10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

  X . QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

  X . TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ______ to _______

Commission File Number: 000-30402

VOLITIONRX LIMITED

(Exact name of registrant as specified in its charter)

Delaware	91-1949078
(State of incorporation)	(I.R.S. Employer Identification No.)

1 Scotts Road

#24-05 Shaw Centre

Singapore 228208

(Address of principal executive offices)

Telephone:  (212) 618-1750

Facsimile:  +65 6333 7235

(Registrant’s Telephone and Facsimile Number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  X . No .

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  X . No .

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	.	Accelerated filer	.
Non-accelerated filer	. (Do not check if a smaller reporting company)	Smaller reporting company	X .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes . No  X .

As of October 31, 2013, there were 11,194,302 shares of the registrant’s $0.001 par value common stock issued and outstanding.

VOLITIONRX LIMITED *

TABLE OF CONTENTS

		PAGE
PART I	FINANCIAL INFORMATION	3
ITEM 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	13
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	16
ITEM 4.	CONTROLS AND PROCEDURES	16
PART II	OTHER INFORMATION	17
ITEM 1.	LEGAL PROCEEDINGS	17
ITEM 1A.	RISK FACTORS	17
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	17
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	18
ITEM 4.	MINE SAFETY DISCLOSURES	18
ITEM 5.	OTHER INFORMATION	18
ITEM 6.	EXHIBITS	19

Special Note Regarding Forward-Looking Statements

Information included in this Form 10-Q contains forward-looking statements. This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of VolitionRX Limited  (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

*Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "VNRX" refers to VolitionRX Limited.

2

PART I - FINANCIAL INFORMATION

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

VOLITIONRX LIMITED

(A Development Stage Company)

Condensed Consolidated Financial Statements

For the Period Ended September 30, 2013 and December 31, 2012

(Unaudited)

Index
Unaudited Condensed Consolidated Balance Sheets	4
Unaudited Condensed Consolidated Statements of Operations	5
Unaudited Condensed Consolidated Statements of Cash Flows	6
Notes to the Condensed Consolidated Financial Statements	7

3

VOLITIONRX LIMITED

(A Development Stage Company)

Condensed Consolidated Balance Sheets

(Expressed in US dollars)

	September 30, 2013 $	December 31,  2012  $
	(UNAUDITED)
ASSETS
Cash	473,475	376,421
Prepaid expenses – related party	198,333	250,833
Prepaid expenses	112,154	28,520
Other current assets	32,775	39,368
Total Current Assets	816,737	695,142
Property and equipment, net	70,158	91,386
Intangible assets, net	1,364,982	1,430,238
Total Assets	2,251,877	2,216,766
LIABILITIES
Accounts payable and accrued liabilities	585,407	694,910
Note payable - related party	-	52,860
Total Current Liabilities	585,407	747,770
Grant repayable	1,275,231	635,201
Total Liabilities	1,860,638	1,382,971
STOCKHOLDERS’ EQUITY
Common Stock
Authorized: 100,000,000 shares of common stock, at $0.001 par value      1,000,000 shares of preferred stock, at $0.001 par value
	-	-
Issued and outstanding:        11,194,302 shares and 10,191,562 shares of common stock, respectively
	11,194	10,192
Additional paid-in capital	10,899,148	8,443,512
Accumulated other comprehensive loss	(52,612)	(34,276)
Deficit accumulated during the development stage	(10,466,491)	(7,585,633)
Total Stockholders’ Equity	391,239	833,795
Total Liabilities and Stockholders’ Equity	2,251,877	2,216,766

(The accompanying notes are an integral part of these condensed consolidated financial statements)

4

VOLITIONRX LIMITED

(A Development Stage Company)

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Expressed in US dollars)

(unaudited)

	For the three months ended September 30, 2013 $	For the three months ended September 30, 2012 $	For the nine months ended September 30, 2013 $	For the nine months ended September 30, 2012 $	For the period from August 5, 2010 (Date of Inception) to September 30, 2013 $
Revenue	-	27,589	-	54,968	54,968
Expenses
General and administrative	67,961	48,171	242,660	235,231	957,882
Professional fees	153,226	68,028	310,585	199,244	1,325,417
Salaries and office administrative fees	179,846	150,105	569,238	521,940	2,013,413
Research and development	524,534	633,801	1,758,372	1,704,279	6,224,747
Total Operating Expenses	925,567	900,105	2,880,855	2,660,694	10,521,459
Net Operating Loss	(925,567)	(872,516)	(2,880,855)	(2,605,726)	(10,466,491)
Provision for income taxes	-	-	-	-	-
Net Loss	(925,567)	(872,516)	(2,880,855)	(2,605,726)	(10,466,491)
Other Comprehensive Loss
Foreign currency translation adjustments	(6,478)	(6,406)	(18,336)	(45,663)	(52,612)
Total Other Comprehensive Loss	(6,478)	(6,406)	(18,336)	(45,663)	(52,612)
Net Comprehensive Loss	(932,045)	(878,922)	(2,899,191)	(2,651,389)	(10,519,103)
Net Loss per Share – Basic and Diluted	(0.08)	(0.09)	(0.27)	(0.28)
Weighted Average Shares Outstanding – Basic and Diluted	11,086,237	9,697,376	10,649,152	9,169,675

(The accompanying notes are an integral part of these condensed consolidated financial statements)

5

VOLITIONRX LIMITED

(A Development Stage Company)

Condensed Consolidated Statements of Cash Flows

(Expressed in US dollars)

(unaudited)

	For the nine months ended September 30, 2013	For the nine months ended September 30, 2012	For the period from  August 5, 2010 (Date of Inception) to September 30, 2013
	$	$	$
Operating Activities
Net loss	(2,880,855)	(2,605,726)	(10,466,491)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization	109,044	103,477	384,506
Stock based compensation	236,966	445,142	1,502,415
Common stock and warrants issued for services	348,172	286,583	1,577,830
Amortization of stock issued in advance of services	52,500	52,500	151,667
Changes in operating assets and liabilities:
Prepaid expenses	(81,965)	(83,028)	(107,514)
Other current assets	7,292	(10,444)	611
Accounts payable and accrued liabilities	(166,093)	(55,793)	300,426
Net Cash Used In Operating Activities	(2,374,939)	(1,867,289)	(6,656,550)
Investing Activities
Purchases of property and equipment	(713)	(71,576)	(126,263)
Net Cash Used in Investing Activities	(713)	(71,576)	(126,263)
Financing Activities
Proceeds from issuance of common shares	1,871,500	1,951,625	6,311,104
Grants received	605,154	-	1,281,500
Proceeds from note payable	-	-	59,942
Repayment of note payable – related party	(1,321)	-	(357,128)
Cash acquired through reverse merger	-	-	100
Net Cash Provided By Financing Activities	2,475,333	1,951,625	7,295,518
Effect of foreign exchange on cash	(2,627)	(45,375)	(39,230)
Increase/(Decrease) in Cash	97,054	(32,615)	473,475
Cash – Beginning of Period	376,421	347,892	-
Cash – End of Period	473,475	315,277	473,475
Supplemental Disclosures of Cash Flow Information
Interest paid	-	-	-
Income tax paid	-	-	-
Non Cash Financing Activities::
Acquisition of subsidiary for debt	-	-	1,000,000
Common stock issued for debt	77,333	207,027	2,251,946

(The accompanying notes are an integral part of these condensed consolidated financial statements)

6

VOLITIONRX LIMITED

(A Development Stage Company)

Notes to the Condensed Consolidated Financial Statements

September 30, 2013 and December 31, 2012

(Unaudited)

Note 1 - Condensed Financial Statements

The accompanying unaudited financial statements have been prepared by VolitionRX Limited (the “Company”) without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2013, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed unaudited financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2012 audited financial statements.  The results of operations for the periods ended September 30, 2013 and 2012 are not necessarily indicative of the operating results for the full years.

Note 2 - Going Concern

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses since inception of $10,466,491 and currently has very limited revenues, which creates substantial doubt about its ability to continue as a going concern.

The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions and/or financing as may be required to sustain its operations. Management's plan to address this need includes, (a) continued exercise of tight cost controls to conserve cash, (b) receiving additional grant funds, and (c) obtaining additional financing through debt or equity financing.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

Note 3 - Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Reclassification of Financial Statement Accounts

Certain reclassifications have been made to prior periods’ data to conform to the current year’s presentation. These reclassifications had no effect on reported income or losses or working capital ratios.

Principles of Consolidation

The accompanying condensed consolidated financial statements for the period ended September 30, 2013 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte Ltd., Belgian Volition SA, and Hypergenomics Pte. Ltd.  All significant intercompany balances and transactions have been eliminated in consolidation.

