XXX much studies, completed cancer cancer

Lung a unmet dose used there's either And CT high low can a remains the test, detection stage of or the specificity in the a which lung cancer many for of for early need non-invasive test the markets. currently scan cancers. improve cancer all deadliest clinical

cancer to The a China Nu.Q is diagnosed And easy the need hope our Asia, market cost truly key for that tests We particularly simple, can worldwide. much for very help for see cancer revolutionize Volition. as we way tests universal. use, effective is

While a which population. were diagnosed a Almost almost cancer cancer. little of world's accounted the to represents cancer of and as third It of due cancer XX% XX% related deaths China XX% under colorectal in for lung and of XXXX. worldwide

March. completing commencement successful the to our China, about the of collaboration look in studies with work and forward excited Long We're and Fosun

first to months. marketing cancer this year And colorectal markets we begin process Triage further products. Europe for over of lung the also coming We and details registration key our aim Asian key the for in provide will and

simple diagnose and year. easy to for is is by one blood to a deaths is and tests this diseases. mission the especially way developing second leading diagnosed. death Cancer six lives worldwide is is to Our each cause To cancers range cancer still end in use responsible disease save based Volition other revolutionizing the of simple, and of

of lives. so early and It's It's patients that the affects cancer to a receive disease that touches tackling many widely for is diagnosis. accepted of way best our an

ability to As this improve to studies the throughout China beyond addition chances on programs. capture of surviving. We and aim prostate, with data range our lung, Nu.Q XXXX Vet solid report Nu.Q's preliminary cash our include the in and including in of Nu.Q from detect ovarian, pancreatic, updates a first position to progress cancers and colorectal,

with in have diseases. our are and the We aim working be of to collaborators whom our delighted all other diagnosis share around cancer of reputations improving from world, and early outstanding

routine the cost as currently and worldwide. test, single a only compliance cholesterol above visit. is provide screening during to to PSA credible And will low allowing We detect pathway XX% Nu.Q a this believe blood such available that doctors

the Volition epigenetics. epigenetics platform is This human company very exploiting has our with an coming been fruition health. founding, of and advancing and our mission advances the Nu.Q of it focused our these to science is heart since at on epigenetics in

to Volition important. that's at field. We of believe thus expansive we future a the far, position decade not be and epigenetics have player forward holds chromosome extremely the again, an of to our this We're full accomplishments what strong it's look IP Remember, Volition. with significant in in it's proud portfolio a last work in DNA, puts extremely the achieved

create board, to We look rest and the our one year forward of future, sentence. come hard cancer the over sharing company, case results can I whole platform. the the in indeed and to of the along hope same brighter every work coming studies with with optimized a the together where day

much call questions. to appreciate the season. joining earnings take given I busy very Operator. happy very We're today. for Thanks call it

Operator

be session. [Operator Thank Instructions]. question-and-answer conducting you. We'll a

your the proceed Maxim question. Our line McCarthy Please comes Group. with first with question from Jason of

Jason McCarthy

exercises the progress to Congratulations nice those flow especially to guys. providing be Hi, cash. warrant seem a

Cameron Reynolds

you. Thank are. really They

Jason McCarthy

lung study with the Fosun. For China

in If completion you fairly trial. rapid are a of the

color your us be going more and between a give the bit size you then could are to split the and costs partner? on … So you how And

Cameron Reynolds

on question. just involved So first the cancer. are hundred I said samples small is There there cost a Chinese trials, a in few per

around Just the team. kids in to being conducted the show world with the China when the efficacy they shipped Chinese of that

So it's three we under control properly. in the that all the that providing done can we're coming for is our to which -- lung, ovarian kits it's $XXX,XXX, because It's colorectal. and account, keep trials and

the year, expect to as day of if lung ones we this first the from have some other And that well. perhaps

so And the Taiwan what the question on side? was

Jason McCarthy

Taiwan Just the study into at wondering played all. this

Cameron Reynolds

Yes. Sorry? Separate -- completely separate.

