Therma Bright Announces Venowave Nationwide US Distribution Partner
Quantify Medical, Therma Bright's nationwide US distribution partner has reported initial success with its Venowave VW5 sales and Medicare and Medicaid reimbursement test. The company also announced it closed the first tranche of its non-brokered concurrent private placement for CAD $174,900.
Therma Bright (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, announced Quantify Medical as its nationwide US medical device distribution partner, which the company referenced in its August 22, 2024 press release.
Quantify Medical has reported preliminary success with its Venowave VW5 device sales and Medicare and Medicaid reimbursement program, which was established to test timelines and billing procedures.
Following the conclusion of its test, Quantify Medical plans to acquire the remaining Venowave VW5 inventory. If all inventory is purchased by Quantify Medical it would represent as much as USD $2.38M in HCPCS Level II code E068 reimbursements.
Venowave VW5
In August 2024, the Venowave VW5 was the first device of its kind to receive a permanent Medicare and Medicaid HCPCS level II code, which qualifies for reimbursement for the following ten indications:
- Prevention of deep vein thrombosis (DVT)
- Management of the symptoms of post-thrombotic syndrome (PTS)
- Prevention of primary thrombosis
- Treatment of lymphedema
- Diminishing post-operative pain and swelling
- Treatment of leg swelling due to vascular insufficiency
- Treatment of varicose veins
- Treatment of chronic venous insufficiency
- Enhancing blood circulation
- Treatment of intermittent claudication
The Venowave VW5 device is a series of compact, battery-operated peristaltic pumps that generate a wave-form motion. When worn below the knee, strapped firmly to the calf, the device results in compression of the calf and consequently an increased upward volumetric displacement of venous and lymph fluid. The 2-pair unit induces improved vascular and lymphatic flow in the lower limbs. Operating with a single rechargeable 1.5 V NiMh AA battery, this FDA-designated Durable Medical Equipment device enables users to receive treatment anywhere while remaining active. The Venowave VW5 assures it can withstand repeated use by successive patients.
Comments from Management
Justin Goldston, President of Quantify Medical, commented on the initial success, stating:
“We are thrilled with the initial results of our Venowave VW5 device sales and the speed and efficiency of Medicare and Medicaid processing the HCPCS Level II code reimbursements. We expect great results when we conclude this initial test with our provider network and look forward to a successful partnership with Rob and Therma Bright with Venowave.”
Therma Bright CEO Rob Fia added:
“We are excited to announce Quantify Medical as our nationwide U.S. distribution partner and the initial success Quantify Medical has experienced with the Medicare/Medicaid reimbursement test. It has been a pleasure to work with Justin and his team and we look forward to providing updates on Quantify Medical’s next Venowave sales milestones.”
Therma Bright Closes First Tranche of Private Placement
In addition, Therma Bright announced it closed the first tranche of the concurrent non-brokered private placement portion of its CAD $6 million non-brokered LIFE financing and concurrent private placement previously disclosed on September 27, 2024.
The first tranche of the concurrent non-brokered private placement portion saw Therma Bright issue 2,915,000 common shares at $0.06, with the company receiving total proceeds of $174,900.
There was no finder’s fee was paid in connection with the first tranche, and all securities issued under it are subject to a hold period, which expires on February 11, 2025, as per the TSX Venture Exchange’s (TSXV) applicable securities laws and policies.
As previously mentioned by Therma Bright, the concurrent private placement may take place in one or more tranches as determined by the company. The concurrent private placement is also subject to certain conditions, such as receiving all necessary approvals, including conditional approval from the TSX Venture Exchange.
CEO Buys Shares
The company also reported that Therma Bright’s CEO, President and director Rob Fia took part in the first tranche of concurrent private placement purchasing 415,000 shares worth $24,900.
The CEO’s participation in the first tranche is considered a “related party transaction” as per Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101). As so, Fia’s participation in the private placement is exempt from the standard valuation and minority shareholder approval requirements of MI 61-101, because neither the fair market value of the securities acquired nor the value for the securities exceeded 25% of Therma Bright’s total market capitalization.
Therma Bright stated that the shares purchased by Fia in the first tranche are being held for investment purposes only and that he may acquire additional securities of the company or dispose of shares via market or private transactions from time to time.
Therma Bright (THRM) Stock Price Action and Chart
Shares of Therma Bright (TSXV: THRM) stock last traded at $0.04 per share.
YTD, THRM stock is up 33.33%.
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