7

VOLITIONRX LIMITED

(A Development Stage Company)

Notes to the Condensed Consolidated Financial Statements

September 30, 2013 and December 31, 2012

(Unaudited)

Note 3 - Summary of Significant Accounting Policies (Continued)

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.  As at September 30, 2013 and December 31, 2012, the Company had $473,475 and $376,421, respectively in cash and cash equivalents.

Basic and Diluted Net Loss Per Share

The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of September 30, 2013, 537,244 dilutive warrants and options and 1,375,310 potentially dilutive options were excluded from the Diluted EPS calculation as their effect is anti dilutive.

Foreign Currency Translation

The Company’s functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions”. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used.  Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive loss.

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.

8

VOLITIONRX LIMITED

(A Development Stage Company)

Notes to the Condensed Consolidated Financial Statements

September 30, 2013 and December 31, 2012

(Unaudited)

Note 4 - Intangible Assets

The Company’s intangible assets consist of intellectual property, principally patents, acquired in the acquisition of ValiBio SA. The patents are being amortized over their remaining lives, which are 10 years and 18 years.

			December 31,
			2012
		Accumulated	Net Carrying
	Cost	Amortization	Value
	$	$	$
Patents	1,666,346	236,108	1,430,238
	1,666,346	236,108	1,430,238
			September 30,
			2013
		Accumulated	Net Carrying
	Cost	Amortization	Value
	$	$	$
Patents	1,693,034	328,052	1,364,982
	1,693,034	328,052	1,364,982

During the nine month period ended September 30, 2013, and the year ended December 31, 2012, the Company recognized $85,603 and $112,056 in amortization expense respectively.

The Company amortizes the long-lived asset on a straight line basis with terms ranging from 13 to 20 years. The annual estimated amortization schedule over the next five years is as follows:

2013 - remaining	$28,534
2014	$114,138
2015	$114,138
2016	$114,138
2017	$114,138

The Company periodically reviews its long lived assets to ensure that their carrying value does not exceed their fair market value.

Note 5 - Related Party Transactions

The Company contracts with a related party to rent office space, be provided office support staff, and have consultancy services provided on behalf of the Company.  See Note 9 for obligation under the contract.

Note 6 – Amendment of Authorized Stock

As of September 19, 2013, the number of authorized shares of common stock was reduced from 200,000,000 shares to 100,000,000 shares at $0.001 par value, and the issuance of 1,000,000 shares of preferred stock at $0.001 par value was authorized.

9

Note 7 - Common Stock

During the nine month period ended September 30, 2013, the Company issued 297,500 shares of common stock for a total of $534,500 at a price of $2.00 per share. The amount received was net of $60,500 fees and expenses to an agent. Remuneration to the agent also included 29,750 warrants, immediately exercisable for a period of five years at a price of $2.00 per share. The warrants were valued at $71,918, using the Black-Scholes Option Pricing model using the following assumptions: Five-year term, $2.43 stock price, $2.00 exercise price, 246% volatility, 1.13% risk free rate.   

During the nine month period ended September 30, 2013, the Company issued 668,500 shares of common stock for a total of $1,337,000 at a price of $2.00 per share. Attached to share issuances totaling 225,000 shares were 45,000 warrants.  Each warrant is immediately exercisable for a period of three years at $2.40 per share.  The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:  Three year term, $2.17 stock price, $2.40 exercise price, 244% volatility, 0.61% risk free rate. The Company has allocated $94,111 of the total $450,000 in proceeds to the value of the warrants.

During the nine month period ended September 30, 2013, the Company also issued (a) 9,292 shares of common stock to consultants and directors to settle liabilities for services valued at $18,583 at a price of $2.00 per share, (b) 12,448 shares of common stock to consultants and directors for services valued at $28,000 at fair market value as stated on date of issuance, and (c) 15,000 shares of common stock to consultants for services valued at $30,750 at fair market value as stated on date of issuance.

Note 8 – Warrants and Options

During the nine month period ended September 30, 2013, the Company issued 29,750 warrants to an agent as part remuneration in respect of the issuance of 297,500 shares for net proceeds of $534,500. The Company has valued the warrants at $71,918. Each warrant is exercisable immediately for five years at an exercise price of $2.00 per share.

During the nine month period ended September 30, 2013, the Company issued 200,000 warrants to a consultant for services at an exercise price of $2.47, expiring three years after vesting. 25,000 warrants vest immediately, and the vesting of the remaining 175,000 warrants is contingent upon the achievement of specific milestones. The Company estimates that vesting of these latter warrants will take place over the three years to March 2016. The warrants were valued at $456,367 using the Black-Scholes Option Pricing model using the following assumptions:  Three-year term, $2.35 stock price, $2.47 exercise price, 253% volatility, 0.38% risk free rate. As of September 30, 2013, $198,921 of the value of these warrants has been expensed.

During the nine month period ended September 30, 2013, the Company issued 45,000 warrants attached to the issuance of 225,000 shares for cash totaling $450,000. The Company has allocated $94,111 of the proceeds to the value of the warrants.  The warrants are exercisable immediately for three years at an exercise price of $2.40.

During the year ended December 31, 2012, the Company issued 50,000 warrants for investor relations services rendered to the Company. The warrants are exercisable immediately for three years at an exercise price of $3.25. The warrants were valued at $145,431 using the Black-Scholes Option Pricing model using the following assumptions:  Three-year term, $3.00 stock price, $3.25 exercise price, 251% volatility, 0.32% risk free rate. These warrants were cancelled by mutual agreement for no consideration during the nine month period ended September 30, 2013.  

10

VOLITIONRX LIMITED

(A Development Stage Company)

Notes to the Condensed Consolidated Financial Statements

September 30, 2013 and December 31, 2012

(Unaudited)

Note 8 – Warrants and Options (Continued)

Below is a table summarizing the warrants issued and outstanding as of September 30, 2013.

Date	Number	Exercise		Contractual	Expiration	Value if
Issued	Outstanding	Price $		Life (Years)	Date	Exercised $
03/15/11	200,000		0.50	5	3/15/2016		100,000
03/24/11	100,000		0.50	5	3/24/2016		50,000
04/01/11	100,000		0.50	5	4/1/2016		50,000
06/21/11	100,000		0.50	5	6/21/2016		50,000
07/13/11	250,000		1.05	5	07/13/16		262,500
05/11/12	344,059		2.60	4	05/10/16		894,553
05/11/12	26,685		1.75	3	05/10/15		46,699
03/20/13	200,000		2.47	3	03/20/16		494,000
					-03/20/19
06/10/13	29,750		2.00	5	06/10/18		59,500
08/07/13	45,000		2.40	3	08/07/16		108,000
09/30/13	1,395,494		1.52	4.4	-		$2,115,252

Options to purchase 37,000 shares were granted on March 20, 2013. These options vest in equal six monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $2.35 for options vesting in the first year, $3.35 for options vesting in the second year, and $4.35 for options vesting in the third year.

Options to purchase 16,300 shares were granted on September 2, 2013. These options vest in equal six monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $2.35 for options vesting in the first year, $3.35 for options vesting in the second year, and $4.35 for options vesting in the third year.

The Company has calculated the estimated fair market value of the options granted to employees and non-employees in exchange for services using the Black-Scholes Option Pricing model and the following assumptions.

a)

37,000 options granted March 20, 2013 --stock price at valuation, $2.35; expected term of 3 years, exercise prices of $2.35-$4.35, a risk free interest rate of 0.38%, a dividend yield of 0% and volatility of 253%.

b)

16,300 options granted September 2, 2013 --stock price at valuation, $2.03; expected term of 3 years, exercise prices of $2.35-$4.35, a risk free interest rate of 0.79%, a dividend yield of 0% and volatility of 242%.

During the nine month period ended September 30, 2013, 30,000 options expired following termination of employment.

Below is a table summarizing the options issued and outstanding as of September 30, 2013.

Date	Number	Exercise		Contractual	Expiration	Value if
Issued	Outstanding	Price $		Life (Years)	Date	Exercised $
11/25/11	690,000		3.00-5.00	3	05/25/15-11/25/17		2,760,000
09/01/12	30,000		4.31-6.31	3	03/01/16-09/01/18		159,300
12/13/12	100,000		3.01	3	12/13/15		301,000
03/20/13	37,000		2.35-4.35	3	09/20/16-03/20/19		123,950
09/02/13	16,300		2.35-4.35	3	03/02/14-09/02/16		54,605
09/30/13	873,300		$3.89	3	–		$3,398,855

Total remaining unrecognized compensation cost related to non-vested stock options is approximately $206,000 and is expected to be recognized over a period of three years.

