Therma Bright Receives New Billing Codes for Venowave Allowing for Reimbursement from Medicare, Medicaid, and Private Insurers
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.
Venowave is a compact and lightweight Deep Vein Thrombosis (DVT) prevention device specifically designed for use in healthcare settings and at home. The Venowave device uses a continuous wave motion to increase blood flow in the veins. The increased blood circulation helps prevent venous stasis, which is a major contributor in clot formation. Specifically, the device imitates the body's venous system to counteract the pooling of blood in the lower extremities which can lead to clotting. With about 50% of DVTs beginning to form intra-operatively and 75% forming within 48 hours post-operatively, this technology is pioneering an alternative, easy to use, and potentially life-saving treatment for this condition. For more information visit www.thermabright.com/venowave/.
About Therma Bright Inc.
Therma Bright, developer of the smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test, is a progressive medical diagnostic and device technology company focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. 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 U.S. FDA in 1997. Therma Bright Inc. trades on the TSXV (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
Therma Bright Inc.
Rob Fia, CEO
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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. 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.
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