Toronto, Ontario--(Newsfile Corp. - June 30, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), developer and partner in a wide-range of leading-edge, proprietary diagnostic and medical device technologies, announced that on May 31, 2023, representatives from Therma Bright Inc and the U.S. Department of Health and Human Services (DHHS) engaged in productive discussions regarding the significance and potential impact of securing unique permanent Current Procedural Terminology (CPT®) / Healthcare Common Procedure Coding System (HCPCS) codes for the innovative Venowave device. The final decision regarding the issuance of these unique CPT and HCPCS codes will be released by the Centers for Medicare and Medicaid Services (CMS) in August 2023.
"We greatly appreciate the collaboration with the U.S. DHHS and CMS, as this was an important step in our commitment to ensuring access and empowering patients to benefit from our advanced solutions in vascular health," stated Rob Fia, CEO of Therma Bright Inc.
In perfect alignment with these pivotal discussions, and in anticipation of a successful and final decision in August 2023, Therma Bright has continued to expand its U.S.-based distribution network and commercialization under the current nine (9) temporary CPT and HCPCS codes. This expansion provides nationwide commercial access to clinical groups and hospital systems that are excited to provide widespread availability of the Venowave device to patients suffering from vascular disorders.
"The State of Texas has exhibited an exceptional demand for our Venowave particularly among Orthopedic and Podiatry groups, with the Dallas Fort Worth region leading the way," continued Rob Fia, CEO. "The staggering volumes of patients these groups are currently handling with vascular disorders are projected to result in the prescription of an impactful number of our Venowave solution on a monthly basis."
Therma Bright firmly believes that although commercialization efforts under the temporary CPT and HCPCS codes may be of a transient nature, the outcomes from its most recent commercialization endeavors in the State of Texas are expected to materialize over upcoming quarters. The Company anticipates remarkable success and significant impact stemming from its endeavors in the vibrant Southern U.S, market.
Future Market Potential for Venowave:
In related news, on June 21, 2023, Representatives Donald Payne (D-NJ), Jeff Van Drew (R-NJ), Ruben Gallego (D-AZ), and Chris Smith (R-NJ) introduced H.R. 4261, the Amputation Reduction and Compassion (ARC) Act, which is legislation aimed at reducing unnecessary and preventable amputations associated with peripheral artery disease (PAD).
An estimated 20 million Americans suffer from PAD. Unfortunately, about 200,000 of these patients, disproportionately people of color, suffer avoidable amputations every year. Many of these amputations can be prevented through early diagnosis and attention to the condition, allowing clinicians to pursue aggressive risk factor modification, supervised exercise programs, and surveillance studies.
The ARC Act will reduce PAD-related amputations by ensuring at-risk beneficiaries within Medicare and Medicaid receive coverage for PAD screening. It will also improve education and awareness of PAD through a new U.S. Department of Health and Human Services PAD program.
Therma Bright believes that the Venowave technology may assist patients in an early prevention program to prevent amputations. PAD, also known as peripheral arterial disease or peripheral vascular disease, is a condition characterized by the narrowing or blockage of the arteries that supply blood to the limbs, typically the legs. It is a type of cardiovascular disease that primarily affects the arteries outside of the heart and brain. Treatment of PAD is targeted at improving blood flow to the affected limbs, relieving symptoms, and reducing the risk of complications. Venowave is currently placed on the legs and is utilized to improve blood flow for several conditions such as DVT or CVI. The Company is hopeful that Venowave's current functionality can be utilized for PAD as well.
About Therma Bright Inc.
Therma Bright is a developer and partner in a wide range of leading edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. Therma Bright Inc. trades on the (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
Therma Bright Inc.
Rob Fia, CEO
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FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as the commercialization and sales of Venowave and related technology as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. Actual results could differ materially from those anticipated due to several factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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