VolitionRx has secured USD 21.5 million in a registered direct offering. The company expects to issue ~12.7 million ordinary shares at USD 0.55 per share, Series A warrants for up to ~12.7 million shares, and Series B warrants for up to ~12.7 million shares, also at USD 0.55 per share. The milestone-linked Series A and B warrants carry an exercise price of USD 0.57 per share.

The offering is expected to close on August 12, and H.C. Wainwright will serve as the exclusive placement agent. The intended use of the funds has not been disclosed.

VolitionRx is focused on developing blood-based diagnostics and patient monitoring tests based on its Nu.Q nucleosome quantification technology. These tests measure the volume of neutrophil extracellular traps, which help to trap and kill bacteria and viruses, in patients with diseases such as cancer and sepsis.

Analyst QuickTake: In October 2023, VolitionRX raised USD 7.5 million in an underwritten public offering of 4.3 million common shares for USD 1.75 per share. The company planned to use the net proceeds to support research and ongoing product development, conduct clinical studies, promote product commercialization, provide working capital, and pursue other general corporate purposes, including potential strategic acquisitions.