“The company is excited to introduce a fresh look at such a pivotal point in our business growth,” said Hugh Rogers, chief executive officer and director of XPhyto
XPhyto is a bioscience accelerator standing at the forefront of the life science industry with a focus on next-generation drug delivery, diagnostic and new active pharmaceutical ingredient investment opportunities. With research and development operations in North America and Europe, the company is focused on regulatory and commercialization of medical products. Currently, the company is targeting the European market and hopes to advance its product development program from the laboratory to the clinic.
“With all technical requirements fulfilled, we are on the cusp of two major commercial milestones related to our rapid point-of-care COVID-19 PCR test system. With expected ISO certification and CE-IVD approval pending, we are excited to enter the next phase of our business with a positive, crisp and energetic new image,” continued Hugh Rogers
The company’s rapid point-of-care COVID-19 PCR test system refers to an alternative method for detecting the virus. The PCR test system is recognized for generating reliable and accurate results. The test itself requires a sample from a person which then has any genetic material related to the virus amplified to a point where it can be detected. While other PCR test systems require at least an hour to complete multi-step amplification processes, XPhyto only needs a single PCR cycle which can be completed in 20 minutes.
XPhyto’s decision to rebrand is associated with their commitment to operational success in 2021. However, the company does not claim to be the be-all and end-all for the pandemic. XPhyto is not making and claims suggesting its product has the ability to eliminate, cure or contain the COVID-19 pandemic. Additionally, the company has made clear that its test related products are not yet approved and are still subject to risks associated with the regulatory approval process.
Although XPhyto is approaching major milestones towards its development, due caution is being exercised. The company has received some negative press recently in relation to a lawsuit against XPhyto’s Vector Pharma in addition to a failure to comply with CSE disclosure requirements. With this in mind, its understandable that the company is treading carefully, however, a rebranding could be beneficial for the company’s future. XPhyto’s website can be found here.
The company’s stock opened at $2.96 but has since dropped and currently sits at $2.85.
Disclaimer: XPhyto is a client of Equity Guru.