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XPhyto Therapeutics lays out strategic priorities and drug development milestones for 2021

Published: 14:14 28 Jan 2021 GMT

XPhyto Therapeutics Corp. -
The company is running four clinical studies in neurological indications in 2021

XPhyto Therapeutics Corp (CSE:XPHY) (OTCQB:XPHYF) (FRA:4XT) outlined a number of strategic initiatives for 2021 that will see the bioscience accelerator advancing its drug manufacturing, drug formulation and psychedelics business lines. 

The Vancouver-based company said Thursday that its German subsidiary Vektor Pharma TF GmbH will focus on developing and manufacturing drug formulations for major mental health disorders. 

Vektor, a narcotics manufacturer and researcher, is looking forward to a “transformative” 2021, its managing director Thomas Beckert said in a statement. 

READ: XPhyto Therapeutics looking forward to "transformational" 2021 as it stands on the cusp of commercialization

“We will be building on significant momentum from 2020 as we advance our drug formulation, contract development, and psychedelic business," Beckert told shareholders. "The addition of scalable in-house manufacturing capability creates the potential for significant growth across virtually all of our development and commercialization programs."  

Vektor is planning to build a new commercial drug manufacturing facility in Germany in 2021, it told investors, having secured property in the district of Biberach near its current laboratory. The facility has a maximum laboratory capacity of around 3,000 square metres, according to the company.

XPhyto told shareholders that the addition of in-house, scalable commercial drug manufacturing capability is expected to add “significant value and optionality” to XPhyto's drug formulation business.

On the formulations front, the company will zero in on neurological indications by advancing four clinical studies to treat Parkinson’s via a transdermal patch, and epilepsy, anorexia and multiple sclerosis using an oral/sublingual strip.

Biosensors and psychedelics

XPhyto also said it plans to continue development and validation of its biosensor products, with the goal to bring at least one biosensor product to the European market by the end of the year.

The firm added that Vektor will begin planning and development work to incorporate psychedelic compounds into its drug formulations. The initiative is facilitated by Vektor's drug delivery platforms, as well as XPhyto's agreements for the development of industrial scale biotechnology processes for the production of psilocybin in Germany, and for the research and development of a broad range of psychedelic compounds, including psilocybin, mescaline, LSD, MDMA, DMT, in Canada.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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