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.
$1M CAD Private Placement Capital Raise:
As announced on June 10 and June 21, 2024, Therma Bright closed the first and second tranches of a $1,000,000 CAD private placement capital fundraising effort, securing $854,500 CAD and $145,500 CAD, respectively. The proceeds from the offering will be used for investment in the Digital Cough Analyzer (DCA) and InStatin Inc., as well as to cover outstanding company debts and costs associated with investor relations, and general working capital.
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 $1.26 billion in 2028." And this is only one (1) market of nine (9) circulatory issues the Venowave codes will cover.
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 $1.50 billion in 2022, and it is expected to hit around USD 2.99 billion by 2032".
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 8%% in Inretio and 17% in InStatin, as the market outlook for both spaces is very promising. iDataResearch estimates the global coronary stents global market size to "reach a value of more than USD $4.8 billion in 2029." BioSpace news reported that the global asthma treatment market size is anticipated to reach "USD $30.1 billion by 2030."
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 10% rolling stock option plan and in compliance with the policies of the TSXV, it has granted incentive stock options to certain directors, officers and consultants of the Company to purchase up to an aggregate of 5,631,000 common shares of the Company. The options are exercisable for a period of three years at a price of $0.05 per share.
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 $0.05 per share.
"It's been a great first half of 2024," expressed Rob Fia, CEO of Therma Bright. "In addition to the $1M CAD in a private placement capital raise, we are moving forward with many of our core business initiatives, including waiting for final approval from CMS on the permanent codes for the Venowave and FDA's feedback on our 513(g) application for our Digital Cough Analyzer powered by AI4LYF. We're pleased to see that our four key investment efforts are based around industries and technologies with great growth horizons that total a market size of upwards of USD $39.1 billion by 2030. It's an exciting time for our team, partners, and shareholders."
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.
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SOURCE: Therma Bright Inc.
