Therma Bright Completes Due Diligence of Orpheus Medica's CoviSafe(TM) COVID-19 Rapid Saliva Test and Moves to Phase 2
Toronto, Ontario--(Newsfile Corp. - August 13, 2020) - Therma Bright Inc. (TSXV: THRM) ("Therma" or the "Company"), a progressive medical device technology company, is pleased to announce that it has completed its Phase 1 due diligence on Orpheus Medica's ("Orpheus") platform technology and plan for the development of a rapid saliva test (CoviSafe™) for the detection of the virus (SARS-CoV-2) causing COVID-19. CoviSafe™ will integrate Orpheus' novel biologics and advanced computational platforms, coupled with third party device technology, to develop a reliable palm-sized rapid test for screening of COVID-19 virus in saliva.
Therma will provide funding for the project in phases ("Phase" or "Phases") contingent upon achieving certain corporate and scientific milestones. Therma will provide medical device expertise to help accelerate the development of the CoviSafe™ screening test to address the ongoing pandemic.
Initial Phase 1 milestones have now been met and Therma has issued to Orpheus 1,000,000 Therma common shares and 1,000,000 warrants exercisable at $0.05 per share with a 5-year expiry. All issued securities are subject to a four month hold period expiring December 14, 2020, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
CoviSafe™ 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 biological-based rapid tests, including THC drug screening test in saliva for roadside testing and workplace safety. The design and development plan of CoviSafe™ is underway and Therma and Orpheus expect to deliver a solution quickly to the Canadian and global market.
Dr. Saeid Babaei, Chairman & CEO of Orpheus Medica, commented: "We are pleased to have Therma's support to complete the entire developmental and commercialization plan of CoviSafe™, allowing us to expedite the prototype development, clinical validation and regulatory submission plans in the coming months."
Mr. Rob Fia, CEO of Therma, commented, "We are excited to have completed Phase 1 of the development program and to enter into Phase 2 of this joint development arrangement with Orpheus Medica. Therma and Orpheus expect to move forward quickly to identify OEM manufacturers to assist with validation and manufacturing of CoviSafe™ with the completion of our recent financing."
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.
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 15 years of proven and validated computational capabilities for analysis and optimization of antibodies and peptides as well as small molecules.
For further information, please contact:
Rob Fia, CEO
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, 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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