Toronto, Ontario–(Newsfile Corp. – July 16, 2020) – Therma Bright Inc. (TSXV: THRM), (“Therma” or the “Company”), a progressive medical device technology company, is pleased to provide an update on its project with Orpheus Medica to develop a rapid test to detect COVID-19 virus in saliva – the CoviSafeTM.
The project will integrate Orpheus’ novel biologics platform, coupled with third party rapid detection and portable device technology, to develop a reliable palm-sized test for screening of COVID-19 virus in saliva. Orpheus and its academic collaborators have already spent over $500,000 on the development of a series of novel antibody and peptide-based detection molecules, identified through its existing intellectual property, know-how and infrastructure.
The proposed COVID-19 rapid saliva test is intended to have unique features such as high sensitivity, accuracy and specificity while delivering results in less than 20 minutes. Orpheus has substantial experience developing rapid tests, including roadside THC drug screening kits for saliva and other biological samples. The design and development of the fundamental components of the proposed test have already begun, which may allow Therma and Orpheus to deliver a solution to the Canadian and global markets.
The parties’ arrangement is subject to completion of due diligence and successful negotiation of comprehensive terms and conditions of a definitive development project agreement. The parties’ arrangement is subject to acceptance by the TSX Venture Exchange.
Mr. Rob Fia, CEO of Therma Bright commented, “We are pleased with the level of interest in this project by the investor community. As a result, we have posted a new presentation on our website, www.thermabright.com/therma-orpheus/ which provides additional information on the project, the market opportunity and preliminary details on the CoviSafeTM product. I am also able to report that we are moving forward with our fundraising efforts and due diligence and expect to finalize the definitive agreements within the 30-day period, as reported on July 7, 2020.