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This week PSN had an exclusive interview with Therma Bright Inc. (TSVX: $THRM), a Canadian 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 has engaged with Orpheus Medica to co-develop a rapid saliva screening test to detect Covid-19. The company has Health Canada and FDA approvals for its products and maintains a quality management system (QMS) for medical devices, ISO 13-485.

A brief overview: a well-filled pipeline


The company has a lot in its pipeline that we would like to share with you. At the moment Therma Bright and co-developer Orpheus Medica focus on the development of a thrilling rapid saliva testing and screening technology called CoviSafe™. The technology is intended to detect the Covid-19 in a rapid test format, producing an accurate result in less than 20 minutes. The goal is to have a commercial product ready in the beginning of 2021.

Why CoviSafe™ stands out from its competition is because, the current testing regime uses uncomfortable swabs with samples that must be sent to a lab causing delays with the results. The company hopes to avoid delays as the test will give a result in less than 20 mins and is much less expensive than other methods. A consistent news flow is expected about CoviSafe™ over the next quarter.


In the existing selection we find Therozap™ and InterceptCS™. First named technology was initially intended to be used to relieve of pain and itch from mosquitoes, black flies, jelly fish and bee stings. At a later stage Therma Bright has tested the product against the Zika virus in vitro with two level 4 labs in Canada. The results were impressive, as those tests proved Therozap™ was effective at killing the Zika virus in-vitro.

Therma Bright has filed a patent for the technology and a received a trademark for Therozap™. This covers the specialized coatings combined with the heat mechanism of the product. In the future the company plans on testing Therozap™ against the Dengue virus. With another positive result, Therma Bright will pursue a claim that the product works against Zika and Dengue, along with the appropriate regulatory approvals.


The second product mentioned is InterceptCS™, a special tool that is using heat delivered measured doses to treat HSV-1, which is the virus that causes cold sores. It can be seen as a simple handheld device with a plug-in unit called an activator that allows the product to function. With a cold sore there can be a tingling sensation in the lip area known as the prodrome stage. Placing the InterceptCS™ on the lip area for 3 up to 30 seconds will prevent this cold sore.

Therma Bright plans to develop a new device that is smaller and discrete, incorporates specialized antimicrobial coatings and incorporates Bluetooth technology to reorder activations. Therma Bright already received Health Canada approval for the prevention claim for InterceptCS™.

Other novel medical device products

In the future Therma Bright wants to offer a multi-suite of novel medical device products that use natural heat, cold or other non-invasive technology to treat common diseases. Part of the strategy will be to expand the current technology, which will involve re-designing the product and to focus on e-commerce marketing channels incorporating an extensive social media campaign to sell the products.

For the long term Therma Bright wants to play a big part in solving the Covid-19 pandemic with Covisafe™ and to expand to other diagnostic testing in the event the virus mutates and in the event the next pandemic hits the globe. The company wants to be able to anticipate and protect people around the world through testing with a cost effective solution.

Benepod® is a technology to remember

Therma Bright previously announced it is in the research and development stage to develop a novel device for relief of pain associated with back, knee or other joint pain. The company told us it initially considered developing its own technology for pain relief and instead acquired Benepod® technology and VenoWave® to treat venous insufficiency and increase blood circulation in the legs from Saringer Life Science Technologies Inc. as part of an asset purchase. Therma Bright closed this asset acquisition during August 2020 in an all cash deal. The company felt this was a great acquisition as the technologies were already developed with IP, such as patents and trademarks in place.

Benepod® uses contrast therapy- reciprocating between hot and cold. When a user experiences pain in the muscles or joints, they would simply place the Benepod® product on the area where they are experiencing pain for a few minutes. The product creates a natural anesthetic effect by calming the nerves in the area which sends a signal to the brain the pain is relieved. It is a natural product and there are no creams to apply or pills to ingest to relive pain.

Therma Bright understands outstanding products are not enough

Therma Bright wants to market its products online through various social media networks, and to eventually re-establish relationships with major North American and Global retailers. They are currently revamping its online presence by creating a consumer-focused website for all its products.

The website is expected to be ready at the end of 2020. The consumer products can be purchased via e-commerce transactions. As part of the new website launch, the social media pages will be updated and utilized for marketing purposes. Most of the effort will be placed on selling product through the consumer websites – and as the brand is established over time – they will expand to retail. They predict that the margins will be much higher when selling direct to consumer via e-commerce.

