SINGAPORE, Dec. 9, 2011 /PRNewswire/ -- VolitionRX Limited (VNRX.OB), a life sciences company focused on developing blood-based diagnostic tests, is pleased to announce that it will issue US$1,110,000 worth of shares of its common stock to AIM-listed company, ValiRx PLC. The share issuance is the final requirement of the Share Purchase Agreement dated 22 September 2010 (as amended on 9 June 2011) between ValiRx and Singapore Volition Pte Limited, a subsidiary of VolitionRX.
Volition will issue 525,000 restricted shares of common stock to ValiRx. Of that number of shares, 14,189 shares will be issued directly to Chroma Therapeutics Limited of Abingdon, Oxfordshire, UK, as payment for the direct licensing of Chroma Therapeutics's patent "Detection Of Histone Modifications In Cell-Free Nucleosomes" to Singapore Volition.
Cameron Reynolds, CEO of VolitionRX, said, "We're grateful to ValiRx for their advice and support over the last 15 months, and are therefore delighted to make this final payment of shares to ValiRx. We're also happy to be issuing shares as royalty to Chroma Therapeutics, whose patent forms a significant part of our technology portfolio."
VolitionRX is managed by a well-respected team with extensive experience in diagnostics and commercialization. VolitionRX's development activities are currently centered in Belgium and will be augmented by commercialization work in Singapore with a focus on bringing its revolutionary diagnostic products to market first in Europe, then the U.S. and worldwide.