11

VOLITIONRX LIMITED

(A Development Stage Company)

Notes to the Condensed Consolidated Financial Statements

September 30, 2013 and December 31, 2012

(Unaudited)

Note 9 – Commitments and Contingencies

a) Walloon Region Grant

On March 16, 2010, the Company entered into an agreement with the Walloon Region government in Belgium wherein the Walloon Region would fund up to a maximum of $1,416,923 (€1,048,020) to help fund the research endeavors of the Company.  The Walloon Region agreed to provide working capital of $566,769 (€419,208), which was received by the Company during January 2011, together with $78,017 (€57,705) in respect of approved expenditures. The Company also received $630,445 (€466,305) during the nine months ended September 30, 2013 for approved expenditures. The Company will be obligated to pay a minimum of $425,077 (€314,406) if the project is deemed to be a failure under the terms of the agreement.  If the project is deemed a success, the Company will pay both the minimum of $425,077 (€314,406) and a 6 percent royalty on all relevant sales. The maximum amount payable due to the Walloon Region is twice the amount of funding received.

b) Administrative Support Agreement

On August 6, 2010, the Company entered into an agreement with a related party to rent office space, contract for office support staff, and have consulting services provided on behalf of the Company.  The agreement requires the Company to pay $5,700 per month for office space and staff services as well as approximately $17,300 per month in fees for two senior executives.  The Company is also required to pay for all reasonable expenses incurred.  The contract is in force for 12 months with automatic extensions of 12 months with a 3 month notice required for termination of the contract.

c) Leases

On January 26, 2012, the Company entered into a new lease agreement in respect of its laboratory space at Namur in Belgium for $1,352 (€1,000) per month commencing April 1, 2012, for an initial period of one year, extended on terms yet to be agreed. On February 29, 2012, the Company entered into a lease agreement for additional laboratory and office space at Namur for approximately $5,182 (€3,833) per month commencing April 1, 2012, for a period of two years and eight months. Under this agreement the Company is also obliged to pay $2,028 (€1,500) per month as a provisional amount against expenses. On March 23, 2012, the Company entered into a lease agreement in respect of an apartment at Namur in Belgium for $838 (€620) per month commencing April 1, 2012, for an initial period of one year, extended for a further year.

d) Bonn University Agreement

On July 11, 2012, the Company entered into an agreement with Bonn University, Germany, relating to a program of samples testing. The agreement is for a period of two years commencing September 1, 2012, and the total payments to be made by the Company in accordance with the agreement are $527,280 (€390,000).

e) Legal Proceedings

There are no legal proceedings which the Company believes will have a material adverse effect on its financial position.

Note 10 – Subsequent Events

Subsequent to September 30, 2013, the Company received cash subscriptions of $250,000 for units comprising 121,952 shares of common stock and 121,952 warrants. The unit price was $2.05 for one share together with a warrant to purchase one share for every share subscribed for. The warrants are exercisable immediately upon issuance for five years at an exercise price of $2.40. Additionally the Company has received subscription agreements for a further $500,000 of units on the same terms as above. Neither the shares nor the warrants relating to the foregoing subscriptions have yet been issued.

12

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements.  These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections.  We may use words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and variations of these words and similar expressions to identify forward-looking statements.  These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted.  You should read this report completely and with the understanding that actual future results may be materially different from what we expect.  The forward-looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report.  We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Liquidity and Capital Resources

As of September 30, 2013, the Company had cash of $473,475 and other current assets of $144,929, excluding non-cash prepaid expenses of $198,333.  The Company had current liabilities of $585,407.  This represents a working capital surplus of $32,997. Subsequent to September 30, 2013, the Company has received cash subscriptions for 121,952 shares of common stock totaling $250,000, and also subscription agreements for a further 243,903 shares of common stock totaling $500,000, in connection with a private placement. As of the date of filing this Report, the Company’s cash reserves are only adequate to fund operations for a limited period of time.  

We intend to use our cash reserves to fund further research and development activities. We do not currently have any substantial source of revenues and expect to rely on additional financing.  We are pursuing plans to seek further capital through the sale of additional stock by way of private placement, but there is no assurance that we will be successful in raising further funds.

In the event that additional financing is delayed, the Company will prioritize the maintenance of its research and development personnel and facilities, primarily in Belgium, and the maintenance of its patent rights. However the completion of development of the current pipeline of intended products for the RUO market would be delayed, as would clinical validation studies and regulatory approval processes for the purpose of bringing products to the IVD market. In the event of an ongoing lack of financing, we may be obliged to discontinue operations, which will adversely affect the value of our common stock.

Overview of Operations

Management has identified the specific processes and resources required to achieve the near term objectives of the business plan, including personnel, facilities, equipment, research and testing materials including antibodies and clinical samples, and the protection of intellectual property. Some of these resources have already been acquired and are reflected in the costs for prior periods, and others are dependent upon obtaining additional financing. To date, operations have proceeded satisfactorily in relation to the business plan. However it is possible that some resources will not readily become available in a suitable form or on a timely basis or at an acceptable cost. It is also possible that the results of some processes may not be as expected and that modifications of procedures and materials may be required. Such events could result in delays to the achievement of the near term objectives of the business plan, in particular the completion of development of our intended products for the RUO market and the progression of clinical validation studies and regulatory approval processes for the purpose of bringing products to the IVD market. However, at this point, the most significant risk to the Company is that it will not succeed in obtaining additional financing in the short term.

13

Results of Operations

Three Months Ended September 30, 2013

The following table sets forth the Company’s results of operations for the three months ended on September 30, 2013 and the comparative period of three months ended September 30, 2012.

	Three months	Three months
	Ended	Ended		Percentage
	September 30, 2013	September 30, 2012	Increase/ (Decrease)	Increase/ (Decrease)
	($)	($)	($)	(%)
Revenues	–	27,589	(27,589)	(100%)
Operating Expenses	(925,567)	(900,105)	(25,462)	3%
Net Loss	(925,567)	(872,516)	(53,051)	6%
Basic and Diluted Loss Per Common Share	(0.08)	(0.09)	0.01	-11%
Weighted Average Basic and Diluted Common Shares Outstanding	11,086,237	9,697,376	1,388,861	14%

Revenues

The Company had revenues of Nil from operations in the three months ended September 30, 2013, compared to revenues of $27,589 in the comparative period for the three months ended September 30, 2012. The Company’s operations are in the development stage, and as yet the Company has no recurring sources of income.

Operating Expenses

For the three months ended September 30, 2013, the Company’s operating expenses increased by $25,462, or 3%. Operating expenses are comprised of salaries and office administrative fees, research and development expenses, professional fees, and other general and administrative expenses.  Salaries and office administrative fees increased by $29,741 due principally to additional stock-based compensation expense.  Research and development expenses decreased by $109,267 due to reduced purchases of materials and lower patent filing costs. Professional fees increased by $85,198 due to additional fees for investor relations and public relations services. General and administrative expenses increased by $19,790 due principally to increased fundraising costs.  

Net Loss

For the three months ended September 30, 2013, our net loss was $925,567, an increase of $53,051 or 6% over the comparative period for the three months ended September 30, 2012. The change is a result of the changes described above.

14

Nine Months Ended September 30, 2013

The following table sets forth the Company’s results of operations for the nine months ended on September 30, 2013 and the comparative period of nine months ended September 30, 2012.

	Nine months	Nine months
	Ended	Ended		Percentage
	September 30, 2013	September 30, 2012	Increase/ (Decrease)	Increase/ (Decrease)
	($)	($)	($)	(%)
Revenues	–	54,968	(54,968)	(100%)
Operating Expenses	(2,880,855)	(2,660,694)	(220,161)	8%
Net Loss	(2,880,855)	(2,605,726)	(275,129)	11%
Basic and Diluted Loss Per Common Share	(0.27)	(0.28)	0.01	-4%
Weighted Average Basic and Diluted Common Shares Outstanding	10,649,152	9,169,675	1,479,477	16%

Revenues

The Company had revenues of Nil from operations in the nine months ended September 30, 2013, compared to revenues of $54,968 in the comparative period for the nine months ended September 30, 2012. The Company’s operations are in the development stage, and as yet the Company has no recurring sources of income.

Operating Expenses

For the nine months ended September 30, 2013, the Company’s operating expenses increased by $220,161, or 8%. Operating expenses are comprised of salaries and office administrative fees, research and development expenses, professional fees, and other general and administrative expenses.  Salaries and office administrative fees increased by $47,298 due principally to additional warrant amortization expense.  Research and development expenses increased by $54,093 due to increased R&D activity in terms of staff and related costs, and collaboration costs, offset by reduced purchases of materials. Professional fees increased by $111,341 due to additional fees for investor relations and public relations services. General and administrative expenses increased by $7,429 due principally to an increase in franchise taxes.  

Net Loss

For the nine months ended September 30, 2013, our net loss was $2,880,855 an increase of $275,129 or 11% over the comparative period for the nine months ended September 30, 2012. The change is a result of the changes described above.

