Toronto, Ontario--(Newsfile Corp. - January 19, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma Bright" or the "Company"), developer of its smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test and other progressive diagnostic and medical device technologies, is pleased to announce that it has signed a SPA (Share Purchase Agreement) with Inretio Ltd. ("Inretio") for its innovative protective blood clot retriever technology. Therma Bright has the right to invest up to USD $2,000,000 in cash and USD $500,000 in Therma Bright shares to earn up to 25% in Inretio Inc., subject to TSX Venture Exchange approval. The cash and shares are payable, at Therma's option, upon certain milestones being achieved by Inretio over time by the end of May 31, 2024. Therma Bright has made the first payment to Inretio totaling USD $200,000.
Inretio is developing a medical device called PREVA™ to treat ischemic stroke. The PREVA™ clot retriever is a groundbreaking medical device that will change the way ischemic strokes are treated. It is the first and only protective clot retriever that uses a distal basket. The device's unique PREVA™ basket "ensnares" the clot, encapsulating it and protecting the brain from any sub-clots breaking off during the thrombectomy procedure. This ensures the complete removal of the clot and its fragments, leading to more successful revascularization of the brain which can prevent further damage and complications. The PREVA™ clot retriever is a game-changing technology that has the potential to significantly improve outcomes of clot removal procedures for stroke patients.
The PREVA™ device was developed by Raviv Vine and his team of engineers & researchers at Inretio. Mr. Vine has over 25 years of experience working at the nanoscale level developing semiconductor fabrication plants in the United States and Israel for Intel Inc. Due to a personal friend's loss of a loved one to stroke, it was only natural that Mr. Vine was called upon to develop PREVA™ with his advanced knowledge of nano-scale technology and working with specialized materials.
As published by The Lancet (https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(16)00163-X/fulltext) the existing clot retriever technology is currently 50% effective at retrieving blood clots in the human brain. Early animal trials with PREVA™ indicate the technology can achieve 80% success rate. Inretio will look to repeat the same success with PREVA™ in clinical trials during 2023. Inretio has received an investment from the Israel Innovation Authority to reach full development of the technology and a working prototype to complete these animal studies in the USA and Israel. Further, Inretio has secured its IP portfolio with plans to expand the IP with additional novel features for the PREVA™ device. All manufacturing is completed in Israel with the ability to ramp production to meet demand.
Inretio's plans for 2023 include additional animal studies until March 2023 and clinical trials by July 2023 at locations around the world including Israel, Canada and the US at renowned hospitals.
The current marketplace for clot retrievers is dominated by major US medical device companies. The current market is valued at USD $2.83 billion in 2022 and expected to grow to USD 4.51 billion in 2030, a 6% CAGR over that time period. As the population ages, the incidence of strokes is projected to increase, with the World Health Organization estimating that by 2035, stroke will be the second leading cause of death worldwide. The PREVA™ device has the potential to make a real impact by saving lives and improving health outcomes for those who suffer from ischemic stroke.
Overall, the PREVA device represents a significant advancement in the field of stroke care. It has the potential to save lives and improve health outcomes for those who suffer from ischemic stroke by providing a safer, more effective, and faster treatment option. By using this device, it could provide better recovery and reduce the number of re-hospitalizations, leading to cost savings for the healthcare system.
Rob Fia, CEO commented: "When I first met Raviv and his team I was instantly impressed and intrigued at how quickly he and his team were able to develop the PREVA™ device to treat ischemic blood clots. Inretio's technology is a complementary fit for Therma Bright and our preventative blood clot technology Venowave, and our ability to assist Inretio to take the PREVA™ technology forward. Therma Bright is pleased to reach this agreement with Inretio based on an attractive valuation and the size of the market. This agreement is a win-win for Inretio and Therma Bright. It is expected that Inretio's technology will become a part of neurosurgeons' toolbox and secure a significant portion of the neurovascular device market in the future. Therma Bright, with the help of Inretio's small yet talented team, will be able to set a dominant footprint in the neurovascular device market."
The Company would also like to announce that it has engaged Reinvent Business to execute a market and brand awareness campaign. This campaign will run over a 12-month period paid in cash for USD $25,000, subject to TSXV approval. The Company has also retained the services of Aktiencheck.de AG to provide editorial write-ups, public relations, brand awareness, and digital marketing services to the Company for the European market for the next two quarters, subject to TSXV approval. Aktienceck.de AG has been paid consideration of €50,000.
About Inretio Inc.
Inretio, an Israeli medical device start-up, is revolutionizing the treatment of ischemic stroke with their innovative approach to clot-retrieving devices. Ischemic strokes, which are caused by a clot blocking blood flow to the brain, afflict over 690,000 patients in the US each year, according to the CDC, with current devices providing an incomplete solution. Inretio's concept for clot-retrieval aims to improve effectiveness and prevent complications during thrombectomy procedures, ultimately elevating outcomes for stroke patients. This cutting-edge technology has the potential to greatly impact the lives of those affected by ischemic strokes and make a significant difference in the medical community.
About Therma Bright Inc.
Therma Bright, developer of the smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test, is a progressive medical diagnostic and device technology company focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. The Company's initial breakthrough proprietary technology delivers effective, non-invasive, and pain-free skincare. Therma Bright received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation of a variety of insect bites or stings. The Company received clearance for the above claims from the U.S. FDA in 1997. Therma Bright Inc. trades on the TSXV (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
Therma Bright Inc.
Rob Fia, CEO
rfia@thermabright.com
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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 a rapid COVID-19 viral assay and related instrumentation. 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.
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