COMPANY UPDATE. 2019 - VOLITIONRX

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COMPANY UPDATE. 2019 - VOLITIONRX
Company
Update.
2019
COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

2                        3
COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

                                                    A few words
                                                 from our
                                                                        Executive Chairman
                                                 Our mission is simple: to save lives by revolutionizing the way
                                                 disease, and especially cancer, is diagnosed. To this end, Volition
                                                 is developing simple, easy to use blood-based tests to diagnose
                                                 a range of cancers and other diseases.
                                                 Cancer is the second leading          We believe that there is a high
                                                 cause of death and is responsible     unmet clinical need for veterinary
                         I am really proud to    for 1-in-6 deaths worldwide each
                                                 year. It’s a disease that touches
                                                                                       diagnostics and given the
                                                                                       generally quicker USDA regulatory

                         be Executive Chairman
                                                 and affects so many of our lives.     pathway to approval for veterinary
                                                 It is widely accepted that the        products as compared to FDA
                                                 best way of tackling cancer is        approval for human products,

                         of Volition and am      for patients to receive an early
                                                 diagnosis, as this improves their
                                                 chances of surviving cancer.
                                                                                       Volition intends to develop
                                                                                       products for this market as soon
                                                                                       as possible which could provide
                         delighted with the      I am delighted with the progress
                                                                                       early revenue for the company.

                                                 we have made in 2018 in the           As our research develops, we
                         progress the Company    development of new tests
                                                 using our technology platform
                                                                                       are continuously growing our
                                                                                       intellectual property portfolio

                         has made since its      of Nucleosomics™, which is
                                                 the practice of identifying and
                                                 measuring nucleosomes in the
                                                                                       which provides broad coverage
                                                                                       (including animal use) that we
                                                                                       believe will help protect our long-

                         inception in 2011.      bloodstream or other bodily fluid.
                                                 I am also excited by the data that
                                                                                       term competitive advantage.

                                                 we expect to report throughout        Finally, I would like to thank the
                                                 2019 and beyond across such a         many collaborators we work with
                                                 broad range of cancers including:     around the world and the Principal
                                                 lung, colorectal, prostate,           Investigators of our many clinical
                                                 pancreatic, ovarian, and head         trials. I’d also like to acknowledge
                                                 and neck, as well as other diseases   the contribution and continued
                                                 such as endometriosis.                support from the members of our
                                                                                       Scientific Advisory Board and the
                                                 Our research and development          continued financial support of the
                                                 program during 2018 included          Walloon Region of Belgium. I look
                                                 some interesting proof of concept     forward to announcing the results
                                                 work in the veterinary field,         of key studies in this coming year.
                                                 including dogs and horses.
                                                                                       Dill Faulkes

                         Dill Faulkes
                         Executive Chairman
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COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

A few words from our
                                                                                                               I am incredibly
     Chief Executive Officer                                                                                   proud of the team
      I am absolutely delighted with the progress we
      have made on so many fronts in 2018, particularly                                                        we have assembled;
      with the work on the basics of our Nu.Q™ platform.
                                                                                                               individuals who come
     I am very happy to report the           This development work will be
     initial data from this work, and
     we expect to be able to report a
                                             key to our future success and our
                                             initial assays have now completed
                                                                                                               to work every day
     large volume of data throughout
     2019 and beyond with our newly
     optimized assays and matrixes.
                                             this extremely vigorous process.
                                             This work has gone very well with
                                             our growing team at our large
                                                                                                               to create a brighter
     We have a strong financial position
                                             lab in Belgium. However, it is fair
                                             to say the development work                                       future, one where
     which we believe, given the cost        on the robustness of our assays
     effectiveness of our research and
     development program, provides a
                                             has proven to be a massive and
                                             time-consuming undertaking.
                                                                                                               hope and cancer can
                                                                                                               come together in the
     great runway to achieve our many        Given that we are the first group
     milestones in 2019 and beyond.          to have worked in the field of
                                             Nucleosomics, much work has
     I am delighted that our worldwide
     portfolio of granted patents that
                                             had to be started from scratch.
                                                                                                               same sentence.
     protect various aspects of Volition’s   I am delighted this report includes
     Nu.Q technology continues to grow.      the initial results in three separate
     This is a key differentiator versus     small cohorts with the first
     many other technologies either          completed Nu.Q assay and one

