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VANCOUVER, BC and UTTENWEILER, GERMANY / ACCESSWIRE / November 3, 2021 /XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) (“XPhyto” or the “Company”) is pleased to announce the appointment of Prof. Dr. Thomas Beckert as Managing Director of XP Diagnostics GmbH, a 100% subsidiary company owned by Xphyto.
With the next phase of growth and development, Professor Thomas Beckert will be appointed as Managing Director of XP Diagnostics GmbH to lead XPhyto operations in Germany and oversee the integration of 3a-diagnostics GmbH (“3a”). Prof. Dr Beckert is a world-renowned expert in thin-film drug delivery systems and the Managing Director of Vektor Pharma TF GmbH, a German manufacturer, developer and research organization of 100% owned drugs from XPhyto, located in the district of Biberach, Baden-WÃ¼rttemberg, Germany. Its expertise includes the formulation and development of machines for soluble transdermal and oral therapeutic systems. For over a decade, Professor Beckert and his team have been leaders in the design, testing and manufacture of thin film drug formulations, particularly transdermal patches and sublingual (oral) strips for the administration of active pharmaceutical ingredients for treatment. pain and neurological indications.
Wolfgang Probst, previously COO of XPhyto, will continue as Director of XPhyto Therapeutics Corp. This strategic change allows the transition of the company and the integration of 3a-diagnostics GmbH.
Hugh Rogers said: âWe are extremely pleased with this appointment of Professor Thomas Beckert as Managing Director. He and his team will ensure the seamless integration of 3a-diagnostics and the development of the company’s new biosensor. The biosensor system in particular is a promising and reliable technology platform for the accurate and early detection and diagnosis of disease, strategically combining Vektor Pharma’s thin-film technology and 3a-diagnostics biosensors to create a new pipeline of exciting products.
The Company will also launch a non-brokered private placement of common shares (the âOfferâ) and unsecured convertible debentures (the âDebenturesâ). Pursuant to the offering, the Company has organized a non-brokered private placement of up to 5,000,000 common shares of the Company (the âSharesâ) at a price of $ 1.00 per Share for total gross proceeds. up to $ 5,000,000.
The Company has arranged for the issuance of up to $ 2,500,000 of unsecured convertible debentures and 2,000,000 of common share purchase warrants (the âWarrantsâ). The Debentures will bear interest from the date of issue at a rate of 8.0% per annum, payable semi-annually, and will mature on a date that is two years after the date of issue. The principal amount of the Debentures is convertible at the option of the holder into common shares of the capital of the Company (the âCommon Sharesâ) at any time prior to the Maturity Date at a conversion price of $ 1.25 per Common Share. The conversion of the Debentures may be forced at the option of the Company if the 15-day volume weighted average price of the Common Shares on the Canadian Stock Exchange exceeds 250% per share of the exercise price. Each warrant may be exercised by the holder into one common share of the Company at a price of $ 1.50 per share for a period of two years from the date of issue.
The Company intends to use the net proceeds of the Offering and the Debentures for research and development, the purchase of inventory, general working capital purposes, and to complete the acquisition of 3a, as announced for the first time on July 20, 2021 (the âAcquisitionâ). Following the acquisition agreement between XPhyto and 3a, the parties have agreed to extend the closing conditions which should end on or around December 1, 2021.
Completion of the Offering and the Debentures is subject to the satisfaction of certain conditions, including notice to the CSE. The securities issued under the Offer will be subject to a legal holding period of four months. Finder’s fees will be paid in connection with the offering in accordance with applicable CSE policies and Canadian securities regulations.
About XPhyto Therapeutics Corp.
XPhyto Therapeutics Corp. is a bioscience accelerator focused on next-generation drug delivery, diagnostics, and investment opportunities in new active pharmaceutical ingredients, including: soluble transdermal and oral drug formulations; rapid and inexpensive screening tests for infectious diseases and oral health; and the standardization of emerging active pharmaceutical ingredients for neurological applications, including psychedelics and cannabinoids. The Company has research and development activities in North America and Europe, with an operational concentration in Germany, and is currently focused on regulatory approval and commercialization of medical products for European markets.
XPhyto Therapeutics Corp.
Hugh Rogers, CEO and Director
Mr. Knox Henderson
Phone. : 604-551-2360
E: [email protected]
This press release includes statements containing forward-looking information within the meaning of applicable Canadian securities laws (âforward-looking statementsâ). Forward-looking statements are frequently characterized by words such as “develop”, “plan”, “continue”, “expect”, “plan”, “intend”, “believe”, “anticipate”, “Estimate”, “the potential”, “propose” and other similar words, or statements that certain events or conditions “may” or “will” occur, and in this release, include the statement regarding the purpose of the company to create a successful diagnostic, drug delivery and medical cannabis company. Forward-looking statements are only predictions based on the opinions and estimates of management as of the date the statements are made and are subject to various risks and uncertainties and other factors that could cause events or actual results differ materially from those projected in forward-looking statements, including: that the Company may not be successful in developing a commercial product; that selling products may not be a viable business; that the Company may not be able to expand its activities; product liability risks; product regulatory risk; general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources, and / or the inability to access sufficient capital on favorable terms; currency risks; competetion; international risks; and other risks beyond the control of the Company. The Company has no obligation and expressly disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. . Neither the CSE nor its market regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
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