XPhyto Therapeutics (XPHY.C) announced today that it has successfully launched its 25-minute COVID-19 polymerase chain reaction COVID-ID Lab.
“The straightforward testing protocol, without prior RNA extraction as part of sample preparation, and the 25-minute PCR run time enables us to process the sample directly at the collection site. With this decentralized testing model, we can yield faster results and ensure cost-effectiveness even with lower testing volumes…With the state regulations shifting from antigen to PCR testing, we see an increased demand in rapid and reliable PCR testing and, with the COVID-ID Lab, are able to offer this to our customers at a competitive price,” noted Dr. Ismail Ozkanli, chief executive officer of Beovita GmbH & Co. KG.
If you haven’t heard by now, XPhyto’s COVID-ID Lab is a rapid reverse transcriptase polymerase chain reaction (RT-PCR) test for the qualitative detection of SARS-COV-2. For context, a RT-PCR test can provide information on whether or not a patient has been infected with SARS-CoV-2 by detecting and measuring the virus’ genetic material. The test is conducted by collecting a sample from a patient’s nasopharynx, the upper part of the throat behind the nose. This sample is then tested utilizing RT-PCR, enabling healthcare workers to discern if SARS-CoV-2 is present. However, unlike conventional RT-PCR tests which can take several hours to yield results, XPhyto’s COVID-ID Lab RT-PCR takes a total of 25 minutes. Moreover, the Company’s test produces results that can be read visually immediately.
“In parallel to the pilot project, we are developing further approaches and services with our partners to offer modular testing and hygiene solutions for larger events, such as concerts, sporting events and conferences. Driven by the shift from antigen to PCR testing by state authorities across Germany as well as other European countries, we are convinced Xphyto can provide reliable PCR test results in only 25 minutes. Given our competitive pricing, we are in a strong position to accelerate sales growth in the near term,” said Wolfgang Probst, Chief Operating Officer and Director.
With this in mind, XPhyto’s pilot project at test centers in Berlin has successfully optimized the operational procedures and protocols for the rapid, efficient and reliable use of COVID-ID Lab. In particular, the technical and operational knowledge generated by the Company’s pilot project has become pivotal to XPhyto’s product launch process and to securing sales with existing and prospective customers. Looking forward, the Company and its partners are currently developing a modular hygiene and testing concept for events with a large number of participants, such as concerts, sporting events, and conferences. While I may not enjoy going to packed places, I can only image the droves of people who will be attending festivals like Coachella as COVID-19 restrictions are raised. From what I have seen, fans of Coachella are like cockroaches. They are impervious to absurd amounts of cocaine, molly and alcohol; however, COVID-19 is one party crasher that even the most avid concert-goer would struggle with. That being said, for events like these to function, reliable and rapid testing on site will be necessary. Sounds like a perfect opportunity for XPhyto.
XPhyto’s share price opened at $1.57, down from a previous close of $1.62. The Company’s shares are up 2.47% and are currently trading at $1.66 as of 9:43 AM ET.
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