Therma Bright Receives Positive Notification from U.S. DHHS's Centers for Medicare & Medicaid (CMS)

Rhea-AI Summary

Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) has received positive notification from the U.S. Centers for Medicare & Medicaid Services (CMS) regarding pending permanent Current Procedural Terminology (CPT®) and Healthcare Common Procedure Coding System (HCPCS) codes for its Venowave VW5 device. The codes are expected to cover ten health-related and CMS reimbursable indications, including prevention of deep vein thrombosis (DVT) and management of post-thrombotic syndrome symptoms.

The company anticipates formal approval in the coming days, which could significantly impact its market opportunity. According to the CDC, over 900,000 U.S. citizens are affected by DVT and pulmonary embolism annually. Global market projections for DVT treatment alone range from USD $1.26 billion by 2028 to USD $1.554 billion by 2032.

Positive

• Pending approval of permanent CPT® and HCPCS codes for Venowave VW5 device
• Codes expected to cover 10 CMS reimbursable indications
• Potential for significant market opportunity in the DVT treatment sector
• Global DVT treatment market projected to reach up to USD $1.554 billion by 2032

Negative

• None.

Company anticipates CMS permanent CPT(R) and HCPCS codes in the coming days

Toronto, Ontario--(Newsfile Corp. - August 1, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to provide a quick update from a recent notification from US Department of Health and Huma Services' (DHHS) Centers of Medicare and Medicaid (CMS). CMS has informed the Company of the pending permanent Current Procedural Terminology (CPT®) and Healthcare Common Procedure Coding System (HCPCS) codes for its Venowave VW5 device; anticipating notification and approval in the coming days.

The CMS's CPT® and HCPCS codes are expected to cover ten (10) health related and CMS reimbursable indications, which offers a great opportunity in the marketplace for the Company, its customers, reseller partners and shareholders. CMS will be publishing the final determinations for the 1^st Biannual HCPCS Level II on this site: HCPCS Level II Coding Decisions.

The ten (10) indications include:

1. Prevention of deep vein thrombosis (DVT)
2. Management of the symptoms of post-thrombotic syndrome (PTS)
3. Prevention of primary thrombosis
4. Treatment of lymphedema
5. Diminishing post-operative pain and swelling
6. Treatment of leg swelling due to vascular insufficiency
7. Treatment of varicose veins
8. Treatment of chronic venous insufficiency
9. Enhancing blood circulation
10. Treatment of intermittent claudication

As shared in prior releases, the Centers for Disease Control and Prevention (CDC) estimates that over 900,000 U.S. citizens are impacted by deep vein thrombosis (DVT) and pulmonary embolism (PE) alone each year. And ResearchAndMarkets global research and MarketDigital research both projected the deep vein thrombosis global market alone to reach between USD $1.26 billion by 2028 and USD 1.554 billion by 2032, respectively.

"We're patiently awaiting confirmation from CMS, which is expected in a matter of days," shared Rob Fia, CEO of Therma Bright. "And we plan to make the announcement and all the details around the permanent codes immediately upon receipt of this formal approval."

About Therma Bright Inc.

Therma Bright is a developer and partner in a wide range of leading edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. Therma Bright Inc. trades on the (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.

Therma Bright Inc.
Rob Fia, CEO
rfia@thermabright.com
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FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as the commercialization of Venowave, DCA, and InStatin, and related technology as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. Actual results could differ materially from those anticipated due to several factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218526

FAQ

What is the status of Therma Bright's (TBRIF) Venowave VW5 device with CMS?

Therma Bright has received positive notification from CMS regarding pending permanent CPT® and HCPCS codes for its Venowave VW5 device, with formal approval expected in the coming days.

How many indications are expected to be covered by the CMS codes for Therma Bright's (TBRIF) Venowave VW5?

The CMS codes are expected to cover ten health-related and CMS reimbursable indications for the Venowave VW5 device.

What is the projected market size for deep vein thrombosis (DVT) treatment, relevant to Therma Bright (TBRIF)?

Global market projections for DVT treatment range from USD $1.26 billion by 2028 to USD $1.554 billion by 2032, according to ResearchAndMarkets and MarketDigital research.

How many U.S. citizens are affected by deep vein thrombosis (DVT) and pulmonary embolism annually, according to the CDC?

The Centers for Disease Control and Prevention (CDC) estimates that over 900,000 U.S. citizens are impacted by deep vein thrombosis (DVT) and pulmonary embolism (PE) each year.