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CannabisNewsBreaks – XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) Announces Expedited Formation of Team to Launch Test System, Also Comments on Lawsuit Against German Subsidiary

Company: XPhyto Therapeutics Corp. (XPHYF)
Category: News

XPhyto Therapeutics (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) announced that it has accelerated the creation of a commercial team formed to launch its point-of-care COVID-19 RT-PCR (“RT-PCR”) test system, called the COVID ID Lab. The lab was developed by XPhyto’s exclusive German diagnostics development partner, 3a-diagnostics GmbH (“3a”). It is anticipated that 3a will receive ISO 13485 medical device manufacturer approval by the end of February; European regulatory approval should be received by early March. The announcement noted that the market launch team consists of highly skilled clinical and pharmaceutical executives and service providers with the expertise and background to rapidly drive the commercialization of Covid-ID Lab. “We are extremely fortunate to now have a team with deep expertise in medical diagnostic product commercialization,” said XPhyto CEO and director Hugh Rogers in the press release. “The team has extensive experience from regulatory approval to international production and sales. As we near expected regulatory approval, XPhyto’s business is rapidly evolving from innovation to impact. We are working hard to put the Company in the best possible position to execute on our business strategy.” XPhyto also released a statement regarding a claim made against Vektor Pharma TF GMBH (“Vektor”), one of its German subsidiaries. The claim notes that “Vektor is subject to a declaratory action made by a former client and current competitor in relation to alleged breach of the terms of a development agreement between Vektor and the claimant. The claimant has estimated its alleged damages at 1 million Euros. Vektor and management of the corporation believe the claim is substantially without merit and intend to defend the claim vigorously. Vektor has filed a notice of defense in the respective German court. In the event that a court finds Vektor to be liable for damages, even in the amount estimated by the Claimant, such judgment is not expected to have a material adverse effect on the business or affairs of Vektor or the corporation. The corporation will provide further updates as the action progresses.”

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About XPhyto Therapeutics Corp.

XPhyto Therapeutics 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. XPhyto has research and development operations in North America and Europe, with an operational focus in Germany, and the company is currently focused on regulatory approval and commercialization of medical products for European markets. For more information about this company, please visit www.XPhyto.com

NOTE TO INVESTORS: The latest news and updates relating to XPHYF are available in the company’s newsroom at https://cnw.fm/XPHYF

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