Toronto, Ontario–(Newsfile Corp. – January 25, 2021) – Therma Bright Inc. (TSXV: THRM) (“Therma Bright” or the “Company”), a progressive medical device technology company announces that it has taken 100% control of the research and development, regulatory, manufacturing and commercialization of its saliva-based rapid antigen test. As a result, Therma Bright will retain 100% of all future revenue and profits from the sale of the saliva-based rapid antigen test. Therma Bright previously announced on November 4, 2020, that it would retain 50% of the revenue and profit from the sale of its rapid antigen test through Torion Biosciences Inc. (“Torion”). Therma Bright will no longer pursue that arrangement with Torion Biosciences Inc., with 100% of the future economic benefit now flowing directly to Therma Bright Inc. In addition, Therma Bright will create a new trademark name for its saliva-based rapid antigen test, temporarily called SCV2, until a new name is protected.
Therma Bright is pleased to report that it is in advanced discussions with potential testing sites in multiple locations across Canada as well as sites in the United States and the United Kingdom. Engaging in multiple locations will assist Therma Bright to achieve regulatory approvals in different jurisdictions such as CE in Europe and FDA and Health Canada approvals for North America. Such regulatory approvals will allow for the roll out of the commercial test for multiple markets in the future. Therma Bright will now procure sufficient test kits to be used in the prospective studies to occur in the month of February.
Therma Bright is also in the process of identifying component suppliers to be used in the large-scale manufacturing of the SCV2 test and is identifying contract manufacturers to manufacture and assemble the final product.
Therma Bright also announces that it has negotiated debt settlements with arm’s length creditors. Pursuant to the debt settlement agreements, and subject to acceptance by the TSX Venture Exchange, the Company has agreed to settle aggregate outstanding debt of $65,250 in consideration for which it will issue an aggregate of 145,000 common shares at a deemed price of $0.45 per share. All shares issued in relation to these debt settlements are subject to a hold period expiring four months + one day after the date the shares are issued, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Rob Fia, CEO of Therma Bright commented: “This is a big win for us and our shareholders as we maintain 100% of the sales and profits of SCV2. Since our last press release on January 18th, 2021, announcing 86% sensitivity and 100% specificity, we are pleased to have received significant interest from overseas facilities in the UK, the US and in addition to the Province of Ontario, other provinces in Canada. We will report back on the prospective study sites in the near future.”
Therma Bright is not making any express or implied claims that its product, SCV2, has the ability to eliminate or cure COVID-19 (or SARS-CoV-2 virus).
SCV2 is a rapid antigen test developed as an at-home or point-of-need test that does not require lab instruments or specialized lab personnel to be performed. It can be administered by healthcare professionals or untrained users. The test can help identify infected individuals in 15 minutes and is designed for at-home or point-of-need settings such as long-term care facilities, schools, or sporting events. Studies have shown that an efficient at-home antigen test would significantly reduce virus transmission, specifically by asymptomatic and pre-symptomatic patients. It would also allow individuals who receive negative tests to continue with their everyday activities, including work and school.
SCV2 takes advantage of a lateral flow technology to detect the presence of the COVID-19 virus in saliva. When complete, the SCV2 rapid screening test could be ideal for use in a variety of scenarios, such as:
- As an at-home test and for monitoring
- To identify if patients require further testing or treatment in a clinical setting
- To verify if patients are ready for release from quarantine
- To screen individuals prior to entering public venues such as airplanes, sporting events, religious gatherings, concerts and wedding events.