Therma Bright Inc (TBRIF)

[AveragePenny]

$TBRIF Therma Bright Inc. to Acquire an Exclusive License for a Patented Digital Cough Based Technology to Detect Respiratory Diseases

https://www.newsfilecorp.com/release/144580';

Toronto, Ontario--(Newsfile Corp. - November 17, 2022) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma Bright" 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 entered into a letter of intent ("LOI") with AI4LYF LLC ("AI4LYF") for the exclusive licensing rights for a digital cough-based diagnosis screening technology.

Digital Cough Test (DCT) is a groundbreaking patent-pending technology, powered by an innovative AI engine built by AI4LYF. DCT is an innovative solution that can accurately and almost instantly detect multiple respiratory diseases, including COVID-19, simply from a smartphone app, anytime, anywhere. DCT does so by digitally dissecting cough sounds into hundreds of features. The proprietary AI then analyzes these cough features to detect the subtle and peculiar signatures of specific respiratory diseases. The license rights will include the development of DCT for other respiratory diseases such as asthma, pneumonia, bronchiolitis, and chronic obstructive pulmonary disease.

The DCT app records the cough when prompted by the user on the smart phone DCT app. The app then produces a positive or negative Covid test result within one minute, with an accuracy above 94%. DCT results for COVID-19 are comparable to current PCR Covid testing methods.

Therma Bright is adding this screening tool to complement its existing smart enabled diagnostic tool in the marketplace as it awaits FDA and Health Canada approval for its AcuVid™ Covid-19 Rapid Antigen Saliva Test. The Company believes DCT will drive sales of Therma Bright's diagnostic tool by channeling individuals who have screened positive using the DCT app to then seek ultimate validation with AcuVid™. In addition, the DCT technology expands Therma Bright's capability to detect other respiratory diseases with a quicker, less costly regulatory path and approval process.

The first outcome of the licensing of this technology is the clinical trial of DCT for COVID-19 diagnosis which will start in mid-January 2023 led by Therma Bright.

Upon execution of the LOI, Therma Bright advanced $200,000 and will advance an additional $65,000 on December 1, 2022. Consideration payable to acquire the exclusive license is expected to be comprised of a royalty, common shares of the Company and up to 2,000,000 warrants, with each warrant being exercisable for a common share upon payment of $0.17/share. The final terms of this transaction are currently being negotiated and a definitive agreement is expected to be signed by December 15, 2022. The Company will provide full details of the transaction upon execution of the definitive agreement. A finder's fee will be paid to an arm's length person upon execution of the definitive agreement. The finder's fee will be comprised of 500,000 shares and 500,000 three-year warrants, with each warrant being exercisable for a share upon payment of $0.17. The definitive agreement and payment of the finder's fee is subject to TSX Venture Exchange approval.

Rob Fia, CEO, commented: "We are pleased to partner with AI4LYF on this exciting new patented technology to detect respiratory disease. The market for DCT has been validated by Pfizer's recent acquisition of ResApp Health out of Australia for USD $179M. While we continue to pursue our regulatory approvals for AcuVid™ there are several advantages to DCT including: less costly development, a faster regulatory path, and instant accurate results. The FDA has encouraged the development of digital tests to deal with COVID-19 and potential future respiratory diseases."