Quantify Medical Sees Initial Success with Venowave VW5 Sales and Medicare/Medicaid Reimbursement Test
Therma Bright Closes First Tranche of Non-Brokered Concurrent Private Placement for CAD $174,900
Toronto, Ontario--(Newsfile Corp. - October 10, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX) ("Therma" or the "Company"), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to announce that its nationwide U.S. medical device distribution partner as Quantify Medical as previously announced on August 22, 2024. Quantify Medical has witnessed promising preliminary success with its Venowave VW5 device sales and Medicare/Medicaid reimbursement program, which was established to test timelines and billing procedures.
Following the conclusion of the test, Quantify Medical looks to acquire the remaining Venowave VW5 inventory. If all inventory were to be purchased by the distributor it would represent up to USD $2.38M in HCPCS Level II code E068 reimbursement. In August 2024, the Venowave VW5 was the first device of its kind to receive permanent Medicare and Medicaid HCPCS Level II code, which qualifies for reimbursement for ten (10) indications.
"We are thrilled with the initial results of our Venowave VW5 device sales and the speed and efficiency of Medicare and Medicaid processing the HCPCS Level II code reimbursements," shared Justin Goldston, President of Quantify Medical. "We expect great results when we conclude this initial test with our provider network and look forward to a successful partnership with Rob and Therma Bright with Venowave."
Rob Fia, CEO of Therma Bright commented: "We are excited to announce Quantify Medical as our nationwide U.S. distribution partner and the initial success Quantify Medical has experienced with the Medicare/Medicaid reimbursement test. It has been a pleasure to work with Justin and his team and we look forward to providing updates on Quantify Medical's next Venowave sales milestones."
The Venowave VW5 device is a series of compact, battery-operated peristaltic pumps that generate a wave-form motion. When worn below the knee, strapped firmly to the calf, the device results in compression of the calf and consequently an increased upward volumetric displacement of venous and lymph fluid. The 2-pair unit induces improved vascular and lymphatic flow in the lower limbs. Operating with a single rechargeable 1.5 V NiMh AA battery, this FDA-designated Durable Medical Equipment device enables users to receive treatment anywhere while remaining active. The Venowave VW5 assures it can withstand repeated use by successive patients.
In addition, Therma announces a first tranche closing of the concurrent non-brokered private placement portion as previously announced on September 27, 2024 Non-Brokered LIFE Financing & Concurrent Private Placement for up to a combined CAD $6 Million (the "Financing"). Under the first tranche of the concurrent non-brokered private placement portion, Therma issued 2,915,000 common shares priced at $0.06 per common share for total proceeds of $174,900 (the "First Tranche"). No finder's fee was paid in connection with the First Tranche. All securities issued under the First Tranche are subject to a hold period expiring February 11, 2025, in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the "TSXV").
As previously stated, the closing of the concurrent private placement may take place in one or more tranches, as determined by the Company and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval from the TSXV.
Rob Fia, the CEO, President and a director of Therma participated in the First Tranche and purchased 415,000 common shares for $24,900. Mr. Fia's participation in the First Tranche constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities that he acquired, nor the consideration for the securities that he paid, exceeded 25% of the Company's market capitalization.
The securities acquired by Mr. Fia under the First Tranche are held for investment purposes only. Mr. Fia may acquire additional securities of the Company or dispose of Therma shares (through market or private transaction) from time to time.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
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.
FORWARD-LOOKING STATEMENTS Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as future sales 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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