Therma Bright Q2, 2024 Market Update On Business
Therma Bright Inc. (TBRIF), a developer of medical device technologies, provided a market update.
The company successfully raised $1M CAD through a private placement, intending to invest in its Digital Cough Analyzer and InStatin Inc., along with covering debts and working capital.
The Venowave device awaits permanent HCPCS and CPT codes, potentially expanding its market reach.
Therma is working with the FDA on the regulatory requirements for its AI-powered Digital Cough Analyzer.
Investments in Inretio and InStatin show promise, with Therma holding significant stakes in both companies.
A strategic review is ongoing to explore various options to maximize shareholder value.
- Successful $1M CAD capital raise.
- Potential market expansion for Venowave with pending HCPCS and CPT codes.
- Progress with FDA on Digital Cough Analyzer.
- Promising investments in Inretio (8%) and InStatin (17%).
- Strategic review to maximize shareholder value.
- Ongoing reliance on regulatory approvals and code designations.
Medical Device Developer & Investor Taps 4 Markets With Growth Projections of USD
Toronto, Ontario--(Newsfile Corp. - July 3, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to provide a market update on the state of the business, including:
$1,000,000 CAD private placement capital raise,- Venowave's pending HCPCS and CPT® codes update,
- Digital Cough Analyzer, powered by AI4LYF, update,
- InStatin and Inretio investment updates, and
- Company's Strategic Review progress.
As announced on June 10 and June 21, 2024, Therma Bright closed the first and second tranches of a
Venowave's Pending HCPCS and CPT® codes:
On Wednesday, May 29, 2024, the Centers for Medicare and Medicaid Services (CMS), a division of the U.S. Department of Health & Human Services, held its First Biannual 2024 Healthcare Common Procedure Coding System (HCPCS) Public Meeting and proposed pricing for the Venowave VW5, assigning a new HCPCS Level II code. The Company agreed with the proposed pricing and code designation, and looks forward to the prospect of receiving approval for the permanent HCPCS and CPT® codes.
MarketDigital research projected the deep vein thrombosis global market alone to "reach USD 1554.91 Million by 2032". This was further confirmed by a January 2024 ResearchAndMarkets global report that stated, "the deep vein thrombosis market is expected to see steady growth in the next few years. It will grow to USD
Digital Cough Analyzer powered by AI4LYF:
Therma Bright will be working with the U.S. Food & Drug Administration (FDA) on its formal 513(g) request to obtain information regarding the classification and regulatory requirements for its acoustic AI-powered Digital Cough Analyzer (DCA) technology. The Company looks to deploy the DCA as a remote therapeutic monitoring (RTM) solution. In a 2023 Precedence Research report, the "global respiratory monitoring devices market size accounted for USD
Inretio and InStatin Investments Update:
Progress continues with Inretio's Preva® ischemic stroke device and InStatin's chronic lung and asthma treatment solution. As formerly announced, Therma Bright is excited about its investment of just over
Company's Strategic Review Progress:
In March 2024, the Company announced it was conducting a Strategic Review, which aimed at evaluating and exploring a broad range of initiatives and alternatives to maximize shareholder value, including (i) continuation as a standalone public business, (ii) engagement with a strategic investor and/or acquisition, (iii) a merger or spin-off that may involve all or part of the Company's assets, or (iv) other options to be discovered.
Therma also announces that pursuant to the Company's
In addition, the Company announces that it has revised the partial consideration payable under a consulting agreement previously disclosed in its news release dated May 22, 2024. Subject to TSXV approval, instead of issuing share purchase warrants exercisable for 5,000,000 common shares of the Company, Therma will grant to the consultant 5,000,000 stock options, each of which is exercisable for a period of three years at a price of
"It's been a great first half of 2024," expressed Rob Fia, CEO of Therma Bright. "In addition to the
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About Therma Bright Inc.
Therma Bright is a developer and partner in a wide range of leading edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. Therma Bright Inc. trades on the (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
Therma Bright Inc.
Rob Fia, CEO
rfia@thermabright.com
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FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as the commercialization of Venowave, DCA, and InStatin, and related technology as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. Actual results could differ materially from those anticipated due to several factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215289
FAQ
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