June 30, 2021 (Source) —
- XPhyto signs master supply agreement with operator of 10 COVID-19 test centers
- The test will be offered to customers as a rapid PCR test with sample processing on site
- Commercial operations expected to commence upon delivery of kits
XPhyto Therapeutics Corp. (CSE:XPHY)(OTCQB:XPHYF)(FSE:4XT) (“XPhyto” or the “Company”) is pleased to announce that it has signed a master supply agreement with Beovita GmbH & Co. KG and Tackleberries GmbH, two German diagnostics, testing, and medical logistics companies that run ten COVID-19 test centers in Berlin, Germany. There is a strong demand for reliable and rapid testing to monitor the changing dynamics of the pandemic throughout the summer and the high travel season.
“This is a major commercial milestone for XPhyto. The successful launch of our first diagnostic product, Covid-ID Lab, represents significant validation of our rapid point-of-care care diagnostic business strategy,” said Hugh Rogers, CEO and director. “Our portable Covid-ID Lab is designed to be one of the fastest PCR systems in the world, while our platform is economic at low to mid-range sample volumes. We anticipate strong and sustainable demand for our rapid and versatile PCR system and look forward to further expanding our reach.”
The delivery of approximately 1,000 Covid-ID Lab tests to test centers in Berlin will begin this week and will kick off a short trial period to integrate and evaluate XPhyto’s new PCR test system. Covid-ID Lab sample processing will occur directly at the sample collection site. This represents a significant shift from conventional PCR testing models whereby samples are collected and then shipped to large centralized and automated labs for processing. XPhyto’s decentralized testing model is expected to yield faster results, more versatile test center options, and cost effectiveness at lower testing volumes.
“For many countries, only PCR tests are accepted to travel there. Especially in the metropolitan areas and around transportation hubs like train stations and airports, we see great potential for rapid PCR tests, which can be performed on the way and the results are then already available digitally upon arrival at the train station or airport. This will eliminate many time delays and organizational difficulties that not only business travelers but also tourists currently have to deal with,” noted Dr. Ismail Özkanli, CEO of Beovita GmbH & Co. KG.
“Rapid, reliable and decentralized PCR tests are exactly what the market needs right now; precisely because incidence rates are falling and therefore sample numbers are decreasing. Large centralized laboratories will no longer operate profitably due to their high-throughput testing equipment or alternatively, they will have to wait for sufficient sample numbers, therefore delaying results,” stated Michael Kretzer, CEO of Max Pharma, pharmaceutical wholesaler and XPhyto’s distribution partner. “There will be areas of application where rapid, reliable, and universally recognized results are always required. Accordingly, we see a specialized and sustainable opportunity for the Covid-ID Lab and anticipate a steep order volume uptake in the near future.”
Covid-ID Lab is a rapid RT-PCR test for the qualitative detection of SARS-CoV-2 based on the reverse transcriptase polymerase chain reaction (RT-PCR) method. To perform the test, Covid-ID Lab requires only a 20-minute PCR run time without prior RNA extraction as part of sample preparation. After the RT-PCR, the SARS-CoV-2 virus is detected on a test chip within 5 minutes and if SARS-CoV-2 is present, the result can be read visually immediately.
As commercial relationships progress, manufacturing volumes and costs, as well as sales volumes and revenue are established, the Company will provide economic details and forecasts associated with Covid-ID Lab.
The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 pandemic.
About XPhyto Therapeutics Corp.
XPhyto Therapeutics Corp. is a bioscience accelerator focused on next-generation drug delivery, diagnostic, and new active pharmaceutical ingredient investment opportunities, including: precision transdermal and oral dissolvable drug formulations; rapid, low-cost infectious disease and oral health screening tests; and standardization of emerging active pharmaceutical ingredients for neurological applications, including psychedelic compounds and cannabinoids. The Company has research and development operations in North America and Europe, with an operational focus in Germany, and is currently focused on regulatory approval and commercialization of medical products for European markets.
XPhyto Therapeutics Corp.
Hugh Rogers, CEO and Director
Mr. Knox Henderson
MC Services AG
Julia Hofmann, Andreas Jungfer
T: +49 89 210 228 0
Forward looking statements
This news release includes statements containing forward-looking information within the meaning of applicable Canadian securities law (‘forward-looking statements’). Forward-looking statements are frequently characterized by words such as “develop”, ‘plan’, ‘continue’, ‘expect’, ‘project’, ‘intend’, ‘believe’, ‘anticipate’, ‘estimate’, ‘potential’, ‘propose’ and other similar words, or statements that certain events or conditions ‘may’ or ‘will’ occur, and in this release include the statement regarding the Company’s goal of building a successful diagnostic, drug delivery, and medical cannabis company. Forward-looking statements are only predictions based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including: that the Company may not succeed in developing a commercial product; that the sale of products may not be a viable business; that the Company may be unable to scale its business; product liability risks; product regulatory risk; general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; currency risks; competition; international risks; and other risks beyond the Company’s control. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: XPhyto Therapeutics Corp.