Toronto, Ontario--(Newsfile Corp. - October 27, 2022) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" 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 received new temporary PDAC (Pricing, Data Analysis and Coding) billing codes for its Venowave product giving Therma Bright immediate access to reimbursement through Medicare and Medicaid.
On September 20, 2022 Therma Bright announced that initial US sales were made under an existing reimbursement code which required preapproval from the patient's insurance provider. This resulted in longer than optimal sales cycles both for the patients, their doctors and for Therma Bright.
Therma Bright is pleased to announce that the new temporary billing codes will allow doctors and patients in the US to easily order Venowave and have it covered by Medicare, Medicaid and third-party insurers. Therma Bright has submitted an application for unique permanent HCPCS (Healthcare Common Procedure Coding System) codes to the HCPC panel for the Venowave device and related replaceable wraps. A decision on the permanent codes is expected in H1/23. Until the new permanent codes are issued Therma Bright can use the temporary codes that were issued this month to receive reimbursement. This opens the market in the US to a broader range of reimbursable applications including:
- Management of the symptoms of post thrombotic syndrome (PTS)
- Prevention of deep vein thrombosis (DVT)
- Prevention of primary thrombosis
- Treatment of lymphedema
- Treatment of leg swelling due to vascular insufficiency
- Treatment of varicose veins
- Treatment of chronic venous insufficiency
- Enhancing blood circulation
- Treatment of intermittent claudication
Rob Fia, CEO stated, "Receiving these new codes is a big win for Therma Bright. These codes will significantly open up the Venowave product to a greater number of users and multiple market opportunities which will greatly increase sales in the US. We are actively working with our partners on a sales execution strategy over the next quarter."
"The Company would also like to announce that it has engaged CYFR Inc. to execute a digital marketing campaign. These campaigns will run over a three-month period partially paid in cash with up to 300,000 warrants to be issued at $0.15 per share, subject to TSXV approval. The engagement includes services related to cost-per-click advertising, content creation, web development and activation support, advertising creative development, search engine optimization and strategic digital consulting."
Therma Bright also announces that it has negotiated a debt settlement with an arm's length creditor. Pursuant to the debt settlement agreement, and subject to acceptance by the TSX Venture Exchange, the Company has agreed to settle outstanding debt of $94,000 in consideration for which it will issue 626,666 common shares at a deemed price of $0.15 per share. All shares issued in relation to this debt settlement will be subject to a hold period expiring four months + one day after the date the shares are issued, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.