Toronto, Ontario--(Newsfile Corp. - July 16, 2020) - Therma Bright Inc. (TSXV: THRM), ("Therma" or the "Company"), a progressive medical device technology company, is pleased to provide an update on its project with Orpheus Medica to develop a rapid test to detect COVID-19 virus in saliva - the CoviSafeTM.
The project will integrate Orpheus' novel biologics platform, coupled with third party rapid detection and portable device technology, to develop a reliable palm-sized test for screening of COVID-19 virus in saliva. Orpheus and its academic collaborators have already spent over $500,000 on the development of a series of novel antibody and peptide-based detection molecules, identified through its existing intellectual property, know-how and infrastructure.
The proposed COVID-19 rapid saliva test 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 rapid tests, including roadside THC drug screening kits for saliva and other biological samples. The design and development of the fundamental components of the proposed test have already begun, which may allow Therma and Orpheus to deliver a solution to the Canadian and global markets.
The parties' arrangement is subject to completion of due diligence and successful negotiation of comprehensive terms and conditions of a definitive development project agreement. The parties' arrangement is subject to acceptance by the TSX Venture Exchange.
Mr. Rob Fia, CEO of Therma Bright commented, "We are pleased with the level of interest in this project by the investor community. As a result, we have posted a new presentation on our website, which provides additional information on the project, the market opportunity and preliminary details on the CoviSafeTM product. I am also able to report that we are moving forward with our fundraising efforts and due diligence and expect to finalize the definitive agreements within the 30-day period, as reported on July 7, 2020.
About Therma Bright Inc.
Therma Bright is a progressive medical device technology company focused on providing consumers and medical professionals with quality medical devices that address their medical and healthcare needs. 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 US FDA in 1997.
Therma Bright Inc. trades on the TSXV (TSXV: THRM). For more information visit: and .
About Orpheus Medica Inc.
Orpheus Medica is a privately held Canadian biotech company focused on the development and commercialization of innovative diagnostic and therapeutics for unmet medical needs. Orpheus, with its fully integrated R&D infrastructure, provides strategic partners and collaborators access to its proven and proprietary discovery and development of novel biopharmaceutical products. Our team has over 30 years of combined experience in developing disruptive and cutting-edge technologies based on deployment of an advanced Artificial Intelligence, machine and deep learning processes combined with biological and small molecules platforms leading to optimal drug candidate selection.
For further information, please contact:
Therma Bright
Rob Fia, CEO
Orpheus Medica
Saeid Babaei, Chairman & CEO
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, manufacturing PPE and hand sanitizers and applying for government grants to support the Company's future performance, 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 or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of 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 as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
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