Toronto, Ontario--(Newsfile Corp. - August 13, 2020) - Therma Bright Inc. (TSXV: THRM) ("Therma" or the "Company"), a progressive medical device technology company, is pleased to announce that it has completed its Phase 1 due diligence on Orpheus Medica's ("Orpheus") platform technology and plan for the development of a rapid saliva test (CoviSafe™) for the detection of the virus (SARS-CoV-2) causing COVID-19. CoviSafe™ will integrate Orpheus' novel biologics and advanced computational platforms, coupled with third party device technology, to develop a reliable palm-sized rapid test for screening of COVID-19 virus in saliva.
Therma will provide funding for the project in phases ("Phase" or "Phases") contingent upon achieving certain corporate and scientific milestones. Therma will provide medical device expertise to help accelerate the development of the CoviSafe™ screening test to address the ongoing pandemic.
Initial Phase 1 milestones have now been met and Therma has issued to Orpheus 1,000,000 Therma common shares and 1,000,000 warrants exercisable at $0.05 per share with a 5-year expiry. All issued securities are subject to a four month hold period expiring December 14, 2020, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
CoviSafe™ is intended to have unique features such as high sensitivity, accuracy and specificity while delivering results in less than 20 minutes. Orpheus has substantial experience developing biological-based rapid tests, including THC drug screening test in saliva for roadside testing and workplace safety. The design and development plan of CoviSafe™ is underway and Therma and Orpheus expect to deliver a solution quickly to the Canadian and global market.
Dr. Saeid Babaei, Chairman & CEO of Orpheus Medica, commented: "We are pleased to have Therma's support to complete the entire developmental and commercialization plan of CoviSafe™, allowing us to expedite the prototype development, clinical validation and regulatory submission plans in the coming months."
Mr. Rob Fia, CEO of Therma, commented, "We are excited to have completed Phase 1 of the development program and to enter into Phase 2 of this joint development arrangement with Orpheus Medica. Therma and Orpheus expect to move forward quickly to identify OEM manufacturers to assist with validation and manufacturing of CoviSafe™ with the completion of our recent financing."