Sorry. separate. National groups. give cancers understand University's dose CT a lung after Taiwan different a completely stages, range unit, very is which health will different couple long a It's That’s I us and ease, which of didn't different cancers that. hundred X,XXX scan. low broad Different PIs, from and of the

trial it'll and us from it's some in the test. good lung potential on value. low give hopefully and when I product CT, in a incredibly guess Triage frontline it Separate everything, both conjunction should cancer, good a of as from So information be a a also sides, view then with dose $XXX,XXX. very point good like

of doing in per thousands states, you're that's the that be thousands, it'd thousands, XXs If and person.

cost we're actual through to very has groups cost all to two -- the data and growing be given those cancer from and and talked have support lung higher. as local both if they Asia some there late will funding we funding and the all massive you deadly early year low deadly year products with happy that be but nature And But obviously confident much, next from of are different in yeah, be the their we So much particular. because very lung the in of trials. But of this space base, lung trials. are such coming potential about the a of very probably

Jason McCarthy

And is kind to you. we colorectal current near-term? out there to Are filings? trials sufficient Thank Which read regular should needed? then the maybe expect the data in study pipeline support to the of the that largest And side. other any on

Cameron Reynolds

the I in expected, product, as Triage in will be The CRC. always we've first believe space

So Triage have one for picked fully a this we're new, but did before, we've with our product. actually assays. doing panel We optimized -- now the is our

have So in we'll see the Certainly year. months. the this hopefully we sooner expect the Triage on some news this on data to year, coming but

we regulatory Europe in and And certainly expect get some on, in in And work to that which talking approval Asia but a perhaps two. U.S. starting in those Taiwan. we're

On are trials the as in we with GLNE quite frontline the about the being products, the U.S. talked

a be very readouts intend expect We the We study. those large FDA trials. it's XXXX, regulatory in to

states. take that in halfway Taiwan there. time collecting the in So does through for samples samples the The X,XXX the

we'd we've data trials, European next that now. the we've as for months all on talking got well. in the about some been XX as expect So And a while

of So the simple frontline first the product, trials. as one, for be there product product, those both very on small right Triage platform that's the will discussed in the and one cancers in in the I

groups magnetic wanted adapting some So as The about, if to feedback play be on was product big the on be you hospitals the are plug we to platforms. we'll the a on platform. lot be beads launching worldwide of now. we're several the simple talked from and But to that be going first assays --

got that we've from now. So

line magnetic off, So the the will they be that. assays as come beads for on all of the actually now

products, and quickly they frontline also that and for run trials the products. the the So easily for can be

the our for forward. everything play kits the the So that be the from plate simple the and letting format. simple and larger going products The products on base. would and mantra will base will be plug be research the on techniques And

platform very as in and get platform the it's also, reasonably definitely we So essence. once of on now. easy can pulse And the us a in will to prudent platforms sublicense quickly. couple move that beads I it's allows magnetic to call, said And

excited as timelines So the very said. And expanding about the platform. are, I

Jason McCarthy

products I that the have long some just Thank you just clarification, you. of CE on going and CRC And one begin you're for Triage. mentioned the some marking said I think process a product to you quick one

started year? this You said, that will get

Cameron Reynolds

the We've process. started

So it months. around takes usually six

the So Taiwan, starting And picked of next of that's We've in of early be in Triage CE starting where year, I'd that part now lung. both work done. because lot marking process a Asia, in the to colorectal regulatory the the a some finished. work's panel and on both trial to expect for with and we're

half, year. that So completed first of quarter next see I'd to hopefully the in expect first the

Jason McCarthy

Right. Thank you very much.

Cameron Reynolds

done. Thank you. Simply

Operator

Thank you.

Benchmark of Company. with Our line comes next proceed with Please question from the Jackson Bruce your The question.

Bruce Jackson

And thank my Good you questions. for morning. taking

competitors area you -- the valid, company in the about had a was and it had testing there of China, I'm one of -- you with IP just it? a wanted they to but how cover. a and curious not With strength of so to you've the what found done where covering your your And China was of as review. be protect about they kind feel And to patent

Cameron Reynolds

opinions, areas has with team, We've Asia, we guess about there. small you lot by a how Yeah. for a China. China to country as us, vibrant. lot have a of a but of there's a is deal a with IP, team different headed Dr. we [indiscernible] lot quite spent in China I up of a tricky become have time best know, team

the time and So find lot is of partners, our we've supported. make spent IP that sure right a trying to

can he IP China, and worldwide, can There very we including are with applied through have in McAllister patents issues patents we could for you. Dr. our do Jake, with But IP happy with in is grounded that China. all the absolutely. go have be Now China. I guru, economical situation

have up to it's do careful. you to place So be

seen good And of few this of they’ve in lot a very We've things a done spaces lot lot done probably in to we've reputation very a work and groups international, a Fosun of space. lot other involved of different other Thomas has they're a Cook that a in spoken and be China. work, internationally.

