Healthcare Industry News: ProCeed
News Release - August 8, 2018
VolitionRx Announces $9 Million Private Placement
ISNES, Belgium, Aug. 8, 2018 -- (Healthcare Sales & Marketing Network) -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") today announced that it has entered into a definitive agreement with an existing accredited investor related to a private placement offering (PIPE) of 5 million shares of Volition common stock at a price of $1.80 per share, as well as a warrant to purchase up to an additional 5 million shares of Volition common stock at an exercise price of $3.00 per share payable in cash, which will result in gross ProCeeds to Volition before the deduction of estimated offering expenses of $9 million (excluding the ProCeeds from any exercise of the warrant). The warrant will have a term of one year from the closing date and be exercisable for a period of 6 months, commencing on the 6-month anniversary of the closing date. The private placement is expected to close on or about August 10, 2018, subject to customary closing conditions.Volition intends to use the net ProCeeds of the private placement for continued product development, clinical studies, product commercialization, working capital, and other general corporate purposes.
The securities are being offered to an accredited investor in reliance on an exemption from the registration requirements of Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations promulgated thereunder. The securities have not been registered under the Securities Act or any state securities laws and unless so registered may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. In connection with the private placement, Volition has agreed, subject to certain terms and conditions, to file a registration statement to register for resale of the common stock issued in the private placement (including the shares issuable upon exercise of the warrant). This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the securities issued in the private placement and is being issued under Rule 135c under the Securities Act.
About Volition
Volition is a multi-national life sciences company focused on developing simple, easy to use, cost effective blood tests designed to help diagnose a range of cancers. The tests are based on the technology platform of Nucleosomics®, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid - an indication that disease is present.
As cancer screening programs become more widespread, Volition's products aim to help to diagnose a range of cancers quickly, simply, accurately and cost effectively. Early diagnosis has the potential to not only prolong the life of patients, but also to improve their quality of life.
Volition intends to expand the application of its technology beyond cancer by exploring other disease applications. The company's research and development activities are currently centered in Belgium, with additional offices in London, Texas and Singapore, as it focuses on bringing its diagnostic products to market first in Europe, then in the U.S. and ultimately, worldwide.
For more information about Volition, visit Volition's website https://volitionrx.com/ or connect with us via:
Twitter: https://twitter.com/volitionrx
LinkedIn: https://www.linkedin.com/company/volitionrx
Facebook: https://www.facebook.com/VolitionRx/
YouTube: https://www.youtube.com/user/VolitionRx
The contents found at Volition's website address, Twitter, LinkedIn, Facebook, and YouTube are not incorporated by reference into this document and should not be considered part of this document. The addresses for Volition's website, Twitter, LinkedIn, Facebook, and YouTube are included in this document as inactive textual references only.
Source: VolitionRx
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