Therma Bright Creates New Venture, Torion Biosciences to Develop its COVID-19 Rapid Antigen Test, CoviSafe(TM)
Therma Bright Investigates Spinoff of its Consumer Products
Toronto, Ontario--(Newsfile Corp. - November 4, 2020) - Therma Bright Inc. (TSXV: THRM) ("Therma Bright" or the "Company"), a progressive medical device technology company announces that it has created a new venture, called Torion Biosciences Inc. ("Torion") with a mandate to develop, license and commercialize a rapid antigen test for screening of both symptomatic and asymptomatic individuals, infected or suspected of being infected with the COVID-19 virus. Therma Bright will control 50% of Torion with the remaining 50% controlled by others including a number of veteran biotech executives as the primary shareholders of Torion.
Therma Bright has terminated its co-development agreement with Orpheus Medica, and key personnel from Orpheus will be consulted by Torion as required. Torion is currently in late-stage discussions to acquire a series of biological candidates as primary reagents for CoviSafe™. These molecules have demonstrated excellent sensitivity and specificity in initial feasibility studies. CoviSafe™ will be advanced into patient sample validation followed by prospective clinical studies with the newly acquired biological molecules. CoviSafe™ product development will be carried out by nanoComposix, as announced on October 21, 2020.
As reported on September 15, 2020 the initial application of the CoviSafe™ test will be for symptomatic patients and administered by health care professionals for which Therma Bright will seek FDA, Health Canada and the CE mark for fast track or expedited approval. Within several weeks Therma Bright will test the performance of CoviSafe™ by validating the technology through pilot testing in symptomatic patients. Once CoviSafe™ is validated and regulatory approvals secured, it will be rolled out as a screening test for home-use to monitor large populations of healthy individuals that are asymptomatic for illness. The goal is to provide our solution for routine and widespread testing at homes, schools, workplaces, or sporting events.
In light of the recent advancements with CoviSafeTM, the Board of Directors of Therma Bright is evaluating the merits of a potential transaction to transfer its consumer products to a new subsidiary ("SpinCo") that would then be spun out to the Therma Bright securityholders. The intent of the transaction would be twofold: (1) permit Therma Bright to focus its efforts on advancing the CoviSafeTM and products; and (2) position SpinCo to operate as an independent company that would seek a separate public listing and focus on building and advancing the consumer products that were the basis of the Company's business prior to its involvement with CoviSafeTM.
Therma Bright makes no assurance that a spinout will occur as it would be subject to many conditions that include the CoviSafeTM and products being sufficiently advanced so as to permit the Company to maintain its stock exchange listing without the consumer products, SpinCo satisfying stock exchange listing requirements, the assessment of legal and tax consequences; determining the specific details of such a transaction, receipt of shareholder approval, receipt of all regulatory and other required approvals, the availability of financing for SpinCo and market conditions. Therma Bright will provide further details if and when available.
Rob Fia, CEO of Therma Bright commented, "By creating Torion, Therma Bright will own a significant percentage of the venture and the future commercial sales of CoviSafe™. Our capacity, through our partners, will enable us to manufacture pilot test kits for feasibility and research purposes very quickly. We are looking forward to reporting back on this pilot testing in the near future."
Therma Bright is not making any express or implied claims that its product, CoviSafe™, has the ability to eliminate or cure COVID-19 (or SARS-CoV-2 virus).
CoviSafeTM is a rapid antigen test developed as a point-of-care cassette that does not require lab instruments or specialized lab personnel to be performed. It can be administered by healthcare professionals or untrained users. The test can help identify infected individuals in 15 minutes and is designed for point-of-care settings such as long-term care facilities, schools, or at home. An efficient at-home antigen test would significantly reduce virus transmission, specifically by asymptomatic and pre-symptomatic patients. It would also allow individuals who receive negative tests to continue with their everyday activities, including work and school.
CoviSafe™ takes advantage of a lateral flow technology to detect the presence of the COVID-19 virus in saliva or other samples including upper respiratory samples collected by swab. When complete, CoviSafe™ rapid screening test could be ideal for use in a variety of scenarios, such as:
- As a in-home test and for monitoring
- To identify if patients require further testing or treatment in a clinical setting
- To verify if patients are ready for release from quarantine
- To screen individuals prior to entering closed public venues such as airplanes, sporting events, religious gatherings and wedding events.
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 to relieve 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.
For further information, please contact:
Rob Fia, CEO
Follow us on Twitter: @bright_therma
FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events 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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