Going Concern

We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities. For these reasons, our auditors stated in their report on our audited financial statements that there is substantial doubt about our ability to continue as a going concern without further financing.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

15

Future Financings

We will continue to rely on equity sales of our common shares in order to continue to fund our business operations.  Issuances of additional shares will result in dilution to existing stockholders.  There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

Critical Accounting Policies

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis.  The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements.  A complete summary of these policies is included in the notes to our financial statements.  In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances.  Actual results could differ from those estimates made by management.

Contractual Obligations

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Recently Issued Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect.  These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 4. 

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act"). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective as of September 30, 2013, due to the material weaknesses resulting from no member of our Board of Directors qualifying as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K, and controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. Please refer to our Annual Report for the year ended December 31, 2012 on Form 10-K as filed with the SEC on April 1, 2013, for a complete discussion relating to the foregoing evaluation of Disclosures and Procedures.

Changes in Internal Control over Financial Reporting

Our management has also evaluated our internal control over financial reporting, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of our last evaluation.

16

PART II - OTHER INFORMATION

ITEM 1. 

LEGAL PROCEEDINGS

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

ITEM 1A.

RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 2. 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

1.

Quarterly Issuances:

On or about August 7, 2013, the Company issued an aggregate of 225,000 restricted shares of the Company’s common stock to four (4) Non-U.S. Investors, pursuant to the closing of a private placement. Under the private placement, the Company sold an aggregate of 225,000 common shares at a per share price of $2.00 for aggregate proceeds to the Company of $450,000.

The shares issued to the four (4) Non-U.S. Investors were issued pursuant to Rule 903 of Regulation S, as more specifically set forth below, on the basis that the investor was not a “U.S. person” as defined in Regulation S, was not acquiring the shares for the account or benefit of a U.S. person, and the sale of the shares was completed in an "offshore transaction”.

On or about August 16, 2013, the Company issued an aggregate of 12,448 restricted shares of the Company’s common stock to one (1) U.S. Accredited Investor and three (3) Non-U.S. Investors, pursuant to the terms of certain consultancy agreements. Under the consultancy agreements, the Company issued an aggregate of 12,448 common shares at fair market value as stated on date of issuance for a total value of $28,000.

On or about August 30, 2013, the Company issued an aggregate of 15,000 restricted shares of the Company’s common stock to one (1) U.S. Accredited Investor, pursuant to the terms of a consultancy agreement. Under the consultancy agreement, the Company issued an aggregate of 15,000 common shares at fair market value as stated on date of issuance for a total value of $30,750.

Exemption From Registration. The shares of Common Stock referenced herein were issued in reliance upon one of the following exemptions:

(a) The shares of Common Stock referenced herein were issued in reliance upon the exemption from securities registration afforded by the provisions of Section 4(2) of the Securities Act of 1933, as amended, ("Securities Act"), based upon the following: (a) each of the persons to whom the shares of Common Stock were issued (each such person, an "Investor") confirmed to the Company that it or he is an "accredited investor," as defined in Rule 501 of Regulation D promulgated under the Securities Act and has such background, education and experience in financial and business matters as to be able to evaluate the merits and risks of an investment in the securities, (b) there was no public offering or general solicitation with respect to the offering of such shares, (c) each Investor was provided with certain disclosure materials and all other information requested with respect to the Company, (d) each Investor acknowledged that all securities being purchased were being purchased for investment intent and were "restricted securities" for purposes of the Securities Act, and agreed to transfer such securities only in a transaction registered under the Securities Act or exempt from registration under the Securities Act and (e) a legend has been, or will be, placed on the certificates representing each such security stating that it was restricted and could only be transferred if subsequently registered under the Securities Act or transferred in a transaction exempt from registration under the Securities Act.

17

(b) The shares of common stock referenced herein were issued pursuant to and in accordance with Rule 506 of Regulation D and Section 4(2) of the Securities Act. We made this determination in part based on the representations of the Investor(s), which included, in pertinent part, that such Investor(s) was an “accredited investor” as defined in Rule 501(a) under the Securities Act, and upon such further representations from the Investor(s) that (a) the Investor is acquiring the securities for his, her or its own account for investment and not for the account of any other person and not with a view to or for distribution, assignment or resale in connection with any distribution within the meaning of the Securities Act, (b) the Investor agrees not to sell or otherwise transfer the purchased securities unless they are registered under the Securities Act and any applicable state securities laws, or an exemption or exemptions from such registration are available, (c) the Investor either alone or together with its representatives has knowledge and experience in financial and business matters such that he, she or it is capable of evaluating the merits and risks of an investment in us, and (d) the Investor has no need for the liquidity in its investment in us and could afford the complete loss of such investment.  Our determination is made based further upon our action of (a) making written disclosure to each Investor prior to the closing of sale that the securities have not been registered under the Securities Act and therefore cannot be resold unless they are registered or unless an exemption from registration is available, (b) making written descriptions of the securities being offered, the use of the proceeds from the offering and any material changes in the Company’s affairs that are not disclosed in the documents furnished, and (c) placement of a legend on the certificate that evidences the securities stating that the securities have not been registered under the Securities Act and setting forth the restrictions on transferability and sale of the securities, and upon such inaction of  the Company of any general solicitation or advertising for securities herein issued in reliance upon Rule 506 of Regulation D and Section 4(2) of the Securities Act.

(c) The shares of Common Stock referenced herein were issued pursuant to and in accordance with Rule 903 of Regulation S of the Act. We completed the offering of the shares pursuant to Rule 903 of Regulation S of the Act on the basis that the sale of the shares was completed in an "offshore transaction", as defined in Rule 902(h) of Regulation S. We did not engage in any directed selling efforts, as defined in Regulation S, in the United States in connection with the sale of the shares. Each investor represented to us that the investor was not a "U.S. person", as defined in Regulation S, and was not acquiring the shares for the account or benefit of a U.S. person. The agreement executed between us and each investor included statements that the securities had not been registered pursuant to the Act and that the securities may not be offered or sold in the United States unless the securities are registered under the Act or pursuant to an exemption from the Act. Each investor agreed by execution of the agreement for the shares: (i) to resell the securities purchased only in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an exemption from registration under the Act; (ii) that we are required to refuse to register any sale of the securities purchased unless the transfer is in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an exemption from registration under the Act; and (iii) not to engage in hedging transactions with regards to the securities purchased unless in compliance with the Act. All certificates representing the shares were or upon issuance will be endorsed with a restrictive legend confirming that the securities had been issued pursuant to Regulation S of the Act and could not be resold without registration under the Act or an applicable exemption from the registration requirements of the Act.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.  

MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5.

OTHER INFORMATION

None.

18

ITEM 6.

EXHIBITS

Exhibit Number	Description	Filing
2.01	Share Purchase Agreement by and between Singapore Volition and ValiRX PLC dated September 22, 2010	Filed with the SEC on May 8, 2012 as part of our Amended Current Report on Form 8-K/A.
2.02	Supplementary Agreement to the Share Purchase Agreement by and between Singapore Volition and ValiRX PLC dated June 9, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
3.01	Certificate of Incorporation	Filed with the SEC on December 6, 1999 as part of our Registration Statement on Form 10-SB.
3.01(a)	Amendment to Certificate of Incorporation	Filed with the SEC on November 10, 2005 as part of our Registration Statement on Form SB-2.
3.01(b)	Certificate for Renewal and Revival of Charter	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
3.01(c)	Amended and Restated Certificate of Incorporation	Filed with the SEC on October 7, 2013 as part of our Current Report on Form 8-K.
3.02	Bylaws	Filed with the SEC on December 6, 1999 as part of our Registration Statement on Form 10-SB.
4.01	2011 Equity Incentive Plan dated November 17, 2011	Filed with the SEC on November 18, 2011 as part of our Current Report on Form 8-K.
4.02	Sample Stock Option Agreement	Filed with the SEC on November 18, 2011 as part of our Current Report on Form 8-K.
4.03	Sample Stock Award Agreement for Restricted Stock	Filed with the SEC on November 18, 2011 as part of our Current Report on Form 8-K.
10.01	Patent License Agreement by and between Cronos Therapeutics Limited and Imperial College Innovations Limited dated October 19, 2005	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.02	Amended Patent License Agreement by and between Cronos Therapeutics Limited and Imperial College Innovations Limited dated July 31, 2006	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.03	Extension Letter Agreement by and between Cronos Therapeutics Limited and Imperial College Innovations Limited dated September 4, 2006	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.04	Patent License Agreement by and between ValiRX PLC and Chroma Therapeutics Limited dated October 3, 2007	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.05	Contract Repayable Grant Advance on the Diagnosis of Colorectal Cancer by “NucleosomicsTM” by and between ValiBio SA and The Walloon Region dated December 17, 2009	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.06	Non-Exploitation and Third Party Patent License Agreement by and among ValiBio SA, ValiRX PLC and The Walloon Region dated December 17, 2009	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.07	Agreement by and between Singapore Volition and PB Commodities Pte Limited dated August 6, 2010	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.08	Employment Agreement by and between PB Commodities Pte Ltd and Cameron Reynolds dated September 4, 2010	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.09	Employment Agreement by and between PB Commodities Pte Ltd and Rodney Rootsaert dated September 4, 2010	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.10	Deed of Novation by and among Singapore Volition Pte Limited, ValiRX PLC, ValiBio SA and Chroma Therapeutics Limited dated September 22, 2010	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.11	Letter of Appointment as Non-Executive Director by and between Singapore Volition Pte Limited and Satu Vainikka dated September 22, 2010	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

