Toronto, Ontario--(Newsfile Corp. - April 21, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma Bright" or the "Company"), developer and investor in a range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to announce that further to its news releases of January 19 and March 6, 2023, relating to its acquisition of up to 25% of Inretio Inc., it has now paid the portion of the purchase price comprised of US$500,000 in Therma Bright shares, being 6,766,500 common shares of Therma Bright. In accordance with TSX Venture Exchange requirements, these shares were issued at a deemed price of CAD$0.10/share. The shares are subject to a hold period expiring August 1, 2023, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. These issued shares, along with USD$250,000 in cash payments previously made to Inretio, increases Therma Bright's ownership interest in Inretio to 7.5%.
On February 23, 2023, Therma Bright shared that Inretio received very encouraging results with its PREVA™ mechanical thrombectomy device for the treatment of ischemic stroke from a study that was conducted at the Shamir Medical Center's Research Unit, which is known across the world for its innovative and breakthrough research in Israel. The PREVA device has been undergoing a Good Laboratory Practise (GLP) animal study which is essential before initiating studies on patients. The study is proceeding as planned and the results of the GLP study are a positive sign for the device's future development and potential regulatory approval and commercialization. The study is expected to be completed during the second quarter of 2023, at which point Inretio plans to submit the data, as well as mechanical verification and validation (V&V) testing data, to the Israeli Ministry of Health for Clinical Trial clearance in humans, which will be a significant milestone towards commercialization.
"This is a significant milestone for Therma Bright as it now owns 7.5% of Inretio, a company which is on track to enter human studies," shared Rob Fia, CEO of Therma Bright. "Thrombectomy involves removing a clot from a blood vessel, most commonly from the brain or heart, as stroke and myocardial infarction remain two of the leading causes of death worldwide," added Rob Fia.
Inretio was born out of the need for improving stroke care and reducing thrombectomy complications. Inretio has set itself the goal of reducing stroke's burden and patients' suffering, by being a leader in the neurovascular field, and bringing value to physicians with simple, yet innovative solutions. For further information, go to http://www.inretio.co.il.
About Therma Bright Inc.
Therma Bright, is a developer and partner in a 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 is the developer of the smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test, currently undergoing regulatory review. Therma Bright Inc. trades on the TSXV (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
Therma Bright Inc.
Rob Fia, CEO
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FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as development and commercialization of medical devices 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.
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