- XPhyto Therapeutics Corp. recently announced it has entered into a distribution, storage and logistics agreement with a German distributor with an established network throughout Germany
- Germany holds promise due to regulations requiring mandatory weekly testing for its citizens; this has the possibility of ramping up sales
- Anticipating the increase in sales and distribution, XPhyto expanded its commercial leadership team by bringing on board Mr. Wolfgang Probst and Mr. Manfred Buchberger
- Mr. Probst will be the company’s Chief Operations Officer (“COO”), while Mr. Buchberger will be the Head of Corporate Development at wholly owned subsidiary XP Diagnostics GmbH
The approvals XPhyto Therapeutics (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) received in Europe back in March for the commercial production and use of its commercial 25-minute COVID-19 RT-PCR test system (“Covid-ID Lab”) (https://ibn.fm/UTfVU), set the ball rolling for events that would lead to a recent announcement.
On April 21, XPhyto, a life sciences technology accelerator, announced it has entered into a distribution, storage and logistics agreement with a full-fledged German pharmaceutical wholesaler and service provider, which will back the company’s efforts to launch sales in April (https://ibn.fm/65aYL). The German distributor will distribute, store, and deliver the Covid-ID Lab test kits to XPhyto’s customers in line with the relevant logistical and regulatory requirements in Germany and the product specifications. In addition, the agreement stipulates that the distributor fulfills storage, reporting and notification obligations, processes any product returned by buyers and provides documentation.
With the agreement, XPhyto CEO and Director Hugh Rogers noted that the company had secured a strong partner with an already established network in Germany. “The company’s commercialization strategy is focused on the German market for initial product launch and the creation of robust and sustainable sales,” he added.
Germany shows promise as a market that will ramp up XPhyto’s sales revenue. The slowed vaccination rollout in the country has meant that testing requirements have persisted. In fact, in late March, the government made it mandatory for workers employed in sectors where physical contact with customers is inevitable to take at least two rapid tests weekly (https://ibn.fm/EWjuk). The new regulations also mandated every person to conduct a point-of-care test before attending a private or public event (https://ibn.fm/cTE6B).
These regulatory changes came barely a month since the country experienced shortages in rapid test kits following a steep spike in demand during the first week of March. This rise in demand was occasioned by the German government’s reliance on rapid tests to steer the country through the pandemic and assuage the citizens’ displeasure at the prevailing COVID-19 lockdowns at the time. Beginning the second week of March, every German citizen would be entitled to a single free rapid test every week, to be conducted by a professional at designated testing centers or pharmacies (https://ibn.fm/uYHtJ).
Combined, these regulatory requirements show that the conditions are favorable for XPhyto to witness sustainable sales, particularly with the inking of the distribution deal. Anticipating this rise in sales, the company made additions to its leadership team, focusing on the commercial aspect of the business (https://ibn.fm/9UuBL). In a recent announcement, XPhyto reported that it had appointed Mr. Wolfgang Probst as its Chief Operations Officer (“COO”) and Mr. Manfred Buchberger as the Head of Corporate Development at XP Diagnostics GmbH, XPhyto’s wholly owned German subsidiary.
Both Mr. Probst and Mr. Buchberger bring a wealth of experience to their new positions. Mr. Probst, a seasoned management and finance consultant with a proven track record of organizational restructuring, strategic planning and leadership, is credited with restructuring XPhyto’s operations in Europe, as well as spearheading partnerships with institutions and other companies. He will be in charge of the company’s global operations and remain the XP Diagnostics MD and an XPhyto director.
Mr. Buchberger, a global leader in the medical diagnostics industry, has near ten years’ experience as a CEO and member of the Global Management Board of a leading medical diagnostics and analytics company based in Europe. He is accredited with launching new medical diagnostic products, as well as creating, effecting and managing business growth strategies across four continents.
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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