19

Exhibit Number	Description	Filing
10.12	Letter of Appointment as Non-Executive Director by and between Singapore Volition Pte Limited and Guy Archibald Innes dated September 23, 2010	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.13	Employment Agreement by and between Singapore Volition and Dr. George S. Morris dated September 29, 2010	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.14	Master Consultancy Services Agreement by and between Singapore Volition Pte Limited and OncoLytika Ltd dated October 1, 2010	Filed with the SEC on April 1, 2013 as part of our Annual Report on Form 10-K.
10.15	Consultancy Agreement by and between PB Commodities Pte Ltd and Kendall Life Sciences Consultants Ltd dated October 4, 2010	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.16	Patent License Agreement by and between Singapore Volition and Belgian Volition dated November 2, 2010	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.17	Consultancy Agreement by and between Belgian Volition S.A. and Borlaug Limited dated January 1, 2011	Filed with the SEC on April 1, 2013 as part of our Annual Report on Form 10-K.
10.18	Letter of Appointment as Non-Executive Director by and between Singapore Volition Pte Limited and Dr. Alan Colman dated May 25, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.19	License Agreement by and between Singapore Volition and the European Molecular Biology Laboratory dated June 6, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.20	Deed of Novation by and among Imperial College Innovations Limited, Valipharma Limited and Hypergenomics Pte Limited dated June 9, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.21	Patent License Agreement by and between Hypergenomics Pte Limited and Valipharma Limited dated June 9, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.22	Consultancy Agreement by and between Singapore Volition Pte Limited and Malcolm Lewin dated July 10, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.23	Letter of Appointment as Executive Chairman by and between Singapore Volition and Dr. Martin Faulkes dated July 13, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.24	Service Agreement by and between Singapore Volition and Volition Research Limited dated August 10, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.25	Settlement Agreement by and between Singapore Volition and Volition Research Limited dated August 11, 2011	Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.
10.26	Share Exchange Agreement by and between the Company and Singapore Volition Pte Limited dated September 26, 2011	Filed with the SEC on September 29, 2011 as part of our Current Report on Form 8-K.
10.27	Agreement, Consent and Waiver by and between Standard Capital Corporation and its Shareholders dated September 27, 2011	Filed with the SEC on April 5, 2012 as part of our Amended Current Report on Form 8-K/A.
10.28	Agreement by and between Hypergenomics Pte Limited and PB Commodities Pte Ltd dated October 1, 2011	Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.
10.29	Agreement by and between Belgian Volition SA and the Biobank of CHU UCL Mont-Godinne dated August 6, 2012	Filed with the SEC on October 4, 2012 as part of our Amended Registration Statement on Form S-1/A.
14.01	Code of Ethics	Filed with the SEC on November 10, 2005 as part of our Registration Statement on Form SB-2.
16.01	Letter from Madsen & Associates, CPA's Inc. dated November 29, 2011	Filed with the SEC on November 30, 2011 as part of our Current Report on Form 8-K.

20

Exhibit Number	Description	Filing
21.01	List of Subsidiaries	Filed with the SEC on October 13, 2011 as part of our Current Report on Form 8-K.
31.01	Certification of Principal Executive Officer Pursuant to Rule 13a-14	Filed herewith.
31.02	Certification of Principal Financial Officer Pursuant to Rule 13a-14	Filed herewith.
32.01	CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act	Filed herewith.
32.02	CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act	Filed herewith.
101.INS*	XBRL Instance Document	Filed herewith.
101.SCH*	XBRL Taxonomy Extension Schema Document	Filed herewith.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document	Filed herewith.
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document	Filed herewith.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document	Filed herewith.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document	Filed herewith.

*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

VOLITIONRX LIMITED

Dated:  October 31, 2013

/s/ Cameron Reynolds                      

By: Cameron Reynolds

Its: President, Principal Executive Officer and Director

Dated:  October 31, 2013

/s/ Malcolm Lewin                            

By: Malcolm Lewin

Its: Principal Financial Officer, Principal Accounting Officer, & Treasurer

21

EX-31.01

Exhibit 31.01

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14

I, Cameron Reynolds, certify that:

 1.

I have reviewed this Quarterly Report on Form 10-Q of VolitionRX Limited;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 31, 2013

/s/ Cameron Reynolds

By: Cameron Reynolds

Its: Chief Executive Officer

EX-31.02

Exhibit 31.02

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14

I, Malcolm Lewin, certify that:

 1.

I have reviewed this Quarterly Report on Form 10-Q of VolitionRX Limited;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 31, 2013

/s/ Malcolm Lewin

By: Malcolm Lewin

Its:  Chief Financial Officer

EX-32.01

Exhibit 32.01

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of VolitionRX Limited (the “Company”) on Form 10-Q for the period ended September 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Cameron Reynolds, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Cameron Reynolds

By: Cameron Reynolds

Chief Executive Officer

Dated: October 31, 2013

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.02

Exhibit 32.02

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of VolitionRX Limited (the “Company”) on Form 10-Q for the period ended September 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Malcolm Lewin, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Malcolm Lewin

By: Malcolm Lewin

Chief Financial Officer

Dated: October 31, 2013

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2013

Intangible Assets Tables

Patents amortized over their remaining lives

The patents are being amortized over their remaining lives, which are 10 years and 18 years. 

					December 31,
					2012
			Accumulated		Net Carrying
	Cost		Amortization		Value
	$		$		$
Patents		1,666,346		236,108		1,430,238
		1,666,346		236,108		1,430,238
						September 30,
						2013
				Accumulated		Net Carrying
		Cost		Amortization		Value
		$		$		$
Patents		1,693,034		328,052		1,364,982
		1,693,034		328,052		1,364,982

Annual estimated amortization schedule

The annual estimated amortization schedule over the next five years is as follows:

2013	-	remaining		$28,534
2014			$	114,138
2015			$	114,138
2016			$	114,138
2017			$	114,138

XML

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (USD $)	3 Months Ended		9 Months Ended		38 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Revenue		$ 27,589		$ 54,968	$ 54,968
Expenses
General and administrative	67,961	48,171	242,660	235,231	957,882
Professional fees	153,226	68,028	310,585	199,244	1,325,417
Salaries and office administrative fees	179,846	150,105	569,238	521,940	2,013,413
Research and development	524,534	633,801	1,758,372	1,704,279	6,224,747
Total Operating Expenses	925,567	900,105	2,880,855	2,660,694	10,521,459
Net Operating Loss	(925,567)	(872,516)	(2,880,855)	(2,605,726)	(10,466,491)
Provision for income taxes
Net Loss	(925,567)	(872,516)	(2,880,855)	(2,605,726)	(10,466,491)
Other Comprehensive Loss
Foreign currency translation adjustments	(6,478)	(6,406)	(18,336)	(45,663)	(52,612)
Total Other Comprehensive Loss	(6,478)	(6,406)	(18,336)	(45,663)	(52,612)
Net Comprehensive Loss	$ (932,045)	$ (878,922)	$ (2,899,191)	$ (2,651,389)	$ (10,519,103)
Net Loss per Share - Basic and Diluted	$ (0.08)	$ (0.09)	$ (0.27)	$ (0.28)
Weighted Average Shares Outstanding - Basic and Diluted	11,086,237	9,697,376	10,649,152	9,169,675

XML

Related Party Transactions

9 Months Ended

Sep. 30, 2013

Related Party Transactions

Note 5. Related Party Transactions

The Company contracts with a related party to rent office space, be provided office support staff, and have consultancy services provided on behalf of the Company. See Note 9 for obligation under the contract.

XML

Amendment of Authorised Stock (Details Nerrative) (USD $)	Sep. 30, 2013	Sep. 19, 2013	Dec. 31, 2012
Notes to Financial Statements
Common Stock, shares authorized	100,000,000	200,000,000	200,000,000
Common Stock, par value	$ 0.001		$ 0.001
Preferred Stock, par value	$ 0.001
Peferred Stock, shares authorized	1,000,000

XML

Warrants and Options (Table)

9 Months Ended

Sep. 30, 2013

Warrants And Options Table

Summary of Warrants Issued And Outstanding

Below is a table summarizing the warrants issued and outstanding as of September 30, 2013.

