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Therma Bright Invests in the Development of Novel Treatments for COVID-19, Asthma, and Chronic Obstructive Pulmonary Disease (COPD)
Toronto, Ontario--(Newsfile Corp. - December 1, 2022) - Therma Bright Inc. (TSXV: THRM) (OTCQB: T...
About this update from Therma Bright Inc.
[{"type":"text","content":"Therma Bright Invests in the Development of Novel Treatments for COVID-19, Asthma, and Chronic Obstructive Pulmonary Disease (COPD)Toronto, Ontario--(Newsfile Corp. - December 1, 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 entered into an agreement to acquire an interest in a novel technology that utilizes inhaled statins for the treatment of respiratory conditions including asthma, chronic obstructive pulmonary disease (\"COPD\"), and acute lung inflammatory diseases including that caused by COVID-19 and other causes of acute respiratory distress syndrome (ARDS).Therma has entered into an agreement with 2740162 Ontario Inc., operating as August Therapeutics (\"August\") and Ketiko Bio Corp (\"Ketiko\") (collectively the \"Vendors\") to acquire a 25% interest in each of InStatin, Inc. and InVixa Inc., and to acquire an option to acquire additional shares in Instatin and InVixa, as described below. Therma Bright has agreed to issue 55,000,000 shares at a deemed price of $0.136364 per share for total consideration of $7,500,000.00, to the Vendors in exchange for such interests in InStatin and InVixa. The above option will additionally provide Therma with the right to earn up to 50% of InStatin and 80% of InVixa by advancing the drugs to the end of Phase 1 clinical trials for each company and eventual regulatory approval, with an investment expected to be US$5M. Additionally, the Company shall have the right to appoint one director to each of the boards of InStatin and InVixa, subject to meeting certain future funding milestones.In connection with the acquisition, the Company will pay a finder's fee of 4,400,000 shares in its capital stock to an arm's length finder for its assistance in sourcing the transaction.Statins have been used clinically to treat high cholesterol levels which protect patients from heart attacks and strokes for over 35 years. A research group at the University of California Davis (UCD) School of Medicine has conducted innovative laboratory research on the application of 'inhaled statins' to treat the acute and chronic respiratory inflammatory mechanisms associated with asthma, COVID-19 a...