- Medical device company, Therma Bright (THRM) has formed a partnership with Orpheus Medica, to develop a COVID-19 saliva test
- The company will provide funding and medical device expertise to support the development project
- During the project’s first phase, Therma Bright will issue one million company shares and one million warrants to Orpheus Medica
- The collaborators expect Phase One of the project to be complete within the next 30 days
- Therma Bright (THRM) is up 75 per cent and is currently trading at C$0.035 per share
Medical device company, Therma Bright (THRM) has formed a partnership with Orpheus Medica, to develop a COVID-19 saliva test.
The two companies have entered into a binding letter of intent for the development of the rapid screening test. Therma Bright will contribute its medical device expertise, as well as funding to support the project’s development.
The company will provide its funding in phases, as certain milestones are achieved throughout the process.
During the project’s first phase, Therma Bright will issue one million common shares in the company to Orpheus Medica. The company will also issue Orpheus with one million warrants, which are exercisable at C$0.05 a share for five years.
These shares and warrants will not become available to Orpheus until certain Phase One milestones are reached. Phase One of the project is expected to complete within the next 30 days.
If both parties agree to move forward, Therma Bright will pay $300,000 in funding for Phase Two. The company will also provide additional funding if the project progresses to Phase 3.
Therma Bright’s CEO, Rob Fia, said that the company is pleased to enter the joint development arrangement with Orpheus Medica.
“The companies recognise the mutual business benefit that could be achieved through collaboration. More importantly, the test would make large-scale screening and detection more readily accessible to more individuals worldwide.
“In addition to offering a reliable test that would be cheaper, less invasive, and easier to use, it would also reduce the risk posed by routine COVID-19 testing to both patients and front-line medical professionals,” he said.
If the project is successful, the companies will produce a palm-sized test which rapidly screens for SARS-CoV-2 in human saliva. The proposed test will be able to reliably deliver results in less than 20 minutes.
Therma Bright (THRM) is up 75 per cent and is trading at 3.5 cents per share at 11:11am EDT