been how that see could we they're them. it into whatever not goes and best for if at get reason there very good a moment are reputation. we'll got ways good it's us, So far, working well. very for China so the responsive decide But but They've other the they've we with very

but massive And few a worked pitfalls. a myself understand China the market and a bit. one which But Scott we others and it's and in have potential quite We we address. need to

about come IP thought well. and But very the we've moved also Fosun protect So carefully aggressively have we've we through group. with very as our

if it But don't partner get don't having I think to. comes you a really want a battle else down anywhere have to to into patent trusted like you

So so with so and for partner the commercialization happy we're the we're help to looking with us progress best that far.

Bruce Jackson

you cancer, lead the Okay, these And shots, your for confirm for I are cancer the now. year? lung candidates then CE next finishing CE colon two and two two that sometime with in Triage shots process Triage just mark And product the great. anticipate to the marking want right

And go, I'm tests both case? grade the that of now got for commercial those assuming also assays you've ready is the that to

Cameron Reynolds

yes, trying in we've which final get IVD on, we’re day all the they're and certainly as an from depend But hope quarter. yes, half, early They the chosen Assays year. yes. format product CE the and simple the hopefully for them it's be be not to next situation is and say the would you right actually when year. grade where expect certainly the would commercial of ready And next year I Absolutely. conservative, Yes, using and first because we possible And to are assays. We're first if in mark which can are IVDs one.

Bruce Jackson

for then commercial for on those the are assays those last for going the tests? grade to that Are And me, question products. using be also vet these Okay. you

Cameron Reynolds

confident we've the the time vet be make the results that the don't and best we've have who's effort encouraging just But fantastic the picked we not we and the We're obviously some assay spend clear in the up us like is. this. and setting we what have on product, a to lung panel. company, partner of And for on very just So the had chosen colorectal. a to not are have the cognizant assay were what chosen space product side,

some the move -- we're into learning blood are, from conditions paralytics had make heavy strong gives are they encouraging doing space doctors the doing these results, very humans we're the protocols But confidence they same at If we human days. this similar will us But trying we in a and sure to assays then where which are be that the everything first, in and space. collection humans. the are to and we've and

could partners which So, best a are of assay think the have. next assays a where tell conditions. it's is our we we very for realistic, product which I have But the we and think I you year, because stages we not in situation now

a beyond other as well, could useful in of diseases be cancer inflammatory diseases as also. in which other things as are lot there So dogs well

hopefully, off encouraged, on of so we exactly the So that not the very like. we've a finishing we spend A&M, But situation looks time we'll We're relationship on final very with just off the we're test. have something updates announce that finishing lot now what and happy. can where Texas that now But work possess we're company. in it's a

Bruce Jackson

Alright. questions. for the all taking And you my progress. thank Well, congratulations on

Cameron Reynolds

Thank Bruce. welcome Very you. you. Thank

Operator

you. Thank

Our Mark from the your and of question. Please Company. Breidenbach Oppenheimer next comes question line proceed with of

Mark Breidenbach

readouts the moving in expecting what if so? questions. could should say clarify if just What panel screens? also be was Hey, back parts an could the stand wondering we of of [ph] the I you And us or of XXXX, of terms where sounds for lot like CNC here. in we asymptomatic let's data? for And on the taking update the you maybe give thanks with it it there's months a six we be would Cameron, the next helpful should really we're what expecting in half finalization

Cameron Reynolds

Yes.

when I panelists we So format part that think production before. mentioned, for picked We for lung the Triage good And obviously, that. the colorectal. keeping used. simple with to that run the a low, line was, all using often very likely it's much and is very very thing happy reason with less We're of whole much the something the to product of with be pop else, you more

finishing the work talked we The last mid-XXs on we just before. the had [indiscernible] for we earnings to where data as from the in the We're were just the assays call, up assay. XXs about

we're We're to update needed we to where there got when close yet. We'll not the be. that getting on think we've I to final the think frontline. for we more panel

very be happy and in the through. the I very have wise every which think one on to it It's been and a what chemiluminescent-b, And given the that going obviously, think with been going very products launch we're be the last has can taken. world. But to achievable is that changes. is now platform, what's so And And know to, I we it's one coming on. decision product everywhere been results