                                                                                     Chief Executive Officer
     under development or available          iNu.Q assay. In a lung cancer cohort
     on the market, where the patent         (76 subjects), a single Nu.Q assay
     position maybe poor and/or narrow.      detected lung cancer, including
                                             stage I lung cancer. In this initial
     From a research and development         cohort, we achieved our best ever
     point of view, 2018 was a very busy     single-assay detection result with
     year; however, it was fairly quiet      an AUC of 85% (lung cancer vs
     in terms of press announcements,        healthy), the performance of which
     as we very much focused on              was further improved when used
     platform development. Our team          in combination with a two-assay
     is delighted with the significant       panel. In a second confirmatory
                                                                                     Cameron

     progress that has been made in          lung cancer cohort (152 subjects)
     2018. I would like to thank our         the same Nu.Q assay also detected
     research and development team,          lung cancer with an AUC of 79%.
     for their tireless and tenacious
     efforts throughout the year. The vast   This initial proof of concept data
     majority of this work was focused       gave us confidence to move onto
     on advancing the development of         larger lung cancer studies and
     our clinical assays to the analytical   I’m delighted to have extended
     validity needed for large clinical      our collaboration with the National
     grade trials, and for products,         Taiwan University to embark upon
     as well as extending the use            a 1,200 subject lung cancer study
     of our Nu.Q assays on a range           in the second quarter of 2019.
     of platforms.

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COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

Our new lab has enabled expansion of
research and development programs from
Nu.Q diagnostic tests to now include
Nu.Q Vet and Nu.Q Capture.
In the fourth quarter of 2018,           From a commercial point of view,        The Nu.Q Capture project,             And so, to future milestones.          We are grateful through our
it was exciting to learn that not        we are extremely excited about          leverages the work we have been       As many of you know, we have           on-going trial program to
only could our Nu.Q technology           the opportunity to offer Nu.Q           doing to investigate the use of       concentrated our research efforts      be working with renowned
help save lives and improve the          Vet tests to animal owners and          Nucleosomics to purify or enrich      to date on colorectal cancer –         collaborators around the world,
quality of life for man-kind, but        veterinarians. There are currently      tumor associated nucleosomes.         which is the most preventable and      all of whom have outstanding
we are hopeful our technology            no accurate, simple, affordable         I am delighted to be able to          yet currently least prevented form     reputations and share our aim
will also be effective in helping        cancer screening or diagnostic          announce that with Nu.Q Capture       of cancer and we very much look        in improving early diagnosis
diagnose a range of diseases             tests available in veterinary           we have been able to deplete/         forward to completing our large-       of cancer.
in animals.                              medicine and yet 25% of dogs will       enrich nucleosomes by 70-90%          scale clinical studies throughout
                                         develop cancer at some stage of         using magnetic beads in serum         2019/2020.                             We believe that Nu.Q will provide
Following the completion of              their life. We believe that this is a   and plasma. The next step                                                    a low-cost routine blood test
several small-scale studies in dogs,     multi-billion-dollar opportunity        is to determine the level of          In addition to our colorectal cancer   allowing doctors to check off an
our subsidiary Volition America          and we aim to have the first Nu.Q       discrimination of tumor associated    studies, we are hopeful that our       extra box along with other routine
Inc. is now conducting a study           Vet product on the market in 2020.      nucleosomes using mass                recent proof of concept results        blood tests, such as cholesterol
of our Nu.Q Vet assays in cancer                                                 spectrometry and/or sequencing.       in lung cancer will be repeated        and PSA, during a single visit,
and other diseases in cooperation        Our research and development                                                  in much larger cohorts, and            and that this is currently the only
with Texas A&M University’s              team has grown significantly since      This potential breakthrough           with additional assays currently       credible way of taking compliance
College of Veterinary Medicine,          we moved into our larger, purpose-      product aims to enrich tumor          in development. Lung cancer            with screening above 80%.
a leading U.S. veterinary institution.   built laboratory in Belgium in 2017.    associated DNA which in turn will     remains the deadliest of all the
The U.S. is currently the largest        This has enabled expansion of           help address the main technology      cancers and we believe that there      We are extremely proud of
veterinary market in the world and       our research and development            barrier to DNA cancer diagnostics.    is a high unmet clinical need for      the accomplishments we have
has a clearly defined regulatory         programs from our Nu.Q                                                        either a non-invasive early stage      achieved thus far and look forward
pathway via the USDA, requiring          diagnostic tests to now include not     Nu.Q Capture is platform agnostic     lung cancer detection test and/        to what the future holds for Volition.
fewer and smaller clinical studies       only Nu.Q Vet as described above,       with the ultimate aim of providing    or for a test which can improve the    I, along with the rest of the Board,
than the FDA process for human           but also Nu.Q Capture.                  complete nucleosome analysis          specificity of the Low-Dose CT scan    and indeed the whole company,
diagnostics. This generally allows                                               and origin of cancer. This is still   currently used in many markets.        look forward to sharing the results
a much faster route to revenue for                                               very much a work in progress, but                                            of key studies over the coming
veterinary products as compared                                                  we have made significant progress     We aim with our solid cash             year with our optimized platform.
to human products, given trials                                                  this past year, and our team is       position, to report throughout
need to be in the hundreds, not                                                  very excited about this potential     2019 and beyond Nu.Q’s ability to      We work hard every day to create
thousands of subject-samples.                                                    addition to our platform.             detect a range of cancers including    a brighter future, one where hope
                                                                                                                       lung, colorectal, prostate,            and cancer can come together in
                                                                                                                       pancreatic, ovarian, head and          the same sentence.
                                                                                                                       neck in addition to our 27-cancer
                                                                                                                       study, and other conditions such
                                                                                                                       as endometriosis as well as data
                                                                                                                       from both the Nu.Q Vet and
                                                                                                                       Nu.Q Capture programs.

