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Therma Bright Acquires 100% Control of its COVID-19 Rapid Saliva Antigen Test and Announces Proposed Name Change for the Test
Toronto, Ontario--(Newsfile Corp. - January 25, 2021) - Therma Bright Inc. (TSXV: THRM) ("Ther...
About this update from Therma Bright Inc.
[{"type":"text","content":"Therma Bright Acquires 100% Control of its COVID-19 Rapid Saliva Antigen Test and Announces Proposed Name Change for the TestToronto, Ontario--(Newsfile Corp. - January 25, 2021) - Therma Bright Inc. (TSXV: THRM) (\"Therma Bright\" or the \"Company\"), a progressive medical device technology company announces that it has taken 100% control of the research and development, regulatory, manufacturing and commercialization of its saliva-based rapid antigen test. As a result, Therma Bright will retain 100% of all future revenue and profits from the sale of the saliva-based rapid antigen test. Therma Bright previously announced on November 4, 2020, that it would retain 50% of the revenue and profit from the sale of its rapid antigen test through Torion Biosciences Inc. (\"Torion\"). Therma Bright will no longer pursue that arrangement with Torion Biosciences Inc., with 100% of the future economic benefit now flowing directly to Therma Bright Inc. In addition, Therma Bright will create a new trademark name for its saliva-based rapid antigen test, temporarily called SCV2, until a new name is protected. Corporate Updates:Therma Bright is pleased to report that it is in advanced discussions with potential testing sites in multiple locations across Canada as well as sites in the United States and the United Kingdom. Engaging in multiple locations will assist Therma Bright to achieve regulatory approvals in different jurisdictions such as CE in Europe and FDA and Health Canada approvals for North America. Such regulatory approvals will allow for the roll out of the commercial test for multiple markets in the future. Therma Bright will now procure sufficient test kits to be used in the prospective studies to occur in the month of February.Therma Bright is also in the process of identifying component suppliers to be used in the large-scale manufacturing of the SCV2 test and is identifying contract manufacturers to manufacture and assemble the final product.Therma Bright also announces that it has negotiated debt settlements with arm's length creditors. Pursuant to the debt settlement agreements, and subject to acceptance by the TSX Venture Exchange, the Company has agreed to settle aggregate outstanding debt of $65,250 in consideration for which it will issue an aggregate of 145,000 common shares at a deemed price of $0.45 per share. All shar...