Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) developer of AcuVid™ COVID-19 Rapid Antigen Saliva Test, progressive diagnostics, medical device technologies, etc., announces new US billing codes for their Venowave product giving Therma Bright immediate access to reimbursement through Medicare, Medicaid and other Private Insurance Providers in the US.
On Friday, THRM.C stock surged 16.67% to C$0.0700 with more than 281K shares, compared to a volume of 332K shares. The stock moved within a range of C$0.0650-0.0700 after opening trade at C$0.0650.
In the US market, TBRIF ended flat at $0.0500 on Friday.
Back on October 27 last week, the company announced that it had got the latest temporary PDAC (pricing, data analysis, and coding) a billion codes related to its Venowave product. It was a significant new development for the company since it would provide Therma Bright with access to reimbursements by way of Medicaid and Medicare straightaway. In other words, it is going to help the company in boosting its revenues through this particular product straightaway and that may prove to be a major long-term boost.
In this regard, it is important to point out that last month on September 20 the company had been in the news after it announced that it had made the initial sales of the product in the United States. Those sales had been made by the company under an already existing reimbursement code, however, it needed prior approval from the insurance provider of the patients.
That process was inconvenient for Therma Bright since it resulted in sales cycles that were longer than optimal for the company, the patients, and also for the physicians. Now that the company has managed to get new reimbursement codes, it would make the process much faster for all concerned.
THRM.V stock is trading below the 50-Day and 200-Day Moving averages of $0.0841 and $0.1745 respectively. However, the stock is trading above the 20-Day moving average of $0.0642.