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Pilot project includes point-of-care sample collection, PCR processing and final testing of workflow logistics
Project is in cooperation with a German pharmacy currently running a COVID-19 test center
Rapid results with high accuracy - 20-minute PCR run plus 5-minute detection process
VANCOUVER, BC and FRANKFURT, GERMANY / ACCESSWIRE / May 7, 2021 / XPhyto Therapeutics Corp. (CSE:XPHY)(OTCQB:XPHYF)( FSE:4XT) ("XPhyto" or the "Company") is pleased to announce it has commenced a pilot project with its rapid COVID-19 PCR test ("Covid-ID Lab") in a point-of-care (POC) setting in Germany. The Covid-ID Lab test was recently approved in Europe and offers the accuracy of a PCR test in only 25 minutes. During the pilot project, the validated work flows for the test including the mobile collection and processing of patient samples will be further optimized. XPhyto's clinical partner for the project is Spitzweg Apotheke, a well-known pharmacy in Langen near Frankfurt a. M., Germany, currently running a COVID-19 test center at a clinic, where it also provides special pharmacy services for cancer patients.
"With a specialized oncology pharmacy, many of our customers are in the COVID-19 high-risk group. For these patients, their families and their close contacts, fast and reliable diagnostics are critical to ensure everyday safety," commented Gabor Perl, Head of the Spitzweg pharmacy. "PCR tests are the diagnostic gold standard for COVID-19. They provide high sensitivity and specificity. We are pleased to take part in this pilot project and now offer our high-risk-group customers access to a rapid PCR test with immediate results. We believe this is an opportunity for best-in-class healthcare delivery."
The laboratory equipment required for the project is installed and operating. The pharmacy professionals responsible for processing samples using Covid-ID Lab have successfully completed all necessary training.
"Offering Covid-ID Lab to patients in Germany is a significant milestone. The test has gone from concept to commercial use in less than twelve months," said Hugh Rogers, XPhyto CEO and Director. "Covid-ID Lab is designed to be one of the fastest and most portable PCR systems in the world. Adapting Covid-ID Lab to a POC setting is a major commercial opportunity for our German subsidiary XP Diagnostics."
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. XPhyto is currently in discussions with additional POC customers, distribution and wholesale partners as well as potential licensees. The sales launch in Europe is targeted for Q2 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
Mr. Knox Henderson
MC Services AG
Julia Hofmann, Andreas Jungfer
T: +49 89 210 228 0
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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