- Therma Bright (THRM) acquires 100 per cent control of its COVID-19 rapid saliva antigen test and mentions a proposed name change for said test
- Therma Bright will retain 100 per cent of all future revenue and profits from the sale of this test going forward
- In light of today’s news from Therma Bright, they will no longer pursue that arrangement with Torion Biosciences
- Therma Bright does not claim that this product–SCV2–has the ability to eliminate or cure COVID-19
- SCV2 is an at-home or point-of-need test which does not require lab instruments or specialized lab technicians to be used
- Therma Bright (THRM) is down 14.43 per cent and is trading at C$0.42 a share at 3:59 pm EST
Therma Bright (THRM) acquires 100 per cent control of its COVID-19 rapid saliva antigen test and mentions a proposed name change for said test.
Being, as they say, ‘a progressive medical device technology company,’ it has taken 100 per cent control of its research and development, including regulatory, manufacturing and commercialization of its saliva-based rapid antigen test.
Therma Bright will retain 100 per cent of all future revenue and profits from the sale of this test going forward.
On November 4, 2020, Therma Bright released news that it would retain 50 per cent of the revenue and profit from the sale of its rapid antigen test through Torion biosciences.
In light of today’s news from Therma Bright, they will no longer pursue that arrangement with Torion Biosciences.
Instead, Therma Bright will create a new trademark name for its saliva-based rapid antigen test, temporarily called SCV2, until a new name is decided on and protected.
Therma Bright does not claim that this product–SCV2–has the ability to eliminate or cure COVID-19.
In other corporate news about Therma Bright, they recently negotiated debt settlements with arm’s length creditors.
To settle aggregate outstanding debt of over C$65 thousand, Therma Bright will issue an aggregate of 145 thousand common shares at a deemed price of C$0.45 per share.
These will be subject to a hold period expiring four months plus one day after the date the shares are issued, with applicable security laws and the TSX Venture Exchange policies.
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,” concluded Fia.
SCV2 is an at-home or point-of-need test which does not require lab instruments or specialized lab technicians to be used.
It hopes to use this test to help reduce virus transmission, specifically asymptomatic and pre-symptomatic patients.
Therma Bright is a medical device technology company focused on providing consumers and medical professionals with quality medical devices that address individuals’ medical and healthcare needs.
Therma Bright (THRM) is down 14.43 per cent and is trading at C$0.42 a share at 3:59 pm EST.
