Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) developer of its smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test and other progressive diagnostics and medical devices, has entered into an agreement to acquire an interest in a novel technology that utilizes inhaled statins for the treatment of respiratory conditions including asthma, chronic obstructive pulmonary disease (“COPD”), and acute lung inflammatory diseases including that caused by COVID-19 and other causes of acute respiratory distress syndrome (ARDS).
On Friday, THRM.C stock ended lower by 10.53% to C$0.0850 with more than 549K shares traded hands, compared to its average volume of 450K.
In the US market, TBRIF stock closed at $0.0681, down by 5.42%.
Medical device and diagnostic technologies firm Therma Bright (TSXV: THRM) (OTCQB: TBRIF) is currently best known for its work on the smart AcuVid™ COVID-19 Rapid Antigen Saliva Test. However, the company is also working on the development of other devices, and last week on December 1 it made an announcement with regards to a fresh development.
The company announced on the day that it had been successful in acquiring an interest in a novel technology that can be used for the treatment of a range of respiratory illnesses. Those illnesses include asthma, respiratory problems caused by COVID-19, and chronic obstructive pulmonary disease (“COPD”) among others. It was a major new announcement from the company and one that could bring the Therma Bright stock into focus among investors in the coming days.
The company announced that it entered into agreements with Ketiko Big Corp and August Therapeutics for the purpose of acquiring a 25% stake in both InVixa Inc and InSatin Inc. In addition to that, Therma Bright also has options to pick up more shares in both InVixa and InSatin. As per the provisions of the option, the company could eventually end up picking up 50% in InSatin and 80% in InVixa once it advances the Phase 1 trials for both companies.
The company issued a total of 55,000,000 shares to the vendors, which had a deemed price of $0.136364, which worked out to a total value of $7,500,000 in exchange for the interests it picked up in InSatin and InVixa.
THRM.V stock is trading below the 20-Day and 50-Day Moving averages of $0.0977 and $0.0840 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1414.