VolitionRx Limited has closed on an aggregate of EUR 5.0 million (approximately $5.5 million) in financing from Wallonie Entreprendre S.A. ("WE") in Belgium. Volition will use the proceeds from the financing for ongoing development of its Nu.Q product portfolio, including taking forward its clinical and regulatory program for Nu.Q® NETs, which it believes will aid the early diagnosis of diseases such as sepsis. Volition is currently working with leading clinicians and researchers at centers of excellence worldwide to help facilitate the effective introduction of Nu.Q®?NETs into clinical practice.

The EUR 5.0 million financing from WE consists of a EUR 2.5 million unsecured loan to Volition's subsidiary, Belgian Volition SRL, and a Euro 2.5 million purchase of 3,205,431 shares of Volition's restricted common stock at a purchase price of $0.8337 per share in a private placement transaction. The unsecured loan bears interest at a rate of approximately 8% per year and has a stated maturity date of December 31, 2028. Subject to certain conditions, the loan can be drawn down in three tranches at Belgian Volition's election on or prior to June 30, 2025, with EUR 1.5 million available immediately, EUR 0.5 million available from June 1, 2024 and the final EUR 0.5 million available from March 1, 2025.

Early diagnosis and monitoring have the potential to not only prolong the life of patients, but also improve their quality of life. Volition's research and development activities are centered in Belgium, with an innovation laboratory and office in the U.S. and additional offices in London and Singapore.