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VANCOUVER, BC / ACCESSWIRE / December 17, 2020 / XPhyto Therapeutics Corp. (CSE:XPHY / OTCQB:XPHYF / FSE:4XT) ("XPhyto" or the "Company"), a next-generation bioscience accelerator, and its exclusive German diagnostics development partner, 3a-diagnostics GmbH ("3a"), are pleased to announce the successful validation of their point-of-care SARS-CoV-2 (COVID-19) RT-PCR test system. European regulatory approval and commercial product launch in European markets are planned for Q1 2021.
The newly developed SARS-CoV-2 RT-PCR test system has demonstrated diagnostic level accuracy (sensitivity and specificity) in its ability to detect SARS-CoV-2 RNA within 25 minutes. Robustness, repeatability, and laboratory precision have also been confirmed. The test is designed to be conducted with only minimal laboratory processes and equipment.
"Successful test validation is a critical milestone on the pathway to accelerated commercialization," said Hugh Rogers, CEO of XPhyto. "With no need for large, specialized laboratories, our system is particularly well suited for point-of-care testing. We believe this will provide increased speed, convenience, and flexibility for the immediate identification of infected people in a wider variety of settings through the use of satellite and mobile labs."
The Company will provide further details on the validation results and methodology, regulatory approval process, and commercialization strategy 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 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.
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