Therma Bright Inc (TBRIF)

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$TBRIF Therma Bright Receives Payment for Initial Venowave Sales

https://www.newsfilecorp.com/release/137783

Toronto, Ontario--(Newsfile Corp. - September 20, 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 the initial order of its updated Venowave product has been sold to customers in the US by our exclusive distributor, DME Authority. Therma Bright is pleased to announce it has received payment towards this initial order.

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, as well as potentially causing some patients to have to pay out of pocket for the devices. Therma Bright is currently in the process of applying for several new reimbursement codes in the US that will make it simpler and faster for doctors and patients to order the Venowave and have it covered by their medical benefits. These new codes, which should be effective in the first half of 2023 will open the market in the US to a broader range of applications and potential users and allow doctors to freely prescribe the Venowave without worrying about their patients having to pay for the devices.

Therma Bright is also exploring distributors in other parts of the world to sell the Venowave product to healthcare professionals, as well as direct to consumer.

Rob Fia stated, "We are pleased to have the first Venowave products sold to customers in the US. We are actively exploring options to expand our sales network outside of the US so that we can deliver this potentially life saving technology to patients around the world. Our distribution partner in the US is receiving extensive requests from vascular and orthopedic surgeons, as well as surgical centers for the Venowave product. The application for new billing codes will open a number of other applications for Venowave and potentially greater revenue streams for Therma Bright with payment options through Medicare and Medicaid," continued Mr. Fia. "Sequential Compression Devices, inflatable cuffs and compression therapy is a multi-billion dollar market in the United States, and Therma Bright expects to capture a measurable share of this marketplace."

The initial manufacturing and shipment challenges experienced earlier in the year appear to have improved significantly and the Company does not expect significant issues in acquiring product from our Chinese supplier going forward.