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COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

We closed 2018 with $13.4 million cash and cash equivalents
compared to $10.1 million as of the end of 2017.
In the first quarter of 2018, we   proceeds from the exercise of          of our collaborations with leading
raised $8.4 million in aggregate   warrants). During 2018, existing       institutions. Consequently, we
gross proceed through an           investors also exercised warrants      continue to manage cash carefully

                                                                                                                                            The whole team
underwritten public offering of    to purchase common stock that          and had a steady cash burn rate
common stock with Oppenheimer      resulted in approximately $717,000     of approximately $3.9 million per
& Co. Inc. acting as the sole      in aggregate net proceeds.             quarter during 2018.
book-running manager and
National Securities Corporation
acting as a co-manager in
                                   We have also continued to attract
                                   non-dilutive funding, especially
                                                                          In the first quarter of 2019, over
                                                                          $6.7 million in aggregate gross
                                                                                                                                            is committed and
connection with the offering.
Our cash position was further
                                   from the Walloon region, Belgium,
                                   which has provided over $3.7 million
                                                                          proceeds has been received
                                                                          from the exercise of warrants to                                  passionate about
strengthened in 2018 with a        in funds to-date.                      purchase common stock, which
private placement (PIPE) of
common stock and warrants          Our research and development
                                                                          demonstrated continued support
                                                                          from our dedicated investors
                                                                                                                                            the work we do.
to an existing shareholder         program is remarkably cost             and further strengthens our
for aggregate gross proceeds       effective, especially given the size   cash position.
of $9 million (excluding any       of the trials and the nature

                                             David
                                             Chief Financial Officer
                                                                                                               Rod
                                                                                                               Corporate Secretary
                                                                                                               Our worldwide portfolio of granted patents
                                                                                                               that protects various aspects of Volition’s Nu.Q
                                                                                                               technology is growing.
           It is great to be                                                                                   We have 20 patent families            property portfolio to gain market

           working with a skilled                                                                              related to our diagnostic tests,
                                                                                                               with 7 patents granted in the
                                                                                                               United States and 7 patents
                                                                                                                                                     exclusivity in Europe, the United
                                                                                                                                                     States and in other strategic
                                                                                                                                                     countries. The patents on the
           and passionate team                                                                                 granted in the European Union
                                                                                                               and a further 25 patents granted
                                                                                                                                                     technologies underlying our
                                                                                                                                                     products should provide broad
                                                                                                               worldwide. Additionally, we have      coverage for each product,
           focused on saving                                                                                   106 patent applications pending
                                                                                                               worldwide. This portfolio also
                                                                                                                                                     including protection through at
                                                                                                                                                     least 2031 for products developed

           lives and reducing                                                                                  covers veterinary medicine
                                                                                                               applications.
                                                                                                                                                     using the Nu.Q technologies.