We will magnetic not beads. launch the product on

the epigenetics. So, space. a I huge just quite at to I amount on a we of we be just coming the think it's are the but where it interest And being work in all think bit thought call, you towards if that I really mentioned clear is look

to to now actually very themselves. big If with areas think through [indiscernible] the that simple format. DNA signaling, we a and new need that you methylation early other far epigenetic through look easiest own as companies is and a best the a And I'm status, going where do or they're approaching few for add anything aware way persona as that at to the to signals

of be that answer. thinking So doing we're tide the part big is of encouraged to nine up are very very we happy, to is years going a that what

become thought incredibly common epigenetics now important. that that's to think be has I the

So each the year. through collateral outs of the was the just before, the Triage the obviously rest work will go products. which rate in I'll some that out through stable. be not indication, read on was had but platform a major readouts the We've

this we the several We through for Triage We as very data are expect running the trials that happy the panel now And stability. with picked would run well. year to products.

In either from QX Veterinary, we QX, proof products between and Taiwan. We're get of to of next other biggest bit smaller particularly I west expect trials the working RSAs On would of things we Volition to now, or first the lot one another from get lung. we've with the expect we're happy this China, side, the the side. on the assays. concept year late quite with year Also, would from data to and of the get early expect stability other very lung first in like a data cancers running endometriosis. in a data been also now

other some expect huge of on data. the some data we groundbreaking also of have We'd of issues, probably too, will publish ovarian to and work. that doing expect a publish. We a wise the is more we're including which quite in with to amount which range really Data cancers, background, some work

and conferences at abstracts, in add we And publications.

to worked think a good product lot as conclusions final grade be to the our I we've how to be come assays in of very should level. in

which that'll as were be So marketing something well.

relationship We're the vet collaborations have we very data, with from apart side, should excited the vet the them on also defined. side. us A&M of the with clearly working on the on Texas in with possibility then And

have So to that. we expect

dark captured the and all now and completing. horse of components this, absolutely And We've Capture. Nu.Q the Nu.Q

So spectrometry. now the mass sequencing the process doing of in and we're

So expect an on licensing revenue well, too. opportunity. the as to a quarters because that's few And we next that's strongly year some have data next that early potentially in source

remove If next licensing opportunity other neucleosomes. capture if we we space can XX that clinically would any in be a can DNA show as space indeed that and the useful or well. certainly for months And the

going rightly, a But going lot very it's And quite actually on. you So closely on. connected. all is is lot mentioned, it a

which obviously, be for For and possible And side beads, forward. going the we using in magnetic all also major for platform Capture been will the products assay is made example, also, cancers. veterinary development that's very all has the the helping by Nu.Q been much

remarkably So I have a have the we we small as burn kept probably last do And this think it did team, quarter. rates you low. noticed,

people thought below it's of So million just this it's actually a $X quarter. last not left, lot ballooning

we've to with back to raised expect careful a trend ton. We been that go money, very we've

should delivered in get we these to with we strong a very be have. position So what all milestones

up space us said, exciting. now. think really it's I I as very is So for And the opening

Mark Breidenbach

Okay.

view what to that And nearest large guys. lung hoping is hear the continuing And from I, Taiwanese in we that outcome before sounds you trial. What like from a term kind you're can as would trial expect you of of set development the data positive really I'm curious to achieve setting?

And a wondering also, about really this basically just substantially of population would that's a if referred I to patients representative for positive patients scan? dose I'm being noticed be patients? a the XXXX out And XXXX low are lung for broader lung cancer is lot positive that of enriched of in tomography trial, that Or like of who cancer. looks

Cameron Reynolds

Yeah.

Just I correct. sure questions those make get

Triage the improved So readouts which, expect we improved the next the six we space assays, initially lung, would expect in the data. months, in space, have have I because large in colorectal to do

we time I considerably with with think the think our again, our where improved in should last better time. But were the good cut platform. very offs our get certainly last results problem I assays, product the

say data I a now. of the large are colorectal trials, not coming I running once the there's not through this there's to lot that be So we're ready, would CRC but And them running certainly going would we'll else, be nothing through. assays expect

on decided process. heavy, cancer side, a the clear, sure the the to through just lung be we So be lot significant lung go in of to there very physically that stages to is can because we lung make cancers, that quite