Date		Number		Exercise		Contractual		Expiration		Value if
Issued		Outstanding		Price $		Life (Years)		Date		Exercised $
	03/15/11		200,000		0.50		5		3/15/2016		100,000
	03/24/11		100,000		0.50		5		3/24/2016		50,000
	04/01/11		100,000		0.50		5		4/1/2016		50,000
	06/21/11		100,000		0.50		5		6/21/2016		50,000
	07/13/11		250,000		1.05		5		07/13/16		262,500
	05/11/12		344,059		2.60		4		05/10/16		894,553
	05/11/12		26,685		1.75		3		05/10/15		46,699
	03/20/13		200,000		2.47		3		03/20/16		494,000
									-03/20/19
	06/10/13		29,750		2.00		5		06/10/18		59,500
	08/07/13		45,000		2.40		3		08/07/16		108,000
	09/30/13		1,395,494		1.52		4.4		—	$	2,115,252

Summary of options issued and outstanding

Below is a table summarizing the options issued and outstanding as of September 30, 2013.

Date		Number		Exercise		Contractual		Expiration		Value if
Issued		Outstanding		Price $		Life (Years)		Date		Exercised $
	11/25/11		690,000		3.00-5.00		3		05/25/15-11/25/17		2,760,000
	09/01/12		30,000		4.31-6.31		3		03/01/16-09/01/18		159,300
	12/13/12		100,000		3.01		3		12/13/15		301,000
	03/20/13		37,000		2.35-4.35		3		09/20/16-03/20/19		123,950
	09/02/13		16,300		2.35-4.35		3		03/02/14-09/02/16		54,605
	09/30/13		873,300	$	3.89		3		—	$	3,398,855

XML

Warrants And Options (Details 1) (USD $)	Sep. 30, 2013
Issued On 11/25/11 [Member]
Number Outstanding	690,000
Contractual Life (Years)	3 years
Value if Exercised	$ 2,760,000
Issued On 11/25/11 [Member] | Minimum [Member]
Exercise Price	$ 3.00
Expiration Date	2015-05-25
Issued On 11/25/11 [Member] | Maximum [Member]
Exercise Price	$ 5.00
Expiration Date	2017-11-25
Issued On 09/01/12 [Member]
Number Outstanding	30,000
Contractual Life (Years)	3 years
Value if Exercised	159,300
Issued On 09/01/12 [Member] | Minimum [Member]
Exercise Price	$ 4.31
Expiration Date	2016-03-01
Issued On 09/01/12 [Member] | Maximum [Member]
Exercise Price	$ 6.31
Expiration Date	2018-09-01
Issued On 12/13/12 [Member]
Number Outstanding	100,000
Exercise Price	$ 3.01
Contractual Life (Years)	3 years
Expiration Date	2015-12-13
Value if Exercised	301,000
Issued On 03/20/13 [Member]
Number Outstanding	37,000
Contractual Life (Years)	3 years
Value if Exercised	123,950
Issued On 03/20/13 [Member] | Minimum [Member]
Exercise Price	$ 2.35
Expiration Date	2016-09-20
Issued On 03/20/13 [Member] | Maximum [Member]
Exercise Price	$ 4.35
Expiration Date	2019-03-20
Issued on 09/02/13 [Member]
Number Outstanding	16,300
Contractual Life (Years)	3 years
Value if Exercised	54,605
Issued on 09/02/13 [Member] | Minimum [Member]
Exercise Price	$ 2.35
Expiration Date	2014-03-02
Issued on 09/02/13 [Member] | Maximum [Member]
Exercise Price	$ 4.35
Expiration Date	2016-09-02
Issued On 09/30/13 [Member]
Number Outstanding	873,300
Exercise Price	$ 3.89
Contractual Life (Years)	3 years
Value if Exercised	$ 3,398,855

XML

Warrants And Options (Details) (Warrant [Member], USD $)	Sep. 30, 2013
On 03/15/11 [Member]
Number Outstanding	200,000
Exercise Price	$ 0.5
Contractual Life (Years)	5 years
Expiration Date	2016-03-15
Value if Exercised	$ 100,000
On 03/24/11 [Member]
Number Outstanding	100,000
Exercise Price	$ 0.5
Contractual Life (Years)	5 years
Expiration Date	2016-03-24
Value if Exercised	50,000
On 04/01/11 [Member]
Number Outstanding	100,000
Exercise Price	$ 0.5
Contractual Life (Years)	5 years
Expiration Date	2016-04-01
Value if Exercised	50,000
On 06/21/11 [Member]
Number Outstanding	100,000
Exercise Price	$ 0.5
Contractual Life (Years)	5 years
Expiration Date	2016-06-21
Value if Exercised	50,000
On 07/13/11 [Member]
Number Outstanding	250,000
Exercise Price	$ 1.05
Contractual Life (Years)	5 years
Expiration Date	2016-07-13
Value if Exercised	262,500
On 05/11/12 [Member]
Number Outstanding	344,059
Exercise Price	$ 2.6
Contractual Life (Years)	4 years
Expiration Date	2016-05-10
Value if Exercised	894,553
On 05/11/12 One [Member]
Number Outstanding	26,685
Exercise Price	$ 1.75
Contractual Life (Years)	3 years
Expiration Date	2015-05-10
Value if Exercised	46,699
On 03/20/13 [Member] | Minimum [Member]
Number Outstanding	200,000
Exercise Price	$ 2.47
Contractual Life (Years)	3 years
Expiration Date	2016-03-20
Value if Exercised	494,000
On 03/20/13 [Member] | Maximum [Member]
Expiration Date	2019-03-20
On 06/10/13 [Member]
Number Outstanding	29,750
Exercise Price	$ 2.00
Contractual Life (Years)	5 years
Expiration Date	2018-06-10
Value if Exercised	59,500
On 08/07/13 [Member]
Number Outstanding	45,000
Exercise Price	$ 2.40
Contractual Life (Years)	3 years
Expiration Date	2016-08-07
Value if Exercised	108,000
On 09/30/13 [Member]
Number Outstanding	1,395,494
Exercise Price	$ 1.52
Contractual Life (Years)	4 years 4 months 24 days
Value if Exercised	$ 2,155,252

XML

Common Stock (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2013
Common stock issued	668,500
Common stock issued, value	$ 1,337,000
Common stock issued, price	$ 2.00
Warrant exercise period	3 years
Expected term	3 years
Exercise price	$ 2.40
Volatility	244.00%
Stock price	$ 2.17
Risk free rate	0.61%
Warrant issued	45,000
Agent [Member]
Common stock issued	297,500
Common stock issued, value	534,500
Common stock issued, price	$ 2.00
Warrant exercise period	5 years
Expected term	5 years
Exercise price	$ 2.00
Volatility	246.00%
Stock price	$ 2.43
Risk free rate	1.13%
Professional fees and expenses	60,500
Warrant issued	29,750
Consultant And Directors [Member]
Common stock issued	9,292
Common stock issued, value	18,583
Common stock issued, price	$ 2.00
Consultant And Directors Services Valued [Member]
Common stock issued	12,448
Common stock issued, value	28,000
Consultant [Member]
Common stock issued	15,000
Common stock issued, value	$ 30,750
Exercise price	$ 2.47
Volatility	253.00%
Risk free rate	0.38%

XML

Condensed Financial Statements

9 Months Ended

Sep. 30, 2013

Financial Statements

Note 1. Condensed Financial Statements

The accompanying financial statements have been prepared by VolitionRX Limited (the “Company”) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2013, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2012 audited financial statements. The results of operations for the periods ended September 30, 2013 and 2012 are not necessarily indicative of the operating results for the full years.

XML

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Summary Of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Reclassification of Financial Statement Accounts

Certain reclassifications have been made to prior periods’ data to conform to the current year’s presentation. These reclassifications had no effect on reported income or losses or working capital ratios.

Principles of Consolidation

The accompanying condensed consolidated financial statements for the period ended September 30, 2013 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte Ltd., Belgian Volition SA, and Hypergenomics Pte. Ltd. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at September 30, 2013 and December 31, 2012, the Company had $473,475 and $376,421, respectively in cash and cash equivalents.

Basic and Diluted Net Loss Per Share

The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of September 30, 2013, 537,244 dilutive warrants and options and 1,375,310 potentially dilutive options were excluded from the Diluted EPS calculation as their effect is anti dilutive.

Foreign Currency Translation

The Company’s functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions”. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive loss.

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.

XML

Amendment of Authorised Stock

9 Months Ended

Sep. 30, 2013

Amendment Of Authorised Stock

Note 6. Amendment of Authorised Stock

As of September 19, 2013, the number of authorized shares of common stock was reduced from 200,000,000 shares to 100,000,000 shares at $0.001 par value, and the issuance of 1,000,000 shares of preferred stock at $0.001 par value was authorized.

XML

Intangible Assets

9 Months Ended

Sep. 30, 2013

Intangible Assets

Note 4. Intangible Assets

The Company’s intangible assets consist of intellectual property, principally patents, acquired in the acquisition of ValiBio SA. The patents are being amortized over their remaining lives, which are 10 years and 18 years. 

