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| company and has tremendous international exposure as well |
| So I think between those two, giving you some numbers and comparing them to the U.S., you can see they are very nice opportunities for us and considerable potential expansion for us in both of those countries |
| And so to sum up, I know it has been a long road to getting to where we are today, and I'm very proud of the progress we are making as a team of Volition and that we have stuck with it and got to where we are today |
| And we're very grateful for the support that we've had from Belgium and the Walloon region |
| This has been a fantastic achievement by our research and development team and one which has kept the intellectual property team very busy |
| We believe that these results demonstrate steady growth, but not yet the ramp in revenues that we anticipate |
| Thirdly, I'm absolutely delighted with the breakthrough CTCF cancer detection method, which we published just last month at ESMO |
| So obviously, it was very good preliminary data, and we've had a lot of interest from partners, which we're very excited about, and it is bigger than us |
| I'm also delighted in the progress we made in our Nu.Q NETs pillar and in particular, in determining our regulatory pathway forward with the U.S |
| But as both Tom and Cameron will cover in their updates we are pleased with the progress we are making across a number of our product pillars |
| And I think as you've probably taken from everything we've said, we're tremendously excited with all of the pillars now, which are really coming through |
| Given the ongoing bedding in of our existing partners and the expected launch very soon of a range of others, we strongly suspect we will see very good revenue growth from Nu.Q Vet through 2024 |
| So we're very excited |
| Given the current macroeconomic conditions, we believe these methods of funding the four pillars should provide us a very good basis to move forward |
| So the rubber hit the road, if you will, to be in such active discussions with the Food and Drug Administration is a very exciting milestone for us |
| I am pleased to report that in the first nine months of 2023 revenue for the Nu.Q vet cancer test grew almost five-fold over the comparable prior year period, reflecting sales of the reference kits to our global, regional and local supply agreements |
| The revenue growth demonstrates solid progress to date, and we certainly expect more growth to come as additional companies fully launch our product, both in the U.S |
| We were thrilled the launch of our Nu.Q test was featured in an article of the Sunday Times, one of the flagship papers here in the U.K., really terrific exposure |
| market provides another tremendous opportunity to drive access to our early detection test |
| We expect Nu.Q Discover to more than double revenue in 2024 and to become profitable starting in 2025 |
| So overall, I think, as you know, Bruce, I'm a very optimistic person, but I'm very happy and a little surprised how quickly it's actually gone even since ESMO with the level of interest and Jake at the conference next week, the [Indiscernible] conference also in Madrid |
| The use is increasing dramatically, and we're very excited about how our veterinary colleagues have received it |
| And when you think about it from a 12-month period of time when this was started to where we are now, it's a tremendous accomplishment where we're getting very close to a launch |
| Putting it simply, the earlier we can diagnose cancer, the greater chance of a survival and a good quality of life for our patients |
| These interactions were engaging in helpful and Volition feels that such discussions gave it a clear regulatory path to follow for what we hope is an exciting opportunity |
| The Volition team is grateful for the opportunity to participate in the Qsub process and greatly appreciate the feedback from the FDA |
| And just starting off, it's very exciting |
| And as we talked about, we're very happy to say we do have a clear path now |
| We expect revenues to accelerate as we close out 2023 and into the early part of 2024, as several additional distributors come online with our new Nu.Q vet test and our Nu.Q Discover pillar continues its growth |
| The Mars Heska Group continues to make very good products as well, and we hopefully anticipate the launch of the exclusive point of care test very soon, which would also trigger a milestone payment to us |
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| Clearly, these are challenging times at the macroeconomic level |
| clinical trial activities in sepsis, which have since went down due to successful completion of the first phase |
| And consequently, it has taken some time to do it and it's gone a little bit longer than we anticipated |
| It's very difficult to see smooth trends from one period to another |
| They were lower in the third quarter than the first and second quarters of '23 |
| But what I can say is in terms of the underlying cash burn, we do expect that it's going to come down a little bit from here on |
| Early diagnosis is challenging |
| But of course, in this environment, that excitement is tempered with the knowledge that we have to be very careful with our capital, which we have been |
| Sepsis, you've heard me say before, is one of the leading causes of death worldwide with almost 15 million cases annually, leading to, unfortunately, around 11 million deaths |
| Looking ahead, as we have previously stated, it is difficult in these early stages of commercialization to provide meaningful revenue guidance |
| Cancer, as we all know, is a deadly disease |
| Net loss for the quarter was $8.5 million compared to $7.8 million for the three months ended September 30, 2022 |
| We don't -- we want see that in the next quarter because those have now wound down |
| Do you think that was due to the winding down of the U.S |
| So consequently, the interest is significant |
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