- XPhyto began delivery of approximately 1,000 Covid-ID Lab test kits in Berlin
- This marks a significant achievement commercially, as well as for the company’s point-of-care diagnostic business strategy
- The lab tests are designed to offer reliable Covid-19 test results in under 25 minutes
- XPhyto plans to capitalize on the rapid test market, projected to reach $39.1 billion by 2023
For the week starting June 27, 2021, XPhyto Therapeutics (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) began delivery of approximately 1,000 Covid-ID Lab test kits to 10 different test centers in Berlin, Germany. This move is a major commercial achievement for the company and a significant milestone for its rapid point-of-care (“POC”) diagnostic business strategy.
XPhyto describes Covid-ID Lab as a “25-minute testing revolution” (https://ibn.fm/4erIO). It is specifically designed to offer reliable Covid-19 test results in under 25 minutes while offering various other benefits, including eliminating unnecessary quarantine restrictions. With this test, XPhyto also promises to increase safety in schools, medical centers and other government services and facilitating rapid airport, border and cruise ship testing to minimize travel risk.
Summer is usually the high travel season. With the Covid-19 outbreak, there has been a surge in demand for reliable and rapid testing. XPhyto acknowledges this demand and plans on capitalizing on it with its Covid-ID Lab kit, the fastest PCR system in the world, according to XPhyto’s Chief Executive Officer (“CEO”), Hugh Rogers.
“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,” said Hugh Rogers, the CEO and director of XPhyto. “We anticipate strong and sustainable demand for our rapid and versatile PCR system and look forward to further expanding our reach,” he added (https://ibn.fm/sgnkA).
XPhyto Therapeutics Corp. is a bioscience accelerator focusing on next-generation drug delivery, diagnostic and new active pharmaceutical ingredient investment opportunities. Its profile currently falls under three broad categories: diagnostics, drug delivery, and drug development (https://ibn.fm/GJn0r). For drug development, XPhyto focuses on four late-stage neurology therapeutics within clinical development, along with two other psychedelic medicine programs. For its drug delivery program, XPhyto has a platform technology already in place. It is designed to develop innovative, cost-effective transdermal and oral dissolvable formulations of hybrid-generic, generic and new active pharmaceutical ingredients.
XPhyto’s diagnostics lead product is the rapid POC COVID-19 RT-PCR diagnostic test, which launched in Europe in April 2021. The goal for the entire program is to develop real-time ultra-low-cost infectious disease biosensors and making tests, particularly Covid-19 PCR tests, fast and affordable.
With the growing requirement for PCR tests for travelling, XPhyto recognizes the tremendous potential for rapid PCR checks from a commercial standpoint.
“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,” noted Michael Kretzer, the CEO of Max Pharma, XPhyto’s distribution partner and pharmaceutical wholesaler (https://ibn.fm/dDOjN). “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 and anticipate a steep order volume uptake in the near future,” he added.
Covid-ID Lab represents a significant shift from conventional PCR testing models. Typically, samples collected are shipped to large centralized and automated labs for processing. This has been known to not only take time but also be expensive (https://ibn.fm/4RMhK). XPhyto seeks to address this with its decentralized testing model. It projects that it will yield faster results, more versatile test center options and, most importantly, cost-effectiveness at lower testing volumes.
The deployment of the 1000 Covid-ID Lab test kits marks the start of a short trial period for integrating and evaluating XPhyto’s new PCR test system. The entire process is designed so that sample processing will occur directly at the sample collection site. The data collected will allow the company to launch the product successfully in other locations across Europe.
XPhyto continues to innovate and grow its three key sectors. With the deployment of its Covid-ID Lab, the company aims at capitalizing on the rapid test market that is projected to reach $39.1 billion by 2023, representing a compound annual growth rate (“CAGR”) of 8.9% between 2021 and 2023. The two other aspects of XPhyto’s diagnostic pipeline include the Peptide biosensor for infectious diseases and the Peptide biosensor for oral health, both of which are still in their design and development stages.
For more information, visit the company’s website at www.XPhyto.com.
NOTE TO INVESTORS: The latest news and updates relating to XPHYF are available in the company’s newsroom at https://ibn.fm/XPHYF
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