                                                                                                                                                     We have signed multiple contracts

           the cost of cancer to                                                                               We intend to continue our
                                                                                                               development of the Nucleosomics
                                                                                                                                                     throughout 2018 with our growing
                                                                                                                                                     team of collaborators and look
                                                                                                               technologies and to apply for         forward to adding even more to
           healthcare systems                                                                                  patents identified through such
                                                                                                               efforts. Our strategy is to protect
                                                                                                                                                     the list in 2019.

           around the world.
                                                                                                               our technologies and leverage
                                                                                                               the strength of our intellectual

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COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

                                       Using our Nu.Q technology,
                                       we aim to make cancer diagnosis
                                       as accessible as cholesterol or
                                       pregnancy testing.
                                       The principle behind                   and/or low-cost ELISA tests in our   How is Nu.Q different from ctDNA?
                                                                              panels (e.g. CEA, PSA, CA125) for
                                       what we are doing                      higher accuracy.                     •	When a cancer cell dies
                                       relies on bringing                                                             the nuclear components are
                                                                              Many companies and medical              metabolized into 20 million
                                       together two main lines                schools are developing circulating      individual DNA-Nu complexes
                                       of research and is, in                 tumor DNA or ctDNA tests based          and released into circulation.
                                                                              on sequencing the DNA attached          A cancer mutation will occur in
                                       concept, very simple:                  to these nucleosomes. Volition’s        one of the DNA-Nu complexes.
                                                                              diagnostic target in the blood
                                       The chromosomes of cancer cells
                                                                              is the same tumor chromosome         •	ctDNA sequencing methods
                                       differ from those of healthy cells –
                                                                              fragment, but our approach is            (in development) must target
                                       both in terms of DNA sequence
                                                                              to test for chromosome protein           that one-in-a-million DNA-Nu
                                       (due to genetic cancer mutations)
                                                                              and nucleic acid changes in intact       complex.
                                       and in protein structure – due to
                                                                              chromosome fragments by ELISA,
                                       epigenetic changes.
                                                                              rather than chemically extracting,   •	Nu.Q targets ALL 20 million
                                                                              amplifying, and sequencing the          circulating DNA-Nu complexes
                                       There are chromosome fragments
                                                                              ctDNA and discarding the rest           because nucleosome
            Chief Scientific Officer

                                       from dead cancer cells circulating
                                                                              of the nucleosome. ELISA is             modifications occur globally.
                                       in the blood as nucleosomes.
                                                                              possible because the targets of
                                       Each such circulating nucleosome
                                                                              our tests occur globally across      •	Nu.Q is a simple, low-cost
                                       contains a small (approximately
                                                                              all nucleosomes within a tumor          ELISA and can incorporate other
                                       140 base pairs) fragment of
                                                                              cell, whereas individual ctDNA          ELISA tests in Volition’s panels.
                                       tumor DNA.
                                                                              changes must be identified
                                                                              within the three billion base-       There are multiple phases to the
                                       Volition’s Nucleosomics
                                                                              pair genomes. This means that        Product Development process, and
                                       technology exploits the different
                                                                              the targets of our tests are         we are delighted in 2018 to have
                                       compositions of circulating
                                                                              exponentially more prevalent in      made the significant step forward
                                       nucleosome structures present
                                                                              circulating blood, and detectable    in developing some of our Nu.Q
                                       in the blood of cancer patients
                                                                              using simple laboratory methods.     assays to product grade status
                                       to detect and identify cancer
                                                                                                                   (by which we mean analytically
                                       diseases.
                                                                                                                   validated and of clinical grade,
                                                                                                                   so that they can be reproducible
                                       We are developing a novel suite
            Jake

                                                                                                                   anywhere, in any laboratory), so
                                       of blood assays of epigenetically
                                                                                                                   that clinical trials may commence.
                                       altered circulating nucleosomes
                                       as biomarkers in cancer and other
                                       diseases. Nu.Q products aim to
                                       be simple, low-cost, enzyme-
                                       linked immunosorbent assay
                                       (“ELISA”) platform tests and can
                                       incorporate other biomarkers
                                       such as anti-inflammatory markers

12                                                                                                                                                    13
COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

How it works                                                                                              Each individual
                                                                                                        protein/DNA
                                                The genome is
                                                                                                           “bead” is called a

                                                    3 billion base pairs.
                                                                                                     nucleosome.

                                                              If uncoiled it would measure
                                                              5 feet long. Every 140 base
                                                              pairs of DNA are wrapped       Nucleosomes consist
                                                              around a nucleosome to         of DNA and histone
                                                              form a DNA-Nu complex.         proteins. Histones and
                                                                                             DNA are subjected to
                         Chromosome                                                          a variety of epigenetic      Cancer leads to cell
                                           DNA strand                                        modifications.
                                                                                                                           death which results in
                                                                                                                         fragmentation
                                                                                                                          and release
                                                                                                                                of nucleosomes
                                                                                                                                 into the blood.
                                                                                               Our Nucleosomics
                               DNA wrapped around histones
                                                                                                 technology exploits
                                                                                             the different compositions
                                                                                                  of circulating nucleosome
                                                             The DNA in every                 structures present in the
                                                              cell is wound                    serum of cancer patients to
                                                                                             detect and identify
                                                              around protein
                                                              complexes in a
                                                             “beads on a                              cancer diseases.
                                                              string” structure.

