Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) said it has signed a share purchase agreement to buy up to a 25% stake in Inretio Ltd, an Israel-based company developing a medical device to treat ischemic stroke.
Under the terms of the deal, Therma Bright has the right to invest US$2 million in cash and $500,000 in stock, paid upon certain milestone achievements through May 31, 2024. An initial payment of $200,000 has already been made, the company said.
Inretio’s medical device, PREVA, is a protective clot retriever designed to change the way ischemic strokes are treated. It is the first and only protective clot retriever that uses a distal basket to ensnare clots, encapsulating them and protecting the brain from any sub-clots breaking off during a thrombectomy (read: blood clot removal surgery) procedure.
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This ensures the complete removal of the clot and its fragments, leading to more successful revascularization of the brain which can prevent further damage and complications, the company said.
The existing clot retriever technology is currently only 50% effective at retrieving blood clots in the human brain, whereas early animal trials with PREVA indicate the technology can achieve an 80% success rate.
The company will undergo clinical trials in 2023 and look to repeat that success. Inretio's plans for 2023 include additional animal studies until March and clinical trials by July at locations around the world including Israel, Canada and the US.
"Inretio's technology is a complementary fit for Therma Bright and our preventative blood clot technology Venowave, and our ability to assist Inretio to take the PREVA technology forward,” Therma Bright CEO Rob Fia said in a statement.
“It is expected that Inretio's technology will become a part of neurosurgeons' toolbox and secure a significant portion of the neurovascular device market in the future. Therma Bright, with the help of Inretio's small yet talented team, will be able to set a dominant footprint in the neurovascular device market," he added.
Therma Bright, the developer of the smart-enabled AcuVid COVID-19 Rapid Antigen Saliva Test, is a progressive medical diagnostic and device technology company focused on providing consumers and medical professionals with quality, innovative solutions that address some of today’s most important medical and healthcare challenges.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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