The medical device industry has grown at a fairly remarkable rate over the course of the past few years and it is only natural that more and more investors are now looking for options in that space. One of the companies which could well be worth looking into at this point is Therma Bright (THRM.V) (OTCMKTS:TBRIF), which is currently best known for its work on the AcuVid™ COVID-19 Rapid Antigen Saliva Test.
On Thursday, THRM.V closed up by 16.67% to C$0.0700 with more than 2.01 million shares traded, over 5X its average volume of 384K shares. Moreover, the stock was up as much as 41.66% intraday during the previous session.
However, the company is also involved in many other interesting projects and yesterday it made an announcement to that effect. Therma Bright came into the news cycle yesterday after it announced that it had inked a share purchase agreement with the Israel-based company Inertio Ltd.
The share purchase agreement was inked by the company so as to get its hands on the revolutionary protective blood clot retriever technology which belongs to Inertio. As per the provisions of the agreement, the company took up the rights to invest up to as much as $2,000,000 in cash and $500,000 in the form of Therma Bright shares to pick up a 25% stake in Inertio. It should be noted that the transaction is going to be completed only after it gets the approval of the TSX Venture Exchange.
The shares and cash are going to be paid up by Therma Bright after certain milestones are hit by Inertio up until May 31, 2024. However, it should be noted that the company has already completed its first payment of as much as $200,000.
At this point in time, Inertio is engaged in the development of a medical device named PREVA. PREVA is meant to treat those who may be suffering from an Ischemic heart. The move is an interesting one and it remains to be seen how investors react to it today.