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COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

The global cancer market: 2018
Globocan Project, Ferlay et al.

                          Lung       Breast                     Colorectal                      Prostate                    Stomach

                         Diagnoses   Diagnoses
                                                                 Diagnoses                      Diagnoses                   Diagnoses
                                                       Deaths
                         2.1m        2.1m              881k      1.8m                           1.3m                          1m
                                                                                                       Deaths                           Deaths
                                                                                                       359k                             783k
                                              Deaths
                                              627k                                                                            Deaths
                 Deaths                                                                                                       in Asia

                 1.8m                                                                                                         584k

                                                                             There were 18.1 million cancer diagnoses
                                                                             worldwide in 2018 with a resulting mortality burden
                                                                             of almost 10 million people. Given the growing
                                                                             and more importantly aging population, cancer’s
                                                                             burden is expected to worsen.

                                                                             By 2040 it is predicted that there will be 29.5 million
                                                                             new cases of cancer diagnosed each year and
                                                                             over 16 million cancer-related deaths.

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COMPANY UPDATE. 2019 - VOLITIONRX
Volition • Update 2019

                                             Product Strategy.
                                             We anticipate that we will develop multiple
                                             Nu.Q products across the whole range of
                                             cancers falling into the following categories:
                         We work hard
                         every day to help       Frontline           High Risk
                                                                                           Frontline        Disease                 Treatment
                                             General Population      Screening                             Monitoring               Selection
                         change people’s      Screening Tests      ‘Triage’ Tests
                                                                                          Diagnostic
                                                                                             Tests           Tests                     Tests

                         lives throughout           For               To work in         To aid the          To help            A personalized
                         the world.            asymptomatic
                                              subjects for the
                                                                     conjunction
                                                                    with existing
                                                                                        diagnosis of
                                                                                         disease in
                                                                                                          monitor high
                                                                                                           risk groups
                                                                                                                                   medicine
                                                                                                                                  approach to
                                              most prevalent      tests to improve      symptomatic      and/or identify         help identify
                                                  cancers.         sensitivity and/       patients.      the recurrence             the most
                                                                    or specificity.                       of a disease.           appropriate
                                                                                                                                 treatment for
                                                                                                                                the individual.

                                             Cancers currently being researched with product grade assays include:
                                                                               Proof of Concept        Training            Validation

                                              Lung                                                     2019                 2020

                                              Colorectal                                               2019                 2020

                                              Prostate                                                 2020                 2021

                                              Pancreatic                              2019              2020                  tbc

                                              Ovarian                                 2019              2020                  tbc

Lou
                                              Head & Neck                             2019               tbc                  tbc

Chief Marketing &                             Gastric                                 2019               tbc                  tbc

Communications Officer                        27 Most Prevalent Cancers               2019

18                                                                                                                                                19
20
     The Volition Laboratory
     Belgium
                               Volition • Update 2019

21
Volition • Update 2019

Product grade assays -
Proof of concept data                                                         In a small lung cancer
                                                                         cohort (N=76) the same single
                                                                      Nu.Q assay detected Lung cancer
                                                                         including stage I lung cancer.
                                In a small                                   The AUC for this single
                          multi-cancer cohort                                 Nu.Q assay was 85%.
                         (N=50) a single Nu.Q
                            assay detected                                                                  This performance was
                           Lung    Prostate and                                                            further improved when
                                                                                                             used in combination
                            Colorectal cancer.                                                              within a 2-assay panel.

                                             In the same cohort
                                         a 2-assay panel detected
                                                                                                 In a second lung
                                           all stages of colorectal
                                          cancer including stage I
                                         and had an AUC of 85%.                             cancer cohort (N=152) the
           In a small colorectal                                                            same Nu.Q assay detected
          cancer cohort (N=123)                                                                Lung cancer. The AUC
      a single Nu.Q assay detected
                                                                            Again, this         for this single Nu.Q
        Colorectal cancer with an                                       performance was           assay was 79%.
           with an AUC of 72%.                                          further improved
                                                                          when used in a
                                                                         two-assay panel.

