Therma Bright's Venowave Accepted for Review By Center for Medicare & Medicaid Services for Permanent CPT and HCPCS codes

Rhea-AI Summary

Therma Bright Inc. (TBRIF) will resume trading on the TSXV on February 7, 2024. The company received a letter from the Center of Medicare and Medicaid regarding its Venowave device, confirming the reopening of its application for securing permanent CPT/HCPCS codes. This is a positive development for the company's medical device technologies. Additionally, Therma Bright has received notification from the TSXV about the resumption of stock trading.

Company To Resume Trading on Toronto Stock Exchange Venture (TSXV) on February 7, 2024

Toronto, Ontario--(Newsfile Corp. - February 6, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), developer and partner in a wide-range of leading-edge, proprietary diagnostic and medical device technologies, has received a letter from the Center of Medicare and Medicaid. The letter confirms that CMS is reopening the Company's application for its Venowave device for consideration on securing permanent Current Procedural Terminology (CPT®) / Healthcare Common Procedure Coding System (HCPCS) codes.

As outlined in an Official Letter from the Centers for Medicare & Medicaid Services (CMS) to the Company's regulatory advisor -

"We have reviewed your request for reconsideration of the final benefit category determination (BCD) for Venowave VW5 and Supplies (Venowave), application #HCP220922Q7MRO.

In the final BCD we stated that Venowave did not fall into a durable medical equipment, prosthetics, orthotics and supplies (DMEPOS) benefit category because it was a single patient use item. DME is defined in Medicare regulations at title 42 Code of Federal Regulations (CFR) 414.202 as equipment furnished by a supplier or a home health agency that meets five conditions, including that of being able to withstand repeated use.

Based on the new information provided in your reconsideration request, we believe it is appropriate to re-open your application and to include it in the upcoming First Biannual 2024 HCPCS (B1 2024) cycle. This means that during the B1 2024 cycle we will issue a new preliminary coding decision, BCD, and payment determination; you will have an opportunity to attend and provide comment at the public meeting; and we will then issue a new final determination."

In other news, Therma Bright has received notification from the Toronto Stock Exchange Venture (TSXV), that the Company's stock will resume trading on February 7, 2024.

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 receipt of permanent codes from CMS 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/196985

FAQ

When will Therma Bright Inc. (TBRIF) resume trading on the TSXV?

Therma Bright Inc. (TBRIF) will resume trading on the TSXV on February 7, 2024.

What is the significance of the letter from the Center of Medicare and Medicaid to Therma Bright Inc. (TBRIF)?

The letter confirms the reopening of the company's application for its Venowave device for consideration on securing permanent CPT/HCPCS codes, indicating positive developments for its medical device technologies.

What notification has Therma Bright Inc. (TBRIF) received from the Toronto Stock Exchange Venture (TSXV)?

Therma Bright Inc. (TBRIF) has received notification from the TSXV about the resumption of stock trading on February 7, 2024.