XPhyto Therapeutics Corp revealed that it has signed a distribution agreement with TechUnit s.r.o. for its coronavirus (COVID-19) PCR test, Covid-ID Lab, in the Czech Republic as an initial priority market followed by Hungary, Slovakia, Ukraine and Russia.
The Vancouver and Germany-based bioscience accelerator said the Covid-ID Lab is a rapid test for the qualitative detection of SARS-CoV-2 based on the reverse transcriptase-polymerase chain reaction (RT-PCR) method. TechUnit is a privately owned company based in the Czech Republic focused on medical product distribution, advertisement and promotion.
"Execution of the distribution agreement with TechUnit is an important step toward building strong European sales," Professor Dr Thomas Beckert, head of XPhyto's diagnostics and drug formulation business, said in a statement.
"This is an important relationship with excellent potential for additional territorial expansion,” he added.
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To perform the test, XPhyto noted that Covid-ID Lab requires only a 20-minute PCR run time without prior RNA (ribonucleic acid) extraction as part of the sample preparation. After the RT-PCR sample processing, the SARS-CoV-2 virus is detected on a test chip within five minutes and if SARS-CoV-2 is present, the result can be read visually immediately, the company noted.
It said the agreement provides TechUnit with the right to distribute and sub-distribute Covid-ID Lab on a non-exclusive basis within the Czech Republic with the potential for territorial exclusivity based on performance.
“XPhyto looks forward to building a close strategic relationship with TechUnit and will provide its new distributor with technical training and product, strategy, and marketing support,” the company said.
“The parties are reviewing opportunities for the distribution of Covid-ID Lab in additional European territories including Hungary, Slovakia, Ukraine, and Russia,” it added.
XPhyto said it expects to continue to sign additional distribution agreements in the near future and will release details upon execution of such agreements. It cautioned that it is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 pandemic.
XPhyto is a bioscience accelerator focused on next-generation drug delivery, diagnostic, and new active pharmaceutical ingredient investment opportunities. It has research and development operations in North America and Europe, with an operational focus in Germany.
Contact the author at stephen.gunnion@proactiveinvestors.com