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Therma Bright Inc. (TSXV: THRM) (OTCQB:TBRIF) is a progressive medical device technology company focused on providing consumers and medical professionals with quality medical devices, delivering breakthrough proprietary non-invasive technology. Therma Bright medical devices achieve Class II US FDA status for its platform technology, developer of its smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test Emergency Use Authorization application with the U.S. Food and Drug Administration.

Trading Data                     

On Wednesday, THRM.V stock ended flat at C$0.06 with more than 115K shares, compared to a volume of 326K shares. The stock moved within a range of C$0.060-0.065 after opening trade at C$0.06.

In the US market, TBRIF closed up by 11.49% on Wednesday.

Back on September 20, 2022, Therma Bright Inc had been in the news after it made a major announcement. At this point in time, the company is involved in the development of the AcuVid™ COVID-19 Rapid Antigen Saliva Test, however, on that day, the company made an announcement about a different product, the Venowave.

Bright announced that it had been successful in selling the initial order of all its updated Venowave products to customers in the United States. The products had been sold by DME Authority, which is the exclusive distributor of Therma Bright. However, perhaps more importantly, the company also announced that it had also got the payment for the initial order.

The sales that had been completed in the United States through a reimbursement code, by way of which, the sale needed the preapproval of the insurance provider of the patient. However, that had led to a longer than expected cycle for everyone involved, the company, the patient and the doctors.

However, things are expected to get better for the company as Therma Bright announced at the time that it had submitted applications for many new reimbursement codes for the United States market. The new codes are going to come into effect at some point in the first half of 2023 and will open up a much bigger market for the Venowave product.

Technical Data

THRM stock is trading above the 20-Day and 50-Day Moving averages of $0.0704 and $0.1038 respectively. However, the stock is trading below the 200-Day moving average of $0.1933.