Distributors' medical partner networks impressed with Venowave device, speed of Medicare/Medicaid processing and prepare roadmaps to drive sales
Toronto, Ontario--(Newsfile Corp. - December 5, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX) ("Therma" or the "Company"), a developer and investment partner specializing in advanced diagnostic and medical device technologies, is pleased to announce that its nationwide U.S. distribution partners, along with several prospective new partners, have successfully secured Medicare and Medicaid HCPCS Level II code reimbursements within a 60-day timeframe.
Since October 1, 2024, more than 110 Venowave VW5 units have been deployed to patients across the U.S. in various pilot tests. To date, 25 of these units have received full reimbursement through either commercial health network payors or Medicare and Medicaid. The Company and its distribution partners anticipate further reimbursement success for the remaining 85 pilot-test units in the short term. Based on the current results, the Company has begun discussions around the Venowave sales road map, delivery and manufacturing schedules with its distributors.
"We've heard from our U.S. national distributors, and several other potential partners, who are pleased with the speed of the CMS reimbursements on the Venowave VW5 which has met their expectations." shared Rob Fia, CEO of Therma Bright. "Our distribution partners shared that typically brand new HCPCS Level II codes tend to take time processing through the Medicare and Medicaid system, however, our code was processed efficiently within a 60-day time frame. They expect future reimbursement to take less time, as the code becomes more established in the Medicare and Medicaid system. This is a great milestone for all involved, and we're now progressing forward in ramping up our commercialization efforts with these distribution partners."
The Venowave VW5, which qualifies for Medicare and Medicaid HCPCS code reimbursement under 10 medical indications, is a compact, battery-operated peristaltic pump designed to enhance vascular and lymphatic flow in the lower limbs. When strapped below the knee, the device generates a wave-form motion that compresses the calf, promoting upward displacement of venous and lymphatic fluid. Powered by a single rechargeable 1.5V NiMH AA battery, the FDA-designated Durable Medical Equipment (DME) device allows users to receive treatment while staying active. The Venowave VW5 is built for durability and supports repeated use across multiple patients.
The Company also wishes to announce that it has terminated the private placement financings previously announced on September 27, 2024.
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
rfia@thermabright.com
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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 future 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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