At this point in time, Therma Bright Inc (CVE:THRM) (OTCMKTS:TBRIF) is best known for having developed the AcuVid™ COVID-19 Rapid Antigen Saliva Test. However, it is perhaps also important for investors to keep in mind that the company is also involved in the development of other forms of medical devices as well as technologies for the diagnostics space.
AcuVid(TM) U.S. Clinical Performance Study Successfully Exceeds U.S. Food & Drug Administration’s Emergency Use Authorization Requirements
Yesterday, the stock had come into significant focus after it announced that its AcuVid™ COVID-19 Rapid Antigen Saliva Test meant for Point of Care (PoC) managed to surpass the Emergency Use Authorization requirements as set by the United States Food and Drug Administration.
The requirements fulfilled by the product were for both the Negative Percent Agreement and the Positive Percent Agreement. It goes without saying that the development was a significant one for the company and could eventually lead to a considerable boost for its growth prospects.
At this point in time, the management, as well as the product development personnel at Therma Bright, are involved in putting together the United States Clinical Performance Study results into a single study for the purposes of the FDA EUA application that is going to be sent in.
However, this was not the only piece of news that brought Therma Bright into focus on Wednesday. Yesterday the company also announced that it had inked a securities purchase agreement with certain institutional investors for the purpose of a private placement of its common shares.
CAD$6 Million Private Placement with Institutional Investors
In addition to that, the company also noted that it was also going to offer warrants that would enable the holder to acquire more common shares in Therma Bright. In the private placement, Therma Bright would issue as many as 20,000,000 common shares as well as warrants to pick up the equal number of common shares. The purchase price for the common share and the warrant has been set a C$0.30 by the company. It remains to be seen today if the Therma Bright stock manages to come into focus among investors or not.