Toronto, Ontario--(Newsfile Corp. - May 25, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), developer and partner in a wide-range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to announce that the Company is working with its U.S distributor network on expanding sales of Venowave under the nine (9) temporary Current Procedural Terminology (CPT®) and Healthcare Common Procedure Coding System (HCPCS) codes issued by the Centers for U.S. Medicare and U.S. Medicaid Services for patient reimbursements.
As previously announced on April 14, 2023, Therma Bright successfully secured reimbursement for a pair of Venowave devices for up to $1050.00 USD per patient, this represents a significant milestone for Therma Bright as it was the first time Therma Bright received reimbursement for its Venowave product through the Medicare and Medicaid program in the United States. The temporary codes offer significant commercial importance, as Therma Bright's network of distributors across the United States are gearing for a major launch.
"The global compression therapy equipment market in terms of revenue was estimated to be worth $3.7B in 2022 and expected to reach $4.9B by 2027 at a CAGR of 5.5% from 2022 to 2027" according to Markets to Markets Research.
"Last week I was in the U.S. expanding our Venowave distribution network and I am pleased to announce that our distributors are eager to pursue sales through these temporary codes," shared Rob Fia, CEO of Therma Bright. "With the market revenues estimated at $3.7B in 2022, our innovative Venowave device is set to capture a share of this large market with these Medicaid and Medicare reimbursement codes. Venowave offers patients and medical practitioners a great compression therapy solution with advantages over the current technology in the marketplace. This is a great step forward for Therma Bright and will further power sales of Venowave through the Company's U.S. distribution network."
In late 2022, Venowave secured nine (9) temporary CPT®/HCPCS codes for a variety of circulatory diseases, including: (i) deep vein thrombosis (DVT), (ii) primary thrombosis, (iii) post thrombotic syndrome (PTS), (iv) lymphedema, (v) varicose veins, (vi) chronic venous insufficiency, (vii) intermittent claudication, (viii) vascular insufficiency and (ix) enhancing blood circulation issues.
In addition, the Company has secured a meeting with U.S. Department of Health and Human Service on May 31, 2023, to discuss Venowave and its efforts to secure permanent CPT® & HCPCS codes for U.S. Medicare and Medicaid reimbursement. Therma Bright will be presenting to the Centers for Medicare and Medicaid Services (CMS) additional data to demonstrate the efficacy of Venowave to patients for the prevention of deep vein thrombosis (DVT) and post-operative pain and swelling and cases of vascular insufficiency.
"We're pleased with the opportunity to present our case on May 31 to the U.S. Department of Health and Human Service regarding the reimbursement of Venowave, it is standard practice for Medicare Payment Determination division of CMS to conduct several rounds of reviews before the issuance of permanent codes." shared Rob Fia, CEO of Therma Bright. "We are confident that Venowave meets the Centers for Medicare and Medicaid Services (CMS) evidence requirements and look forward to presenting the importance and the benefits of our solution for people who suffer from a variety of vascular circulatory diseases."
Therma Bright remains dedicated to advancing its mission of improving patient outcomes through innovative medical technologies, including the Venowave.
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
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as the commercialization of Venowave 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.
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