Toronto, Ontario–(Newsfile Corp. – August 20, 2020) – Therma Bright Inc. (TSXV: THRM) (“Therma” or the “Company”), a progressive medical device technology company, provides this corporate update in response to inquiries from shareholders.
Saringer – Asset Acquisition (Benepod® pain relief technology)
As previously announced (refer to news releases of January 15, April 8 & July 9, 2020), Therma has completed satisfactory due diligence and intends to acquire Benepod® pain relief technology and other related medical device technology and intellectual property from Saringer Life Science Technologies Inc. (“Saringer”). The Company is currently working with its legal counsel to finalize the asset purchase agreement that is required to be signed in order to move forward with the formal purchase of these assets. Therma expects that this agreement will be finalized and signed shortly and will provide a further update once this is completed. This agreement will be subject to acceptance by the TSX Venture Exchange.
Joint development with Orpheus – CoviSafe™
As announced August 13, 2020, the Company and Orpheus Medica Inc. (“Orpheus”) intend to move forward with Phase 2 of their joint development of a rapid saliva test (CoviSafeTM) for the detection of the virus (SARS-CoV-2) causing COVID-19. It is expected that CoviSafe™ will integrate Orpheus’ novel biologics and advanced computational platforms, coupled with third party device technology, to develop a reliable palm-sized rapid test for screening of COVID-19 virus in saliva. Therma will provide funding for the project in phases contingent upon achievement of certain corporate and scientific milestones. In addition, Therma will provide medical device and regulatory expertise.
The next stage in this process is to sign a formal agreement that will govern the parties’ joint development arrangement moving forward. Both companies are currently working with their legal counsel to finalize this agreement. All personnel are working as quickly as possible to move this forward. This agreement may also be subject to acceptance by the TSX Venture Exchange. The Company is expecting to provide an update on this transaction within the next 10 days.
Grant of Options
The Company also announces that, pursuant to the Company’s 10% rolling stock option plan and in compliance with the policies of the TSX Venture Exchange, it has granted incentive stock options to certain directors, officers, and consultants of the Company to purchase up to an aggregate of 13,950,000 common shares of the Company. These options are exercisable for a period of 5 years at a price of $0.22 per share.
About Therma Bright Inc.
Therma Bright is a progressive medical device technology company focused on providing consumers and medical professionals with quality medical devices that address their medical and healthcare needs. The Company’s initial breakthrough proprietary technology delivers effective, non-invasive and pain-free skincare. Therma Bright received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation of a variety of insect bites or stings. The Company received clearance for the above claims from the US FDA in 1997.
For further information, please contact:
Rob Fia, CEO
Saeid Babaei, Chairman & CEO
FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events such as signing an asset purchase agreement and completing the acquisition of Benepod® pain relief technology and other medical device related technology from Saringer; signing a formal agreement with Orpheus for the joint development of CoviSafe™; completion of the development and commercialization of a rapid COVID-19 viral assay and related instrumentation, and acceptance of both transactions from the TSX Venture Exchange, if required, all 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 or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of 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 as a result 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.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.