Therma Bright Creates
New
Venture,
Torion
Biosciences
to
Develop
its
COVID-19
Rapid Antigen Test,
CoviSafe™
-
Therma
Bright
Investigates
Spinoff of
its
Consumer
Products -
Toronto,
Ontario, November 4, 2020 -- InvestorsHub
NewsWire -- 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).
About
CoviSafe™
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.
Therma Bright
Inc. trades on the TSXV (TSXV: THRM, FRA: JNX). For more
information, visit:
www.thermabright.com and
www.coldsores.com
For further
information, please contact:
Therma
Bright
Rob Fia,
CEO
rfia@thermabright.com
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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.
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.
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