- Therma Bright Inc. (THRM) has signed a US$2.5 million share purchase agreement with Inretio Ltd. for its protective blood clot retriever technology
- Inretio is an Israeli medical device start-up working on the treatment of ischemic stroke with its medical device, PREVA
- Therma Bright has the right to pay up to US$2 million in cash and US500,000 in Therma Bright shares to earn a 25 per cent in Inretio
- The cash and shares are payable upon certain milestones being achieved by Inretio by May 31, 2024
- Therma Bright Inc. (THRM) is up 16.67 per cent, trading at $0.07 per share as of 12:34 p.m. EST
Therma Bright Inc. (THRM) has signed a US$2.5 million share purchase agreement with Inretio Ltd. for its protective blood clot retriever technology.
Inretio is an Israeli medical device start-up working on the treatment of ischemic stroke with its developing medical device, PREVA.
Therma Bright has the right to pay up to US$2 million in cash and US500,000 in Therma Bright shares to earn a 25 per cent in Inretio, subject to TSX Venture Exchange approval. Therma Bright has made an initial US$200,000 payment to Inretio.
The cash and shares are payable upon certain milestones being achieved by Inretio by May 31, 2024.
The PREVA is the first and only protective clot retriever that uses a distal basket which traps the clot and protects the brain from any sub-clots breaking off during the procedure. This ensures the complete removal of the clot and its fragments, leading to more successful blood flow through the brain.
Early animal trials with PREVA showed the device can achieve an 80 per cent success rate. Inretio will look to repeat the same success with PREVA in clinical trials during 2023.
Inretio plans to include additional animal studies until March 2023 and clinical trials by July 2023 at locations around the world, including Israel, Canada and the U.S.
Therma Bright Inc. (THRM) is up 16.67 per cent, trading at $0.07 per share as of 12:34 p.m. EST.