trophies have people match have all these [ph]. will CT dose scans, So and low had matched

that will become thing so IVD and expect So be the while IV, Triage, the talking about we're with as they as think product colorectal to in The do in approved Triage. I running the can trials quickly. quite first products every the well products easiest we space phase, lung

big is sensitive, we've clinicians in given U.S., specific. message Taiwan, it's today scan. from they CT the is need but But here the people programs dose low It's where got very help the in like extremely not are like in screening the

lot which late detection, people stage if and not dangerous said, giving done. biopsies a I've end and needed So be to of that it's up and is really invasive quite

disease feedback lung strong the a trials, test low actually CT the the with was, the a dose with we've help. So could scans, very to had blood And after lung specificity. compliance in we to one or trials give cancer help that a given which either expectation there before we is much was help could

of we've as quite the So we But be we in results. to very interest have assay expect test getting itself just obviously it itself very to quickly revenue with and to. has in specific good in the sensitive had as now possible which get by a frontline

or help clinical this in with that anything CT the widely after worldwide, be will conditions the and useful actually, with compliance And have conjunction help is adopted. also dose very specificity scanning, said before they in U.S. could low

the a strong cancer So rights as this do frontline to trial because and have will us healthy. indication we give detection

And out you first can cancers, healthiest more split us can them match into accurate in the a to obviously, only But population. will this you instance, worldwide, have you don't the have to worldwide. to in of get anything really is in seen be scan which CT dose be screening the the part used as pathway pathway approaching pathway, there low only currently the

a it's way So to very good start.

I could of have that in risk be them this anyone risk in smokers, polluted the any be we to the everyone given we population one screen high screen lives lung. specific mean, hopeful I So as groups, have. And China, we who would you'd very groups, But results have high also to process. that would be cities

on data see as fit we'd working I would that. well But to as the But I much very see quarters that also next we're few outlined. in strongly together. all that's So how expect

Mark Breidenbach

in trial, ratio comment of patients that? But of have actually on Okay. terms the who you that can cancer in high

Cameron Reynolds

Yeah.

were went work they rate cancer, we what of high PI that looking So for we there, was, without for.

XX, stages and representative cancers, large to XX, all it's So of and types XX hard basically, get make sure of to very lung cancer XX, if cancer. groups different you only have

fits what we're And product this is the perfectly. accepting for it needs. So conditions their

dose has For actually with actually wise, that we scan, could specificity had have a process. everyone a who checked sure low low to good CT make scan they dose them CT

worked wanted really the is the this could get Taiwan. if what see with clinicians design this to So product. And on I in is that we I

But test. on us And initial the trials And give for very then screening we frontline way. the frontline could primary should to something also indication work this which is good further a aim, came with conjunction low in is something That their on what about again do very we carefully. team. we in thought Taiwan. statistical dose offline CT investigators with we our But a scan. up with it's and And

Mark Breidenbach

taking questions. for the Thanks right. All

Scott Powell

you. Thank

Cameron Reynolds

John. you, Thank

Operator

you. Thank

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

Brian Marckx

morning, Good Cameron.

Cameron Reynolds

Good morning.

Brian Marckx

morning. Good

biomarkers cancer to what in about that are enhance infringing reference on order do thoughts you your just blood genomic on competitors You in referenced can potentially I'm without performance. the based in are space including their accomplish trying they're ability talk what their if IP. tests their to to wondering your

Cameron Reynolds

for there very get a from if strong Yeah, or our DNA more there's years, the spent you're there. back But money important. thought actually think, you -- of or three four they a I'm name that the companies. feeling know lot could feeling looking epigenetics And five looking was sure I in was very alone we've was always them, the that

extremely of going Our cancers that stage was in early team range it cancers. has proven correct, difficult to a to wide be be find to

that's DNA the but And exceptions, rule There's to from case. alone. that's some the be proven general absolutely now

