Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) said it has received new temporary Pricing, Data Analysis and Coding (PDAC) billing codes for its Venowave product, giving it access to reimbursement through Medicare and Medicaid.
Initial US sales were made under an existing reimbursement code requiring preapproval from the patient's insurance provider. That has changed. The new temporary billing codes will allow doctors and patients to easily order Venowave, a compact and lightweight Deep Vein Thrombosis prevention device, and have it covered by Medicare, Medicaid and third-party insurers.
"Receiving these new codes is a big win for Therma Bright. These codes will significantly open up the Venowave product to a greater number of users and multiple market opportunities which will greatly increase sales in the US. We are actively working with our partners on a sales execution strategy over the next quarter,” the company's CEO Rob Fia said in a statement.
READ: Therma Bright receives payment for initial Venowave orders in the US; explores global opportunities for the DVT prevention device
Therma Bright has submitted an application for unique permanent HCPCS (Healthcare Common Procedure Coding System) codes to the HCPC panel for the Venowave device and related replaceable wraps. A decision on the permanent codes is expected in the first half of 2023.
Until then Therma Bright can use the temporary codes for reimbursement. This opens the market in the US to a broader range of reimbursable applications including:
- Management of the symptoms of post-thrombotic syndrome (PTS)
- Prevention of deep vein thrombosis (DVT)
- Prevention of primary thrombosis
- Treatment of lymphedema
- Treatment of leg swelling due to vascular insufficiency
- Treatment of varicose veins
- Treatment of chronic venous insufficiency
- Enhancing blood circulation
- Treatment of intermittent claudication
Therma Bright also said it has negotiated a debt settlement with an arm's length creditor. The company has agreed to settle outstanding debt of $94,000, issuing 626,666 common shares at a deemed price of $0.15 per share as consideration.
CEO Ron Fia also noted that the company has engaged CYFR Inc. to execute a digital marketing campaign.
“These campaigns will run over a three-month period partially paid in cash with up to 300,000 warrants to be issued at $0.15 per share, subject to TSXV approval. The engagement includes services related to cost-per-click advertising, content creation, web development and activation support, advertising creative development, search engine optimization and strategic digital consulting," he added.
Contact the author at jon.hopkins@proactiveinvestors.com