XPhyto Therapeutics (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), a bioscience technology accelerator, has signed a definitive agreement to acquire its exclusive diagnostics development partner 3a-diagnostics GmbH, Frickenhausen, Germany. Per the terms of the definitive agreement, XPhyto will acquire all outstanding shares of 3a for EUR 400,000, to be paid immediately, and EUR 3.5 million, to be paid on closing, which is anticipated to take place on or around October 31, 2021. This acquisition will create considerable commercial development and manufacturing opportunities for XPhyto, in addition to providing improved margins on its diagnostic products. “We have collaborated closely with the 3a-diagnostics team on several diagnostics products and have found them to be a highly innovative and focused partner. The successful development and recent launch of the 25-minute PCR test COVID-ID Lab is a great example of our fruitful collaboration. We strongly believe that this acquisition will result in powerful synergies and further feed XPhyto’s diagnostic pipeline, supporting our long-term commercial growth plans.” XPhyto Therapeutics CEO Hugh Rogers stated in the news release.
To view the full press release, visit https://ibn.fm/Qqzxu
About XPhyto Therapeutics Corp.
XPhyto Therapeutics Corp. is a bioscience accelerator focused on next-generation drug delivery, diagnostic, and new active pharmaceutical ingredient investment opportunities, including precision transdermal and oral dissolvable drug formulations; rapid, low-cost infectious disease and oral health screening tests; and standardization of emerging active pharmaceutical ingredients for neurological applications, including psychedelic compounds and cannabinoids. The Company 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.
An exclusive collaboration agreement between XPhyto and 3a-diagnostics, announced in April 2020 and amended in July 2020, paved the way for the development and commercialization of rapid, point-of-care, low-cost, and easy-to-use infectious disease screening tests which include COVID-19 diagnostics and oral dissolvable biosensors for pandemic threats and dental health applications. For more information, visit the company’s website at www.Xphyto.com.
NOTE TO INVESTORS: The latest news and updates relating to XPHYF are available in the company’s newsroom at https://ibn.fm/XPHYF
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