Therma Bright Inc (TSX-V:THRM, OTC:TBRIF), the developer of the smart-enabled AcuVid COVID-19 Rapid Antigen Saliva Test and other medical device technologies, revealed that it has finalized and signed the exclusive worldwide licensing rights to market and sell AI4LYF's Digital Cough Technology (DCT).
The Toronto-based company said that DCT can “accurately and almost instantaneously” detect multiple respiratory diseases, including COVID-19, “simply and efficiently through a smartphone app.”
Significantly, the license deal will allow Therma Bright to develop the DCT solution for other respiratory diseases, such as asthma, pneumonia, bronchiolitis, and chronic obstructive pulmonary disease.
As announced in November last year, AI4LYF's DCT is a patent-pending technology that is powered by an artificial intelligence (AI) engine. The DCT technology achieves this by digitally dissecting cough sounds into hundreds of features. Then AI4LYF's proprietary AI solution analyzes the "cough features" to detect the subtle signatures of specific respiratory diseases.
The DCT app will record the user's cough when prompted on the smart phone app. The app then produces a positive or negative Covid test result within one minute, with an accuracy above 94%, according to the firm. AI4LYF's DCT cough analyzer results for COVID-19 are comparable to current PCR Covid testing methods, it added.
Will bring technology to market
"Therma Bright is excited to partner with AI4LYF to bring its Digital Cough Technology (DCT) to the marketplace," Therma Bright CEO Rob Fia said in a statement.
"We see this innovative, disruptive cough analyzer as an ideal screening solution for today's public to rapidly detect a variety of respiratory diseases, such as this ever-changing COVID-19 virus and its numerous variants.”
Fia explained that customers can screen themselves for COVID-19, or other respiratory diseases using the DCT app, and if the result is positive, they can then seek validation with Therma Bright’s AcuVid COVID-19 Rapid Antigen Saliva Test, or other tests in the case of different respiratory diseases.
"AI4LYF's team is excited to work closely with the Therma Bright team on the regulatory submission for our DCT solution followed by marketplace deployment. In working with Therma Bright we look forward to bringing further solutions to detect and prevent the spread of other respiratory diseases," said AI4LYF co-founder and CEO Ali Imran.
The company said the terms of the AI4LFY's DCT licensing agreement are as follows:
- Therma Bright will pay for certain operational expenses including R&D costs related to new respiratory diseases, IP protection and regulatory expenses.
- In addition to previously disclosed cash payments, Therma Bright will pay AI4LYF up to $1.42 million on certain criteria being met.
- Subject to TSX Venture Exchange approval, Therma Bright will issue 5 million shares to AI4LYF and 2 million three-year warrants exercisable at 17.5 cents. On issuance, the shares and warrants will be subject to a 4-month hold and the securities will also be subject to a contractual 12-month lock-up period.
- AI4LYF will also be entitled to a 10% to 30% royalty dependent on annual net revenue thresholds.
On completion of the AI4LYF's DCT technology licensing agreement, Therma Bright will prep for the regulatory submission and approval with the US Food and Drug Administration (FDA) and Health Canada. The DCT solution will be branded by Therma Bright, and added to its list of diagnostic and medical device technologies.
Separately, Therma Bright said it has hired King Tide Media LLC (KTM) to provide investor and public relations services. KTM will be paid US$60,000 for its services.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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