XPhyto Places First Order for 25-Minute Covid-19 RT-PCR Tests

Rhea-AI Summary

XPhyto Therapeutics Corp (CSE:XPHY, OTCQB:XPHYF) has placed its first order for Covid-ID Lab, a rapid point-of-care SARS-CoV-2 (COVID-19) RT-PCR test system, consisting of 9,600 tests. The tests will be manufactured in Germany, with delivery expected by mid-March 2021. XPhyto aims to launch the product in Europe by April 2021, targeting regulatory approval for medical use. Additionally, the company is developing oral biosensor tests for various infectious diseases and plans to commercialize its first biosensor product in the latter half of 2021.

Positive

• First order of 9,600 Covid-ID Lab tests placed, indicating strong demand.
• Expected delivery by mid-March 2021, aligning with company timelines.
• Targeting April 2021 for the sales launch in Europe.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / February 24, 2021 / XPhyto Therapeutics Corp. (CSE:XPHY)(OTCQB:XPHYF)(FSE:4XT) ("XPhyto" or the "Company"), is pleased to announce that it has placed the first order for its rapid point-of-care SARS-CoV-2 (COVID-19) RT-PCR test system ("Covid-ID Lab") from its exclusive diagnostic development partner, 3a-diagnostics GmbH ("3a").

The first order of Covid-ID Lab is for 9,600 individual tests, which are packaged in 200 kits of 48 tests each. Delivery of the first order is expected by mid-March 2021 and will be primarily used to supply prospective distribution partners and licensees and their respective government regulators with test samples for review and evaluation. The tests will be manufactured in the German state of Baden-Württemberg.

"We are pleased to report that all steps towards the launch of Covid-ID Lab remain on track within an ambitious timeline," said Hugh Rogers, CEO, and Director of XPhyto. "Our experienced market launch team is working quickly to bring the product to market, as well as to establish licensing and distribution partnerships. We are confident that Covid-ID Lab, as a 25-minute PCR test with minimal technical and personnel requirements, will be a stand-out product in the COVID-19 test market."

Covid-ID Lab was designed to be a rapid, accurate, and robust COVID-19 test system with reduced operating costs and increased convenience and portability. XPhyto expects 3a to receive ISO 13485 medical device manufacturer approval by the end of February and European regulatory approval as a commercial in vitro diagnostic device (CE-IVD) for Covid-ID Lab by early March. Initial commercial manufacturing is planned for Germany, with additional capacity in other jurisdictions to follow. The sales launch in Europe is targeted for April 2021. XPhyto is currently in discussions with potential distribution and wholesale partners in Europe and the Middle East.

XPhyto and 3a are also developing a portfolio of oral biosensor screening tests for detection of bacterial and viral infectious diseases, including influenza A, group A strep, stomatitis, periimplantitis, and periodontitis. Additional pandemic-focused biosensors are in development, specifically for H1N1 (swine flu) and H5N1 (avian flu). The Company is planning the commercial launch of its first biosensor product in the second half of 2021.

The Company will provide further information and updates in due course.

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

Investor Inquiries:
Mr. Knox Henderson
T: 604-551-2360
E: info@xphyto.com

Media Inquiries:
MC Services AG
Julia Hofmann, Andreas Jungfer
T: +49 89 210 228 0
E: xphyto@mc-services.eu

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.

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FAQ

What is the significance of XPhyto's first order for Covid-ID Lab?

XPhyto's first order for Covid-ID Lab indicates a robust demand as it positions the company to enter the market effectively with 9,600 tests set for delivery in mid-March 2021.

When will XPhyto launch its Covid-ID Lab tests?

XPhyto plans to launch its Covid-ID Lab tests in Europe by April 2021.

What are the expected regulatory approvals for Covid-ID Lab?

XPhyto expects ISO 13485 approval by the end of February and CE-IVD approval for commercial use by early March 2021.

What other products is XPhyto developing besides Covid-ID Lab?

XPhyto is also developing a portfolio of oral biosensor tests for various infectious diseases, with the first product launch planned for the second half of 2021.