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Volition • Update 2019

                                                                                                                 The programs we
                                                                                                                 have launched
      A focus on Asia                                                                                            with collaborators
                                                                                                                 worldwide speak
      We are delighted with the                                                                                  well of the belief
      progress we have achieved with                                                                             they have in our
      the network of key influencers                                                                             technology
      and potential collaborators in Asia.                                                                       and our team.
We have expanded                      Our large-scale colorectal              We have made significant           We are getting
                                      cancer studies are well                 progress with our entrance into
our relationship with
the National Taiwan
                                      underway with National Taiwan
                                      University. The first trial, a multi-
                                                                              China with a collaboration with
                                                                              Shanghai Fosun Long March (an
                                                                                                                 closer in realising
University.                           center study will include 5,000
                                      asymptomatic screening subjects
                                      to evaluate the performance of
                                                                              IVD company wholly owned by
                                                                              Fosun Pharmaceutical Group
                                                                              Co Ltd, a leading healthcare
                                                                                                                 our vision to
                                                                                                                 develop an effective
In addition to the large colorectal   our Nu.Q Frontline Asymptomatic         company in China).
cancer studies, we have recently      Colorectal Cancer Screening
announced a prospective lung          Test. The second study includes         With Fosun Long March, we
cancer study involving 1,200
subjects. Lung cancer remains
the deadliest of all the cancers
                                      2,000-symptomatic patients
                                      and will be used to evaluate
                                                                              plan to conduct three clinical
                                                                              studies on colorectal, lung
                                                                                                                 platform to detect
                                                                                                                 cancers early.
                                      the performance of our Nu.Q             and ovarian cancers in China.
and we believe that there is a high   colorectal cancer symptomatic           In addition, we are jointly
unmet clinical need for a non-        test. Professor Han-Mo Chiu and         exploring the development
invasive early stage lung cancer      his team are collecting well ahead      of Nu.Q assays utilizing
detection and/or for a test which     of schedule and we look forward         their LUMIART-II Automated
can improve the specificity of        to reporting some preliminary           Chemiluminescence
the low-dose CT scan currently        results in 2019.                        Immunoassay System.
used in many markets. We are
hopeful that our recent proof                                                 We are excited that our work in
of concept results in lung cancer                                             China will be underway in 2019
will be repeated in this much                                                 and look forward to a successful
larger cohort.                                                                collaboration with Fosun
                                                                              Long March.

                                                                                                                 Jasmine
                                                                                                                 Chief Executive Officer,
                                                                                                                 Singapore Volition

24                                                                                                                                          25
Volition • Update 2019

     It’s exciting that not only could our Nu.Q
     technology help save lives and improve the
     quality of life for man-kind, but we are hopeful
     our technology will be effective in helping
     diagnose a range of diseases in animals.
     In the fourth quarter of 2018,         than the FDA process for human
     we were delighted to present           diagnostics. This generally allows
     some very encouraging preliminary      a much faster route to revenue for
     results from a proof of concept        veterinary products as compared

                                                                                   Chief Medical Officer & Chief Executive
     study using our Nu.Q diagnostics       to human products.
     platform in veterinary medicine.
                                            From a commercial point of view,
     The proof of concept study             we are extremely excited about
     demonstrated that nucleosomes          the opportunity to offer Nu.Q
     can be detected in dogs and            Vet tests to animal owners and
     therefore, have the potential to       veterinarians. There are currently
     differentiate cancer from other        no accurate, simple, affordable

                                                                                   Officer of Volition America Inc.
     conditions in canines. Following       cancer screening or diagnostic tests
     the completion of several              available in veterinary medicine
     small-scale studies in dogs, our       and yet 25% of dogs will develop
     subsidiary Volition America Inc. is
     now conducting a study in cancer
                                            cancer at some stage of their life.
                                                                                                                             Cancer doesn’t
                                                                                                                             discriminate –
     and other diseases in collaboration    Volition’s extensive intellectual
     with a Texas A&M University’s          property portfolio includes
     College of Veterinary Medicine, a      coverage of veterinary
     leading U.S. veterinary institution.
     We hope that this study will
                                            applications. We believe that
                                            licensing this technology could                                                  it causes fear, pain
     advance our plans to partner with      potentially provide significant
     academic and industry leaders to
     expedite regulatory approval and
                                            revenue for Volition, in addition
                                            to providing further technical
                                                                                                                             and suffering for all
     product commercialization.

     The U.S. is currently the largest
                                            validation of our platform.
                                                                                                                             those it touches.
     veterinary market in the world and
     has a clearly defined regulatory                                                                                        Early diagnosis is a
                                                                                                                             critical component
     pathway via the USDA, requiring
     fewer and smaller clinical studies
                                                                                   Jason

                                                                                                                             of curing cancer.

