ISNES, Belgium, March 28, 2019 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") has executed a nonbinding Memorandum of Understanding ("MOU") with Shanghai Fosun Long March Medical Science Co., Ltd. ("Fosun Long March") with an expectation of negotiating and entering into a binding agreement to help facilitate the entrance of the Nu.QTM platform into China. Based on recent promising proof-of-concept data using Volition's product-grade Nu.Q assays, particularly in lung cancer, subject to reaching agreement on the terms and conditions of the proposed relationship, the parties intend to conduct three clinical studies in China in colorectal cancer, lung cancer and ovarian cancer.
Fosun Long March is a high tech in-vitro diagnostics enterprise active in manufacturing, marketing and research and development of diagnostic and laboratory instruments and reagents. Fosun Long March is a wholly owned company of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun Pharma"), a China Fortune 500 company. Fosun Pharma is a leading healthcare company in China and is listed on Shanghai Stock Exchange and on the Main Board of the Hong Kong Stock Exchange.
Fosun Long March's network and expertise will assist Volition with the facilitation and coordination of the collection, provision and testing of blood samples using Volition's proprietary Nu.QTM assays for the clinical studies, with Fosun's hospitals, research institutions and clinics, as well as other third-party hospitals, universities, research institutions and clinics in China.
Dr. Jasmine Kway, Chief Executive Officer of Singapore Volition, commented: "We are happy to be able to announce this MOU with Fosun Long March because, in addition to our plans to undertake three clinical studies, we are also planning to jointly explore the development of Nu.Q assays utilizing Fosun's LUMIART-II Automated Chemiluminescence Immunoassay System, which could provide us with an additional platform for the Chinese market."
Dr. Yuejian Zhang, Chairman of Fosun Long March remarked: "We were impressed with Volition's preliminary data, particularly in lung cancer, and would like to explore if we can work together in China, beginning with the proposed clinical studies. Whilst China represents a little under 20% of the world's population it accounts for almost 24% of cancer diagnoses and 30% of cancer-related deaths worldwide in 2018, almost a third of which are due to lung cancer and colorectal cancer. We look forward to proceeding with the collaboration with Volition on these important studies and working together to launch Nu.Q in China."
"We are excited about the possibility of commencing our work in China in 2019 and look forward to a successful collaboration with Fosun Long March," commented Cameron Reynolds, Chief Executive Officer of Volition. "The need for a simple, easy to use, cost effective test for cancer is truly universal and we hope very much that our Nu.Q tests can help revolutionize the way cancer is diagnosed worldwide. We see Asia, and particularly lung cancer in China, as a key market for Volition going forward. We believe that this MOU with Fosun Long March is a significant step in working towards the launch of Nu.Q in China."
About Fosun Long March
Established in 1989, Fosun Long March is the investment platform of in-vitro diagnostics division of Fosun Pharma Group and has since accelerated merger and acquisition of new products introduction into China. With its wide range of in-vitro diagnostics products, strength in manufacturing and strong nation-wide sales network, Fosun Long March is one of the most influential brands in in-vitro diagnostics in China.
Volition is a multi-national life sciences company developing simple, easy to use, cost effective blood tests to help diagnose a range of cancers and other diseases. Early diagnosis has the potential to not only prolong the life of patients, but also to improve their quality of life. The tests are based on the science of NucleosomicsTM, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid - an indication that disease is present.
Volition's research and development activities are currently centered in Belgium, with additional offices in London, Texas and Singapore, as the company focuses on bringing its diagnostic products to market.
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NucleosomicsTM, and Nu.QTM and their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this press release are the property of their respective owners. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of the United States of America.
SOURCE VolitionRx Ltd
Released March 28, 2019