So but methylation urgent which of big the started to space. discuss, several separately, much ways discuss they've guess, sequencing, on DNA also them, but used And and that I to different [ph] can system gone of that's the ways. if I with call the in an they want to you that pretty companies [ph], basic all

gone well Bellwether was another gone have other has which dynamics, from for [ph]. as and fragment protein, for bought Some

well people. I think? think run I very great companies they're do with What

DNA I DNA things itself mean, end you you multiplied a getting like markers together, neucleosomes things [ph] And the has timing more the is think and be and put we expensive as expensive. if very using do fragment I good well. probably expensive. complicated sequencing, not Methylation eventually. complicated very expensive result enough up complexity is to and complicated potential is complicated But extremely

nuclear sequence using the So blood all which from believe still the get to systems based, us. But we what the proteins cases. is on those in has as way just been easy something that it to to they're cost of clear, use lies of XXX% we low get a methods same we've They're always the about tests. be way of except one do. use None the XXX% that's adding

companies, about not infringed that we're goodwill have willy particularly IP, run sure we're the I'm not worried nilly. So been

pretty complicated, been and tests, system put completely much we have the do. believe quite for there you a together. everyone market add on in luck we complicated potentially it's different quite easy a work them very need expensive But to low a can to things cost, solid what discussions use few a they're wish We to as platforms. test. But with We going absolutely how different is about to we well

can Those normal accurate not strong a struggled use of being tests, of which U.S. I a be for a having will likely think it I will any be blood of very in dollars, efficacy see test will test lot many really many, that worldwide, thousands the at the word. routine and

everyone. for quite be can they think I So,

doing for I markers think the sequencing, another it. looking way. they of They're what DNA epigenetic way is one which is is do through

case. it's we proven to think think, certainly and strong have, be I as I a

us, in which solid. is I doing very of on based our way it a easily think intellectual space property, very for there is local a Now

value can And license the different don't really ourselves so perhaps wish I a And to infringing in think certainly we don't necessarily, expect that test. it be luck. them discussions are trying And huge to our add they of do We've any been also know of and groups. through I to in and amount I them we're I But our IP, areas. willing to in if them are now, actually to sequencing. add IP

can the way market been because big we from our there's and good products, using think do. to come launch we But a has our our incredibly main always own platform of lot aim can

Brian Marckx

that Europe. initial launching Relative anticipate to Okay. the CRC you tests in two the two that tests

you beads? those did on that clarification, say will those for the magnetic that you Just be run expect

Cameron Reynolds

Everything essence, The now simplest substrate research be strategy run And on long believe going forward. the a magnetic is [indiscernible] run platform. we simple else the one is kits. colorectal, lung which only have that's platform, will just on and we're and we XXX% run platform base, will beads the now, in colorectal can which on developing,

while we've lot a Capture also work beads. been while very And the we've And keen base for on for companies And they're spoken a to now. a program. for big diagnostic doing on the of

It's the every just I but routine good machines we’re [indiscernible] cost play. sticking low -- sensitivity, cost, it's on a platform, mean, edit and to auto analyzer does. lab and low and sticking but very can very we're to still specificity the And you analytically get plug and

So used possible. we to it's very as as make keen sure widely are

platform, adapting we've So some closed intend the to adapted been to so to platforms everywhere. we can used open as it well be as

forward, We kept well we're and be going And now until very can the is what will fully we simple worldwide that really on, format, a so on machine that simple do the was format optimized, it part makes big But perfect happy, it based we've jump very it just onto really didn't very get of that we've early quickly. think make optimized big as sense. just in may with chemiluminescents. I we a be fully that's done

Brian Marckx

know clinical you'll it's if the I that can clinical of data wonder generate of kind that need do in support data in And test? -- Nu.Q need then to terms beyond Vet. to the on your you'll anticipate just that, expectations commercialization are what about support to still extent stage. talk But interest one this of early And regulatory you approval? is additional Okay. you of kind

Cameron Reynolds

Yeah.

we're we're onerous space. good it's in But space, on wise human in used that tell event United [indiscernible] obviously, less lot States. the to be not is, in experienced numbers to news us taking a So get approval to

the XXs of thousands [ph] like of We’re or talking we not dogs in in hundreds of the humans thousands are.

