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XPhyto Therapeutics Corp.: XPhyto Announces Psychedelic Pharmaceutical Production Agreement

DGAP-News: XPhyto Therapeutics Corp. / Key word(s): Miscellaneous XPhyto Therapeutics Corp.: XPhyto Announces Psychedelic Pharmaceutical Production Agreement 03.02.2021 / 09:05 The issuer is solely responsible for the content of this announcement. XPhyto Announces Psychedelic Pharmaceutical Production Agreement

VANCOUVER, BC / ACCESSWIRE / February 3, 2021 / XPhyto Therapeutics Corp. (CSE:XPHY / OTCQB:XPHYF / FSE:4XT) ("XPhyto" or the "Company") is pleased to announce that XPhyto Laboratories Inc. ("XPhyto Labs"), its wholly owned Alberta subsidiary, has signed an agreement (the "Agreement") with Applied Pharmaceutical Innovation ("Applied") for the synthesis of pharmaceutical grade psychedelic compounds and the parallel development of the standard operating procedures necessary to obtain regulatory approval for the respective commercial production process. The industrial-scale production of standardized active pharmaceutical ingredients is an important part of XPhyto's psychedelic pharmaceutical program as the Company anticipates a shortage of large-scale supply of certain approved and standardized pharmaceutical grade psychedelics.

Applied is a not-for-profit institution at the University of Alberta created to support translational drug development for industry and innovators. With an interdisciplinary team of over 30 pharmaceutical scientists, clinicians, regulatory, patent, and market experts, Applied provides industry with access to translational science in a framework that supports commercial success. This includes retention of IP and ownership of work product for the funder, focused and efficient project execution, and regulatory compliant operations.

"In late 2020, XPhyto secured a development agreement for the industrial production of psilocybin with a leading German university. Now, with Applied Pharmaceutical Innovation, we will turn our minds to the industrial production of additional psychedelic compounds," commented Hugh Rogers, CEO of XPhyto. "The Company plans to expand its psychedelic programs in 2021, including scalable production of pharmaceutical grade compounds, drug formulations, and clinical evaluation."