Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) said it has increased its ownership interest in Israeli partner Inretio Inc to 7.5%,
The increase comes after Therma Bright paid Inretio US$500,000 in 6,766,500 of its common shares at a deemed price of C$0.10 per share along with US$250,000 in cash payments previously made to Inretio.
Under the terms of the deal, Therma Bright has the right to invest US$2 million in cash and $500,000 in stock in Iretio, paid upon certain milestone achievements through May 31, 2024.
The company revealed on January 19, 2023, that it was looking to acquire up to 25% of Inretio, a leading Israeli medical device startup and developer of the PREVA novel clot removal device.
On February 23, 2023, Therma Bright noted that Inretio had received very encouraging results with PREVA for the treatment of ischemic stroke from a study that was conducted at the world-renowned Shamir Medical Center's Research Unit.
"This is a significant milestone for Therma Bright as it now owns 7.5% of Inretio, a company which is on track to enter human studies," commented Rob Fia, CEO of Therma Bright in a statement.
"Thrombectomy involves removing a clot from a blood vessel, most commonly from the brain or heart, as stroke and myocardial infarction remain two of the leading causes of death worldwide," he added.
The PREVA device has been undergoing a Good Laboratory Practise (GLP) animal study which is essential before initiating studies on patients.
The study is expected to be completed during the second quarter of 2023, at which point Inretio plans to submit the data to the Israeli Ministry of Health for Clinical Trial clearance in humans, which will be a significant milestone towards commercialization.
Therma Bright, the developer of the smart-enabled AcuVid COVID-19 Rapid Antigen Saliva Test, is a progressive medical diagnostic and device technology company.
Contact the author at jon.hopkins@proactiveinvestors.com