26                                                                                                                                                   27
Volition • Update 2019
                                            It is tremendously
                                            rewarding working on such
                                            a cutting-edge technology
                                            - one that has the potential
                                            to not only help diagnose
                                            cancer, but also potentially
                                            many other conditions.
                                                           We were delighted to sign a global license,
                                                           manufacturing, sales and distribution
                                                           agreement with Active Motif for a range
            Business Development Director

                                                           of Research Use Only kits. Based on our
                                                           proprietary Nucleosomics technology,
                                                           the kits are expected to:

                                                           •	Allow researchers to explore patterns
                                                              of epigenetic modifications in circulating
                                                              nucleosomes across a broad range of
                                                              clinical applications including cancers,
                                                              inflammatory and infectious diseases; and

                                                           •	Represent the first revenue from the
                                                               Nu.Q platform and potentially provide
                                                               an additional licensing revenue stream
                                                               beyond the commercialization of our
                                                               blood-based cancer tests utilizing the
                                                               same platform of assays.

                                                           The first kit was launched in the second half
                                                           of 2018 and we look forward to expanding
            Mark

                                                           the range of available kits throughout 2019
                                                           and beyond.

                                                           In addition to the RUO Kit development we
                                                           have also done a lot of broader work on our
                                                           platform including adapting our assays for
                                                           magnetic beads and chemiluminescence,
                                                           both very important breakthroughs which
                                                           could make our platform much more
                                                           adaptable and robust.

28                                                                                                         29
Volition • Update 2019

                           Our research and development team has grown significantly since we moved
                           into our larger, purpose-built laboratory in Belgium, in 2017. This has enabled
                           expansion of our research and development programs from our Nu.Q
                           diagnostic tests to now include not only Nu.Q Vet but also Nu.Q Capture.
                           The Nu.Q Capture project           The next step is to determine       barrier to DNA cancer diagnostics.
                           leverages the work we have been    the level of discrimination of      Nu.Q Capture is platform agnostic
                           doing to investigate the use of    tumor associated nucleosomes        with the ultimate aim of providing
                           Nucleosomics to purify or enrich   using mass spectrometry and/        complete nucleosome analysis
                           tumor associated nucleosomes.      or sequencing.                      and origin of cancer.
                           Thus far with Nu.Q Capture we
                           have been able to deplete/enrich   This potential breakthrough
                           nucleosomes by 70-90% using        product aims to enrich tumor
                           magnetics beads in serum           associated DNA which in turn will
                           and plasma.                        help address the main technology

                                                                Depletion/Enrichment

The team thrives
on the desire to                              Nu.Q™                        Nu.Q™                      Nu.Q™

change the outlook                           Mass Spec                      Seq                     Immunoassay

for cancer patients
throughout the world.
                                                                          Complete
                                                                         Nucleosome
                                                                           Analysis

Gaetan
                           Commercial concept
Chief Executive Officer
of Belgian Volition SPRL   Complete Nucleosome analysis.

30                                                                                                                                31
Volition • Update 2019

The Volition Biobank
Institution                 Condition            Sample Collection     Cohort           Timing

                                                                                                           Proof of Concept
Early Detection Research                         9,000 Prospective,    13,500 +         Ongoing to 2020
                             Colorectal
Network of the U.S.                              4,600 Retrospective   Screening
National Cancer Institute                                              Population

                                                                                                           Condition       Sample Cohort       Expected Data Release
National Taiwan                                  Prospective           5,000            Ongoing to 2021
                             Colorectal
University                                                             Asymptomatic                         Colorectal     N = 225             Q2 2019
                                                                       Population

                                                                                                            Colorectal     N = 552             H1 2019
National Taiwan                                  Prospective           2,000            Ongoing to 2021
                             Colorectal
University                                                             Symptomatic
                                                                       Patients
                                                                                                            Colorectal     N = 352             H2 2019

Hvidovre Hospital,                               Prospective           14,000           Collection
                             Colorectal                                                                                    N = 76              Q1 2019
University of                                                          Screening        completed and       Lung
Copenhagen                                                             Population       analysis ongoing

                                                                                                            Lung           N = 152             H1 2019
Hvidovre Hospital,           Colorectal          Prospective           30,000           Collection
University of                                                          Screening        completed and
Copenhagen                                                             Population       analysis ongoing
                                                                                                            Prostate       N = 120             H1 2019

Hvidovre Hospital,           Colorectal          Retrospective         4,800            Collection
University of                                                          Symptomatic      completed and                      N = 100             H2 2019
                                                                                                            Prostate
Copenhagen                                                             Patients         analysis ongoing