					December 31,
					2012
			Accumulated		Net Carrying
	Cost		Amortization		Value
	$		$		$
Patents		1,666,346		236,108		1,430,238
		1,666,346		236,108		1,430,238
						September 30,
						2013
				Accumulated		Net Carrying
		Cost		Amortization		Value
		$		$		$
Patents		1,693,034		328,052		1,364,982
		1,693,034		328,052		1,364,982

During the nine month period ended September 30, 2013, and the year ended December 31, 2012, the Company recognized $85,603 and $112,056 in amortization expense respectively.

The Company amortizes the long-lived asset on a straight line basis with terms ranging from 13 to 20 years. The annual estimated amortization schedule over the next five years is as follows:

2013	-	remaining		$28,534
2014			$	114,138
2015			$	114,138
2016			$	114,138
2017			$	114,138

The Company periodically reviews its long lived assets to ensure that their carrying value does not exceed their fair market value.

XML

Warrants And Options (Details Narrative) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Warrant issued	45,000
Exercise price	$ 2.40
Volatility rate	244.00%
Risk free rate	0.61%
Options expired	30,000
Consultant [Member]
Allocated value of warrants	$ 456,367
Warrants vesting immediately	25,000
Warrants vesting contingent	175,000
Warrant Term	3 years
Expected term	3 years
Exercise price	$ 2.47
Volatility rate	253.00%
Stock price	$ 2.35
Risk free rate	0.38%
Warrants expensed	198,921
Agent [Member]
Warrant issued	29,750
Allocated value of warrants	71,918
Share issuances	297,500
Share issuances value	534,500
Warrant Term	5 years
Expected term	5 years
Exercise price	$ 2.00
Volatility rate	246.00%
Stock price	$ 2.43
Risk free rate	1.13%
Issuance [Member]
Warrant issued	45,000
Allocated value of warrants	94,111
Share issuances	225,000
Share issuances value	450,000
Warrant Term	3 years
Exercise price	$ 2.40
Investor Relations [Member]
Warrant issued		50,000
Allocated value of warrants		$ 145,431
Warrant Term		3 years
Exercise price		$ 3.25
Volatility rate		251.00%
Stock price		$ 3.00
Risk free rate		0.32%
Warrants cancelled	50,000

XML

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
STOCKHOLDERS' EQUITY
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	200,000,000
Preferred Stock, par value	$ 0.001
Peferred Stock, shares authorized	1,000,000
Common Stock, shares issued	11,194,302	10,191,562
Common Stock, shares outstanding	11,194,302	10,191,562

XML

Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments And Contingencies

Note 9. Commitments and Contingencies

a) Walloon Region Grant

On March 16, 2010, the Company entered into an agreement with the Walloon Region government in Belgium wherein the Walloon Region would fund up to a maximum of $1,416,923 (€1,048,020) to help fund the research endeavors of the Company. The Walloon Region agreed to provide working capital of $566,769 (€419,208), which was received by the Company during January 2011, together with $78,017 (€57,705) in respect of approved expenditures. The Company also received $630,445 (€466,305) during the nine months ended September 30, 2013 for approved expenditures. The Company will be obligated to pay a minimum of $425,077 (€314,406) if the project is deemed to be a failure under the terms of the agreement. If the project is deemed a success, the Company will pay both the minimum of $425,077 (€314,406) and a 6 percent royalty on all relevant sales. The maximum amount payable due to the Walloon Region is twice the amount of funding received.

b) Administrative Support Agreement

On August 6, 2010, the Company entered into an agreement with a related party to rent office space, contract for office support staff, and have consulting services provided on behalf of the Company. The agreement requires the Company to pay $5,700 per month for office space and staff services as well as approximately $17,300 per month in fees for two senior executives. The Company is also required to pay for all reasonable expenses incurred. The contract is in force for 12 months with automatic extensions of 12 months with a 3 month notice required for termination of the contract.

c) Leases

On January 26, 2012, the Company entered into a new lease agreement in respect of its laboratory space at Namur in Belgium for $1,352 (€1,000) per month commencing April 1, 2012, for an initial period of one year, extended on terms yet to be agreed. On February 29, 2012, the Company entered into a lease agreement for additional laboratory and office space at Namur for approximately $5,182 (€3,833) per month commencing April 1, 2012, for a period of two years and eight months. Under this agreement the Company is also obliged to pay $2,028 (€1,500) per month as a provisional amount against expenses. On March 23, 2012, the Company entered into a lease agreement in respect of an apartment at Namur in Belgium for $838 (€620) per month commencing April 1, 2012, for an initial period of one year, extended for a further year.

d) Bonn University Agreement

On July 11, 2012, the Company entered into an agreement with Bonn University, Germany, relating to a program of samples testing. The agreement is for a period of two years commencing September 1, 2012, and the total payments to be made by the Company in accordance with the agreement are $527,280 (€390,000).

e) Legal Proceedings

There are no legal proceedings which the Company believes will have a material adverse effect on its financial position.

XML

Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)	9 Months Ended		38 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Operating Activities
Net loss	$ (2,880,855)	$ (2,605,726)	$ (10,466,491)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	109,044	103,477	384,506
Stock based compensation	236,966	445,142	1,502,415
Common stock and warrants issued for services	348,172	286,583	1,577,830
Amortization of stock issued in advance of services	52,500	52,500	151,667
Changes in operating assets and liabilities:
Prepaid expenses	(81,965)	(83,028)	(107,514)
Other current assets	7,292	(10,444)	611
Accounts payable and accrued liabilities	(166,093)	(55,793)	300,426
Net Cash Used In Operating Activities	(2,374,939)	(1,867,289)	(6,656,550)
Investing Activities
Purchases of property and equipment	(713)	(71,576)	(126,263)
Net Cash Used in Investing Activities	(713)	(71,576)	(126,263)
Financing Activities
Proceeds from issuance of common shares	1,871,500	1,951,625	6,311,104
Grants received	605,154		1,281,500
Proceeds from note payable			59,942
Repayment of note payable - related party	(1,321)		(357,128)
Cash acquired through reverse merger			100
Net Cash Provided By Financing Activities	2,475,333	1,951,625	7,295,518
Effect of foreign exchange on cash	(2,627)	(45,375)	(39,230)
Increase/(Decrease) in Cash	97,054	(32,615)	473,475
Cash - Beginning of Period	376,421	347,892
Cash - End of Period	473,475	315,277	473,475
Supplemental Disclosures of Cash Flow Information
Interest paid
Income tax paid
Non Cash Financing Activities::
Acquisition of subsidiary for debt			1,000,000
Common stock issued for debt	$ 77,333	$ 207,027	$ 2,251,946

XML

Condensed Consolidated Balance Sheets (UNAUDITED) (USD $)	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash	$ 473,475	$ 376,421
Prepaid expenses - related party	198,333	250,833
Prepaid expenses	112,154	28,520
Other current assets	32,775	39,368
Total Current Assets	816,737	695,142
Property and equipment, net	70,158	91,386
Intangible assets, net	1,364,982	1,430,238
Total Assets	2,251,877	2,216,766
LIABILITIES
Accounts payable and accrued liabilities	585,407	694,910
Note payable - related party		52,860
Total Current Liabilities	585,407	747,770
Grant repayable	1,275,231	635,201
Total Liabilities	1,860,638	1,382,971
STOCKHOLDERS' EQUITY
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value 1,000,000 shares of preferred stock, at $0.001 par value Issued and outstanding: 11,194,302 shares and 10,191,562 shares of common stock, respectively	11,194	10,192
Additional paid-in capital	10,899,148	8,443,512
Accumulated other comprehensive loss	(52,612)	(34,276)
Deficit accumulated during the development stage	(10,466,491)	(7,585,633)
Total Stockholders' Equity	391,239	833,795
Total Liabilities and Stockholders' Equity	$ 2,251,877	$ 2,216,766

XML

Commitments and Contingencies (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2013
Commitments And Contingencies Details Narrative
Approved expenditures received	$ 630,445

XML

Intangible Assets (Details Narrative) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Amortization expense	$ 85,603	$ 112,056
Minimum [Member]
Intangible Assets Remaining amortized life	10 years
Amortization of long-lived asset on straight line basis	13 years
Maximum [Member]
Intangible Assets Remaining amortized life	18 years
Amortization of long-lived asset on straight line basis	20 years

XML

Warrants And Options

9 Months Ended

Sep. 30, 2013

Warrants And Options

Note 8. Warrants And Options

During the nine month period ended September 30, 2013, the Company issued 29,750 warrants to an agent as part remuneration in respect of the issuance of 297,500 shares for net proceeds of $534,500. The Company has valued the warrants at $71,918. Each warrant is exercisable immediately for five years at an exercise price of $2.00 per share.

