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.