                                                                                                                           N = 100             H2 2019
National Taiwan                                  Prospective           1,200 Subjects   Expected to         Pancreatic
                             Lung
University                                                                              start mid-2019
                                                                                        to 2021
                                                                                                            Head & Neck    N = 200             H2 2019

German Cancer                                    Retrospective         750 Subjects     Collection
Research Center (DKFZ)       Pancreatic                                                 completed          Endometriosis   N = 10              H2 2019
                                                                                        and analysis                       (x 5 collections)
                                                                                        ongoing

University of Bonn           27 Most             Prospective           4,500 Subjects   Collection         Endometriosis   N = 300             H2 2019
                             Prevalent Cancers                                          completed and
                                                                                        analysis ongoing

32                                                                                                                                                                     33
Volition • Update 2019

                                                  Volition is very fortunate to have attracted
                                                  numerous long-term shareholders to our
                                                  Company who share the same vision of
                                                  revolutionizing cancer diagnostics, helping
                                                  people find cancer earlier, and improving
                                                  outcomes for millions of people worldwide.
                   Executive Vice President

                                                  We have a very active investor
                                                  relations program, attending
                                                  numerous investor-focused
                                                  conferences annually, and
                   Investor Relations

                                                  conducting investor presentations
                                                  in major financial centers across
                                                  the United States and Europe on a
                                                  regular basis. Our goal is to raise the
                                                  awareness of Volition and its mission
                                                  in order to broaden the investor
                                                  base and ultimately to maximize
                                                  shareholder value.

                                                  For any further information please
                   Scott

                                                  contact investorrelations@volitionrx.com

              It is such a pleasure to be
              involved with a company that
              has the potential to do so much
              good for humanity while providing
              potential upside to shareholders.
34                                                                                               35
Volition • Update 2019

     Investor information.
     Annual Meeting: Friday June 14, 2019

     Board of Directors
     Cameron Reynolds, President & Chief Executive Officer
     Dr Martin C Faulkes, Executive Chairman
     Guy Innes ACA, Non-Executive Director
     Dr Alan Colman, Non-Executive Director
     Dr Edward Futcher, Non-Executive Director
     Dr Habib Skaff, Non-Executive Director

     Transfer Agent
     V Stock Transfer, LLC
     18 Lafayette Place,
     Woodmere NY 11598

     Tel: 212-828-8436
     Fax: 646-536-3179
     info@vstocktransfer.com
     www.vstocktransfer.com

     Unless stated otherwise, the statements in this Brochure are made as of 9th April
     2019. Information contained in this Brochure concerning the industry and markets
     in which VolitionRx and its subsidiaries operate is based on information from
     independent industry and research organizations, other third-party sources and
     management estimates. Management estimates are derived from publicly available
     information released by independent industry analysts and third-party sources, as
     well as data from VolitionRx’s internal research, and are based on assumptions made
     by management upon reviewing such data and its knowledge of such industry and
     markets which it believes to be reasonable. Although VolitionRx believes the data
     from these third-party sources is reliable, it has not independently verified any third-
     party information.

     Additionally, this Brochure contains forward-looking statements regarding future
     events and the future performance of VolitionRx and its subsidiaries that involve
     risks and uncertainties that could cause actual results to differ materially from those
     contemplated by the forward-looking statements. Risks that could cause results to
     differ include those described in the section entitled “Risk Factors” in VolitionRx’s
     Form 10-K as well as risks described in further detail in the Company’s other
     documents filed from time to time with the Securities and Exchange Commission,
     copies of which can be accessed electronically at www.sec.gov. Further, actual
     results may differ as a result of additional risks and uncertainties of which VolitionRx
     is currently unaware or which management does not currently view as material to
     the business. Any forward-looking statements contained in this Brochure reflect
     only the current views of VolitionRx with respect to such matters and are made
     subject to applicable risks, uncertainties and assumptions. As a result, there can be
     no assurance that the events or other matters described in such forward-looking
     statements will, in fact, transpire and readers are cautioned not to place undue
     reliance on any forward-looking statements. VolitionRx does not undertake any
     obligation to update such forward-looking statements. No representation or
     warranty, express or implied, is made as to the completeness or accuracy of the
     information contained herein.

     For more information visit www.volitionrx.com

     Nucleosomics™ and Nu.Q™ and their respective logos are trademarks and/or
     service marks of VolitionRx and its subsidiaries. Additionally, all references to “$”
     in this Brochure refer to the legal currency of the United States of America.

36                                                                                              37
Volition • Update 2019

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