The additional funding consists of a cash grant of $ 1.3 million and $ 2.7 million in loans from the Walloon Region and Namur Invest, Belgium
VolitionRx Limited (NYSEAMERICAN: VNRX) said on Wednesday it had received an additional $ 4 million in non-dilutive funding from a Belgian region.
The funds will be used to develop the epigenetics company’s Silver One production facility in Belgium, where the Austin, Texas-based company is working on diagnostic blood tests.
Volition said the additional funding consists of a cash grant of $ 1.3 million and $ 2.7 million in loans from the Walloon Region and Namur Invest, Belgium.
To date, the group has received around $ 13 million in non-dilutive funding from agencies in the Walloon region of the country.
Volition CEO Cameron Reynolds told shareholders that non-dilutive financing is a key part of the company’s financing strategy, as it provides additional liquidity on favorable terms to support the continued development of the company. .
“(This) latest funding brings the total non-dilutive funding to date from all sources to over $ 15 million,” Reynolds said in a statement. achieve many milestones throughout this year. “
The funding consisted of a € 1.1 million ($ 1.3 million) grant from the Walloon Region to help support a project that examines epigenetic changes in nucleosomes associated with cancer.
A loan of 929,432 euros ($ 1.1 million) from the Walloon Region will be used for research and technology transfer for the production of recombinant nucleosomes. The reimbursement conditions are divided into two parts: the independent reimbursement of income (limited to 30% from 2022 to 2036) and reimbursement income dependent on 4.34% of the income generated on this product from launch until 2036.
Another unsecured loan from the Walloon Region of 495,000 euros (600,000 USD) will support the analysis of tumor DNA using an innovative method of nucleosomal immunoprecipitation. The repayment terms are also divided into two parts: the independent repayment of income (limited to 30% from 2023 to 2034) and the repayment income dependent on 2.89% of the income generated on this product from launch until 2032.
Namur Invest also granted a loan of 830,000 euros ($ 1 million) to support the purchase and modernization of the Silver One production plant. The loan bears interest at 4% and is repayable over ten years ending in March 2031.
Volition’s research and development activities are concentrated in Belgium, with a small laboratory in California and additional offices in Texas, London and Singapore.
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