to of lot species, in well. be going very as beyond epigenetic something think strongly So I there's a which I as range adaptable as think it's well a the cancer to diseases, it's nature wide breed, ongoing, of is which

lung epigenetic have will which a lot we’ll thinking of And whole been it's tests all we've is of think we've between continue the in space once But are decided species tests. range diseases. tragically public market is very through I So first a the in space make to the launch and that vet neucleosome the quite because that, the similar bad. it's veterinary then as something

options low. available So to for vets what really are

For be still. difficult can't doing in very even a sorry, it you obviously scan can't stay naturally. which human tell you things wrong, humans moves reasons, a animal -- couple And for of to tell like work an animal what's animals in proteins don't can quite

vet to lot So have space. do more work you in the a

So massive platform. range as a and in our that animals very believe we well do Texas diseases there wide a on very other partners firmly in of the so is dose as

so looking rolling finish really they we’re not us to So this help Texas just out. A&M the in patents can the relationship and with

happy compared be make of going to which the before way trials looking starting as And learning in human what to when we’re finish for at best animals coming conditions that about news trials, be relationship number what or October. in then are there very-very We some small is. the we’re we are to preanalytics the on as you optimized with talked we with the And have before should the the it. space same on But through news it’d have patient to human a sure very the we’ll run probably space. the we

space it’s on exciting the business. next products add veterinary dollar which a have the the lot it it the our coming market a years a to multi-billion in So because very over makes to expectations and year

Brian Marckx

you. wondering Okay. similar U.S. for huge this be sort to space. PSTF just opportunity is the I'm of a a space clinical if for could It sounds like there veterinarian the human

Cameron Reynolds

that with Midwest I the the will is to regional -- lung the a United have in [indiscernible] A&M range it's coming we can then they’re that’s where at it’s products. and of summary FDA large an and have regulatory and officially. Texas and I’ll specialists have leave that approved learning. in comes in-house that of similar we’ll officially U.S. the quick make FDA center relationships [indiscernible] then and a then with have actually but But there I'm we also now Actually talk purposes but Northeast a centers Northwest California, States and Texas can

But take very that get one we’re it’s which experienced human learn really care us because can team But a who obviously as help the we’re to space system not about different anyway with on company, the getting we’re essentially this much the taking pulling infringe. near done. it’s member

charge as And a low potential is and on DNA X.X States something the for can run hopeful a And given United in dog for. very very we’ll we’d cost is how given test, care quickly $XXX cancer something friends products $XX,XXX judge but it’s take where to very actually launch be dog, you we question if market remark expect to which in said is here like But humans. times $XXX about to trials achievable. more diagnose talking is $XXXX we successfully were or the the which off our you can much test for

very we’re excited. yes So

and the we here, with separate we team seriously a very now mainly taking a We’re different company, the on space. obviously corporate focused have and deal because want human we’re

on So taking team members.

months program We’re non-derivative which we the funding hopefully specifically get also announced over well. expecting vet some for the as to coming

very we’re all coming excited. it’s So together

Brian Marckx

thanks right All Cameron.

Cameron Reynolds

Thank you.

Operator

you. Thank

Alice Our next question Nettleton your Edison. line the Please comes question. with of from with proceed

Alice Nettleton

thanks my questions. taking for Hello

you subsidiary Veterinary I'm as Are there wondering in a this So Texas A&M have it is the do owned any other shareholder? shareholders subsidiary a or about wholly subsidiary?

Cameron Reynolds

Good question.

yeah the it’s So moment at wholly-owned.

to we’re deal we’ll always of on But Texas them some agreements finalize looking finalized. But to a the to get in the the is that equity as announce we’re with we the A&M. would non-diluted to of the months. all and expect bring obviously of finalized lot we And funding announce property also to for on is which haven’t hoping have fund. We we well once we coming attention potential expect company hope

if But future we to as very A&M expect seriously. party to our that They be helpful. in taking our we wise very Texas begin in intellectual that’s until equity negotiation of to we’re we’re do is continue So And how shareholders Volition. the the them subsidiary. with XXX% company. we’d because being but the equity the as and happy the be are very But we intend shareholders anything expect government educating it else important in partner it’s potentially now property. something But of very to

Operator

time this closing turn further questions Mr. any to Thank would Reynolds over at you. the like call no to There are remarks. back I to

Cameron Reynolds

Yeah. you like everyone. I thank very just for time busy to again. It’s

with important will that to I have have really-really with in our we’ve [indiscernible] the and think very many very very-very in is months have what it’s epigenetics And And the some different so fruition. we sheet And areas. we space. from support ahead so doing showing we been from a exciting key shareholders. strong strengthened coming balance

thank you months. updating much very to forward Thank you. looking So I'm coming in the you again. again

Operator

This concludes you. Thank today’s conference.

wonderful for participation. your time. And this disconnect And day. your at may thank a lines You you have

VolitionRx Limited (VNRX) 13 Aug 192019 Q2 Earnings call transcript