VolitionRx Limited Signs Memorandum of Understanding with Fosun Long March in China

Hospital & Nursing Home Daily

2019 APR 08 (NewsRx) -- By a News Reporter-Staff News Editor at Hospital & Nursing Home Daily -- 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.”