Therma Bright Secures Major Reimbursement Approval for Venowave VW5 Device

Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) has achieved a significant milestone in the medical device industry with the approval of reimbursement for its Venowave VW5 device. The U.S. Centers for Medicare and Medicaid Services (CMS) has granted a permanent Healthcare Common Procedure Coding System (HCPCS) code E0683 to the device, marking a major breakthrough for the company's integration into the U.S. healthcare system.

The approval allows for reimbursement of up to $1,199 per Venowave VW5 device or $78.05 per month for rental, with a total of up to $819.55 over 13 months. This development is particularly significant as the device addresses deep vein thrombosis (DVT), a condition affecting over 900,000 U.S. citizens annually. The global market for DVT-related treatments is projected to reach $1.5 billion by 2032, positioning Therma Bright to capture a substantial share of this expanding market.

Rob Fia, CEO of Therma Bright, expressed enthusiasm about the approval, stating, "We're pleased that the Centers for Medicare and Medicaid have approved our permanent code request, as well as the reimbursement pricing and the new HCPCS Level II designation for our Venowave VW5 device." This approval not only provides a specific reimbursement code but also sets a precedent for the device's integration into the U.S. healthcare system.

In addition to the reimbursement milestone, Therma Bright has secured a nationwide U.S. distribution partner for the Venowave VW5. This partnership includes an initial sales program to assess Medicare/Medicaid reimbursement timelines and billing procedures, with the distributor committing to acquire inventory valued at up to $2.38 million upon program success. This strategic move is expected to significantly accelerate Therma Bright's revenue growth and expand its market reach.

Therma Bright's innovative approach extends beyond the Venowave device. The company has revealed that its AI-powered Digital Cough Technology (DCT) is under consideration for a clinical trial involving a new chronic cough drug. This AI-driven platform aims to enhance data collection and clinical decision-making, showcasing Therma Bright's commitment to advancing healthcare technology.

The company has also increased its investment in InStatin, a firm developing an inhaled statin for chronic lung conditions. This move not only boosts Therma Bright's stake but also positions the company to benefit from potential breakthroughs in asthma and COPD treatments.

To support its growth trajectory, Therma Bright has added Michael Raimondo, a seasoned expert in medical sales and operations, to its advisory board. Raimondo's extensive experience is expected to drive sales growth and navigate the complexities of U.S. healthcare reimbursement processes.

The medical device sector is experiencing rapid growth, with the global market projected to expand at an annual rate of 5.71%, reaching $673.10 billion by 2029. In this context, Therma Bright's recent achievements and strategic moves position the company as an emerging leader in the industry. The reimbursement approval for the Venowave VW5 device, coupled with strategic partnerships and technological advancements, sets the stage for potential significant growth and market expansion for Therma Bright in the coming years.