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Therma Bright Inc. (TBRIF) is a developer and partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies. The company focuses on providing consumers and medical professionals innovative solutions to address today's most important medical challenges. Therma Bright is traded on TSX Venture Exchange (THRM) and OTCQB (TBRIF). Recent achievements include receiving a cease trade order from the Ontario Securities Commission and working diligently to file required documents. Therma Bright also announced the reopening of its application for Venowave device codes and plans for a strategic review to maximize shareholder value.
Therma Bright (TBRIF) has signed a letter of intent with DME Authority for a Venowave distribution program in the US. The agreement outlines plans to establish at least three Premier Distributor Partner contracts, each requiring a minimum $2,000,000 inventory purchase, totaling $6,000,000 in Venowave VW5 devices during H1 2025. An equal inventory purchase commitment is required for H2 2025.
DME Authority will acquire remaining Venowave VW5 inventory from Therma Bright in Q1 2025. The distribution program aims to expand patient access across various healthcare channels. The initiative leverages Venowave's permanent HCPCS code E0683 for Medicare reimbursement. The LOI remains non-binding until a final contract is signed.
Therma Bright (TSXV: THRM) (OTCQB: TBRIF) reports positive initial clinical trial results for the PREVA™ ischemic stroke device developed by its investment partner Inretio. The results were presented at the BRAIN Conference 2024 in London by Dr. Gal Yaniv, Director of Endovascular Neurosurgery from Sheba Medical Center. The first phase of clinical trials showed exceptional outcomes, demonstrating the device's potential to improve stroke care and patient recovery. Inretio's CEO Raviv Vine emphasized the company's mission to save lives through medical innovation. The successful presentation marks a significant milestone as Inretio progresses through its clinical program toward global market entry.
Therma Bright announces successful Medicare and Medicaid HCPCS Level II code reimbursements for its Venowave VW5 device through U.S. distribution partners within 60 days. Out of 110 units deployed in pilot tests since October 1, 2024, 25 units have received full reimbursement through commercial health networks or Medicare/Medicaid.
The Venowave VW5, qualifying for reimbursement under 10 medical indications, is a battery-operated peristaltic pump enhancing vascular and lymphatic flow in lower limbs. The FDA-designated Durable Medical Equipment device operates on a rechargeable battery and allows treatment during activity.
The company has begun discussions regarding sales roadmap and manufacturing schedules with distributors, while terminating previously announced private placement financings from September 27, 2024.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) has announced plans to spin off its Consumer Product Portfolio into a separate publicly traded company. The transaction, expected to complete in the first half of 2025, aims to enhance shareholder value and operational focus. The consumer portfolio will include TheroZap insect bite therapy device, InterceptCS cold sore prevention system, Benepod pain relief device, and AcuVid Covid-19 rapid antigen test. Shareholders will receive pro-rata distribution of shares in the new company. The AGM has been deferred until June 30, 2025, to align with the spin-off approval process.
Therma Bright announces a strategic partnership between its investment partners InStatin and InVixa. InVixa will assign its exclusive worldwide licensing agreement for inhaled statin solutions to InStatin, pending University of California, Davis approval. InStatin will issue 160,000 shares to InVixa shareholders, increasing Therma Bright's stake to approximately 20%. InStatin is initiating a Series A funding round to advance its statin inhalant solution for asthma and COPD. The global asthma treatment market is projected to reach $30.1 billion by 2030, while the lung disease therapeutics market is expected to grow from $83.4 billion in 2023 to $152.4 billion by 2033.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) announces that its investment portfolio company, InStatin, has secured an agreement with Mountain West Research for a non-GLP discovery study. This study will investigate the pharmacokinetics of InStatin's innovative statin inhalant solution for asthma and COPD treatment.
The research aims to provide insights for targeting the delivery of active pharmaceutical ingredients (API) in the lungs, supporting the development of InStatin's therapeutic solution. This pre-clinical study is a important step towards Phase 1 human trials.
Therma Bright owns 17% of InStatin, with potential for increased ownership through a SAFE investment. The Asthma Treatment market is projected to reach USD 39.04 billion by 2032, growing at a CAGR of 3.8% from 2023 to 2032.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) has appointed Douglas S. Sommerville to its Advisory Board. With 30 years of experience in the medical device industry, Sommerville brings valuable expertise to the company. He previously served as Head of Country for Teva Canada and Global Vice President of Infusion Systems at Baxter Healthcare International. Sommerville will focus on Venowave sales and business development efforts, leveraging his extensive network in the medical retail space, hospital management, and industry associations. Therma Bright has also granted 3,300,000 stock options to directors, officers, and consultants, exercisable at $0.08 per share for three years.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) congratulates John Patton, Ph.D, Chairman of their strategic investment partner InStatin, on receiving the prestigious Charles G. Thiel Award for outstanding research in respiratory drug delivery. Patton, a renowned biotechnology scientist, has a track record of successful ventures including co-founding Inhale/Nektar and Halozyme. InStatin is developing a novel inhaled statin solution for treating chronic lung conditions like asthma and COPD. Therma Bright owns 17% of InStatin, with potential for increased ownership. The global asthma treatment market is projected to reach $30.1 billion by 2030. Therma Bright also holds over 60% of InVixa shares, which is developing inhaled statins for acute lung disease.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) announces a significant milestone achieved by its portfolio company, Inretio. The Preva® ischemic stroke clot removal device has successfully completed its third human trial, marking a major advancement in thrombectomy procedures. This innovative device offers enhanced precision and efficacy in blood clot removal, particularly effective when traditional treatments like tPA are insufficient.
The global coronary stents market is projected to reach $4.8 billion by 2029, presenting a substantial growth opportunity for Inretio and Therma Bright's investment. As Inretio progresses with the FDA 510K designation process, Therma Bright anticipates potential significant returns on its investment in this pioneering health-tech solution.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) has secured a new Nationwide U.S. Durable Medical Equipment (DME) distribution partner for its Venowave device. The partner has launched an initial sales program to assess Medicare/Medicaid reimbursement processes. Upon success, the distributor commits to acquire remaining inventory, valued at up to USD $2.38 million in reimbursement.
The Venowave VW5, effective for ten circulatory indications, offers up to USD $1,199 reimbursement per unit. Therma Bright expects its current inventory of 2,000 units to sell quickly, with strong demand for additional orders. The device's HCPCS Level II code E068 qualifies for reimbursement, potentially contributing significantly to the company's revenue and market valuation.
The new partnership offers favorable payment terms, reflecting confidence in Venowave's market readiness and reimbursement setup. Therma Bright anticipates successful program outcomes, leading to increased monthly orders and accelerated revenue growth.
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