XPhyto Therapeutics Corp (CSE:XPHY) (OTCQB:XPHYF) FRA:4XT) said it has taken a step towards commercializing its 25-minute coronavirus (COVID-19) RT-PCR test called Covid-ID Lab in Germany, striking a deal with an established wholesaler and service provider in the country.
The unnamed distributor will store and deliver Covid-ID Lab test kits according to the product specifications and all applicable regulations to XPhyto's customers. It will also fulfil any reporting and notification obligations and process any returned products.
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"With this agreement, we have secured a strong partner with an established medical distribution network throughout Germany," Hugh Rogers, the CEO of XPhyto, told investors in a statement.
"This is an exciting and critical step towards commercial sales of COVID-ID Lab. The company's commercialization strategy is focused on the German market for initial product launch and the creation of robust and sustainable sales," he added.
XPhyto also noted that the sales launch in Europe is targeted for April 2021 and that it is in discussions with various potential customers, distribution and wholesale partners and potential licensees.
Covid-ID Lab is a multiplex viral RNA probe kit based on the reverse transcriptase-polymerase chain reaction (RT-PCR) method. Many widely available standard PCR instruments are suitable to carry out the test.
The elimination of RNA extraction for sample preparation reduces cross-contamination risk and minimizes the need for lab materials and trained personnel, noted the bioscience company.
XPhyto 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.
Shares in Canada advanced 4.6% on the day to C$2.48 each.
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