The Mitacs Elevate research internship program

Earlier this month Therma Bright was pleased to announce the recent award of a Mitacs Elevate research internship program, another pleasant way through which the company receives more attention at the moment. Mitacs is a not-for-profit organization that fosters growth and innovation in Canada by solving business challenges with research solutions from academic institutions. Mitacs is funded by the Government of Canada, the Governments of Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Quebec and Saskatchewan, and Innovation PEI and Research Manitoba.

Together with co-development partner Orpheus Medica they seem very excited to expand the research collaboration with the academic collaborators and support from the Mitacs research internship program. This funding allows the company to receive the necessary resources to complete the basic understanding of SARS-CoV-2 mode of action and allows them to design the most optimal biological candidates.

With Covid-19 there is a new challenge of a different caliber

Several events have been experienced since the outbreak of Covid-19. The company is constantly searching for new ideas to solve health issues that are device based. When the Covid-19 pandemic affected the globe, shareholders asked Therma Bright if they had any solutions for Covid-19. Since the company has core competencies to develop medical devices such as ISO 13485 QMS, understanding of Health Canada and FDA regulations and an excellent group of regulatory consultants and advisors they felt the need to accept this challenge.

Therma Bright initially considered personal protection equipment and then pivoted to working with Orpheus Medica on a rapid saliva diagnostic test, CoviSafe™, to detect Covid-19.  It was a natural extension for Therma Bright to team up with Orpheus Medica to develop CoviSafe™ and especially due to the expertise between the two companies.

The financial statement under a microscope

Therma Bright’s year end is July 31st, meaning this is their Q1. Therma Bright should be looked at as an R&D company at this stage as they develop existing products, e-commerce and social media channels for the consumer products. The expectations include some excellent traction with the marketing initiatives starting in Q2 and Q3 for consumer products.

With CoviSafe™ the company have fielded extensive customer requests and are moving as quickly as possible to develop CoviSafe™ for worldwide markets. There is no shortage of demand for CoviSafe™ once they prove this technology works and will receive regulatory approvals. Therma Bright also successfully closed the Orpheus Medica co-development agreement and acquired the Saringer Life Science Technologies assets during Q1.

During Q1 Therma Bright successfully completed a financing for $1,250,000 and is well capitalized.  The financing includes an accelerated warrant exercisable at $0.15 which the Company expects to be exercised prior to expiry during early 2021. This would result in further $1,250,000 into the Company’s treasury.

Therma Bright is an R&D company that will focus on increasing sales of its consumer products with the launch of its new website presence as outlined. Once the CoviSafe™ product is commercialized, the company has received extensive requests to purchase products from around the world. There is currently a $40,000 term loan on the books and no other debt.

Why did Therma Bright enter the stock market and how can it be profitable?

Therma Bright entered the stock market to access capital more easily and to take advantage of higher multiples offered to public companies versus private companies. Recently their market capitalization has increased from just over $3M during June 2020 to over $23M today. The company expects their market capitalization to increase further with the successful commercialization of CoviSafe™ and the roll out of their consumer products via the e-commerce focused websites.

We see considerable growth opportunities via their e-commerce, especially due to Covid-19 and the demand for at home medical device technology to relieve common health problems such as pain and other inflammatory issues. Therma Bright expects to continue to develop novel devices that will incorporate light, heat, cold therapy, specialized coatings, bluetooth and AI in the future.

The main focus for the coming period

The game changer for Therma Bright will be CoviSafe™, as it will assist people around the world to deal with the Covid-19 pandemic. The company expects, once commercialized, that CoviSafe™ will generate significant demand for a rapid saliva test that is non-invasive, easy to use and will product fast and accurate results. With such product, a profitable profile must be realized for its shareholders. The stock has settled back to a reasonable level, which seems to be an excellent entry point for investors looking to invest in Therma Bright.

The Canadians have an experienced team that can develop innovative ideas quickly to fight global issues such as Zika or Dengue with Therozap™. In the example of CoviSafe™, along with co-development partner Orpheus Medica and recently engaged nanoComposix, they are well positioned to develop a rapid saliva test to assist with the battle against Covid-19 around the world and to bring life back to normal.

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By Omar