XPhyto Therapeutics Corp (CSE:XPHY) (OTCQB:XPHYF) (FRA:4XT) is moving closer to commercializing its rapid COVID-19 PCR test in 2021, it told shareholders Monday.
In a business update, the life sciences accelerator said that it is “on the cusp of transformational change” as its product development programs, including the rapid PCR test, move through the laboratory and into the clinic.
Vancouver-based XPhyto and its German development partner 3a-diagnostics GmbH, are hoping to launch the rapid PCR test in the first quarter of 2021. The two companies are also developing and commercializing several low-cost oral biosensors targeted for commercial approval and product launch in late 2021.
READ: XPhyto Therapeutics and German partner complete successful validation of their COVID-19 RT-PCR test system
Things look busy on the drug formulations front as well, with plans to launch human pilot studies on four of XPhyto’s lead therapeutic products: a transdermal patch for Parkinson’s disease; a CBD oral/sublingual strip for treatment-resistant epilepsy; a THC oral/sublingual strip for anorexia and nausea, and a CBD:THC (1:1) oral/sublingual strip for multiple sclerosis-related spasticity.
As for XPhyto’s psychedelics initiatives, the company said it plans to expand its programs to produce psychedelic APIs on an industrial scale. In addition, it plans to launch new programs to develop psychedelic drug formulations, as well as integrate the therapeutic products into established clinical care programs for mental health-related indications.
XPhyto CEO Hugh Rogers told investors that the firm had made significant progress in its business initiatives in 2020.
"We have ambitious milestones for 2021 with multiple product launches on the horizon, multiple clinical drug programs underway, and an aggressive commitment to psychedelic medicine,” Rogers said in a statement. “I am extremely confident that our team can execute on the company's business plan for 2021."
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