During the nine month period ended September 30, 2013, the Company issued 200,000 warrants to a consultant for services at an exercise price of $2.47, expiring three years after vesting. 25,000 warrants vest immediately, and the vesting of the remaining 175,000 warrants is contingent upon the achievement of specific milestones. The Company estimates that vesting of these latter warrants will take place over the three years to March 2016. The warrants were valued at $456,367 using the Black-Scholes Option Pricing model using the following assumptions: Three-year term, $2.35 stock price, $2.47 exercise price, 253% volatility, 0.38% risk free rate. As of September 30, 2013, $198,921 of the value of these warrants has been expensed.

During the nine month period ended September 30, 2013, the Company issued 45,000 warrants attached to the issuance of 225,000 shares for cash totaling $450,000. The Company has allocated $94,111 of the proceeds to the value of the warrants. The warrants are exercisable immediately for three years at an exercise price of $2.40.

During the year ended December 31, 2012, the Company issued 50,000 warrants for investor relations services rendered to the Company. The warrants are exercisable immediately for three years at an exercise price of $3.25. The warrants were valued at $145,431 using the Black-Scholes Option Pricing model using the following assumptions: Three-year term, $3.00 stock price, $3.25 exercise price, 251% volatility, 0.32% risk free rate. These warrants were cancelled by mutual agreement for no consideration during the nine month period ended September 30, 2013.

Below is a table summarizing the warrants issued and outstanding as of September 30, 2013.

Date		Number		Exercise		Contractual		Expiration		Value if
Issued		Outstanding		Price $		Life (Years)		Date		Exercised $
	03/15/11		200,000		0.50		5		3/15/2016		100,000
	03/24/11		100,000		0.50		5		3/24/2016		50,000
	04/01/11		100,000		0.50		5		4/1/2016		50,000
	06/21/11		100,000		0.50		5		6/21/2016		50,000
	07/13/11		250,000		1.05		5		07/13/16		262,500
	05/11/12		344,059		2.60		4		05/10/16		894,553
	05/11/12		26,685		1.75		3		05/10/15		46,699
	03/20/13		200,000		2.47		3		03/20/16		494,000
									-03/20/19
	06/10/13		29,750		2.00		5		06/10/18		59,500
	08/07/13		45,000		2.40		3		08/07/16		108,000
	09/30/13		1,395,494		1.52		4.4		—	$	2,115,252

Options to purchase 37,000 shares were granted on March 20, 2013. These options vest in equal nine monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $2.35 for options vesting in the first year, $3.35 for options vesting in the second year, and $4.35 for options vesting in the third year.

Options to purchase 16,300 shares were granted on September 2, 2013. These options vest in equal nine monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $2.35 for options vesting in the first year, $3.35 for options vesting in the second year, and $4.35 for options vesting in the third year.

The Company has calculated the estimated fair market value of the options granted to employees and non-employees in exchange for services using the Black-Scholes Option Pricing model and the following assumptions.

a) 37,000 options granted March 20, 2013 --stock price at valuation, $2.35; expected term of 3 years, exercise prices of $2.35-$4.35, a risk free interest rate of 0.38%, a dividend yield of 0% and volatility of 253%.

b) 16,300 options granted September 2, 2013 --stock price at valuation, $2.03; expected term of 3 years, exercise prices of $2.35-$4.35, a risk free interest rate of 0.79%, a dividend yield of 0% and volatility of 242%.

During the nine month period ended September 30, 2013, 30,000 options expired following termination of employment.

Below is a table summarizing the options issued and outstanding as of September 30, 2013.

Date		Number		Exercise		Contractual		Expiration		Value if
Issued		Outstanding		Price $		Life (Years)		Date		Exercised $
	11/25/11		690,000		3.00-5.00		3		05/25/15-11/25/17		2,760,000
	09/01/12		30,000		4.31-6.31		3		03/01/16-09/01/18		159,300
	12/13/12		100,000		3.01		3		12/13/15		301,000
	03/20/13		37,000		2.35-4.35		3		09/20/16-03/20/19		123,950
	09/02/13		16,300		2.35-4.35		3		03/02/14-09/02/16		54,605
	09/30/13		873,300	$	3.89		3		—	$	3,398,855

Total remaining unrecognized compensation cost related to non-vested stock options is approximately $206,000 and is expected to be recognized over a period of three years.

XML

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2013

Summary Of Significant Accounting Policies Policies

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Reclassification of Financial Statement Accounts

Reclassification of Financial Statement Accounts

Certain reclassifications have been made to prior periods’ data to conform to the current year’s presentation. These reclassifications had no effect on reported income or losses or working capital ratios.

Principles of Consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements for the period ended September 30, 2013 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte Ltd., Belgian Volition SA, and Hypergenomics Pte. Ltd. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at September 30, 2013 and December 31, 2012, the Company had $473,475 and $376,421, respectively in cash and cash equivalents.

Basic and Diluted Net Loss Per Share

Basic and Diluted Net Loss Per Share

The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of September 30, 2013, 537,244 dilutive warrants and options and 1,375,310 potentially dilutive options were excluded from the Diluted EPS calculation as their effect is anti dilutive.

Foreign Currency Translation

Foreign Currency Translation

The Company’s functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions”. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive loss.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.

XML

Common Stock

9 Months Ended

Sep. 30, 2013

Common Stock

Note 7. Common Stock

During the nine month period ended September 30, 2013, the Company issued 297,500 shares of common stock for a total of $534,500 at a price of $2.00 per share. The amount received was net of $60,500 fees and expenses to an agent. Remuneration to the agent also included 29,750 warrants, immediately exercisable for a period of five years at a price of $2.00 per share. The warrants were valued at $71,918, using the Black-Scholes Option Pricing model using the following assumptions: Five-year term, $2.43 stock price, $2.00 exercise price, 246% volatility, 1.13% risk free rate.

During the nine month period ended September 30, 2013, the Company issued 668,500 shares of common stock for a total of $1,337,000 at a price of $2.00 per share. Attached to share issuances totaling 225,000 shares were 45,000 warrants. Each warrant is immediately exercisable for a period of three years at $2.40 per share. The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions: Three year term, $2.17 stock price, $2.40 exercise price, 244% volatility, 0.61% risk free rate. The Company has allocated $94,111 of the total $450,000 in proceeds to the value of the warrants.

During the nine month period ended September 30, 2013, the Company also issued (a) 9,292 shares of common stock to consultants and directors to settle liabilities for services valued at $18,583 at a price of $2.00 per share, (b) 12,448 shares of common stock to consultants and directors for services valued at $28,000 at fair market value as stated on date of issuance, and (c) 15,000 shares of common stock to consultants for services valued at $30,750 at fair market value as stated on date of issuance.

XML

Going Concern

9 Months Ended

Sep. 30, 2013

Going Concern

Note 2. Going Concern

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses since inception of $10,466,491 and currently has very limited revenues, which creates substantial doubt about its ability to continue as a going concern.

The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions and/or financing as may be required to sustain its operations. Management's plan to address this need includes, (a) continued exercise of tight cost controls to conserve cash, (b) receiving additional grant funds, and (c) obtaining additional financing through debt or equity financing.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

XML

Going Concern (Details Narrative) (USD $)	3 Months Ended		9 Months Ended		38 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Going Concern Details Narrative
Losses Since Inception	$ 925,567	$ 872,516	$ 2,880,855	$ 2,605,726	$ 10,466,491

XML

Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events

Note 10. Subsequent Events

Subsequent to September 30, 2013, the Company received cash subscriptions of $250,000 for units comprising 121,952 shares of common stock and 121,952 warrants. The unit price was $2.05 for one share together with a warrant to purchase one share for every share subscribed for. The warrants are exercisable immediately upon issuance for five years at an exercise price of $2.40. Additionally the Company has received subscription agreements for a further $500,000 of units on the same terms as above. Neither the shares nor the warrants relating to the foregoing subscriptions have yet been issued.

XML

Intangible Assets (Details 1) (USD $)	Sep. 30, 2013
Intangible Assets Details 1
2013 - Remaining	$ 28,534
2014	114,138
2015	114,138
2016	114,138
2017	$ 114,138

XML

Summary of Significant Accounting Policies (Details Narrative) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Cash and Cash Equivalents	$ 473,475	$ 376,421
Dilutive Warrants And Options [Member]
Potentially dilutive warrants and options	537,244
Options [Member]
Potentially dilutive options	1,375,310

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document And Entity Information
Entity Registrant Name	VOLITIONRX LTD
Entity Central Index Key	0000093314
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,194,302
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2013

XML

Intangible Assets (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Cost	$ 1,693,034	$ 1,666,346
Accumulated Amortization	328,052	236,108
Net Carrying Value	1,364,982	1,430,238
Patents [Member]
Cost	1,693,034	1,666,346
Accumulated Amortization	328,052	236,108
Net Carrying Value	$ 1,364,982	$ 1,430,238