This Company Is Betting On Innovation To Make A Splash In Multiple Healthcare Markets And It Hit Multiple Milestones This Year

September 10, 2024 at 08:58 AM EDT

--News Direct--

By James Blacker, Benzinga

Therma Bright Inc. (OTC: TBRIF), a growing player in the healthcare industry, is making visible strides with its diverse portfolio of innovative medical devices and diagnostic solutions designed to address unmet clinical needs. With its flagship product the Venowave VW5, a product designed to enhance blood circulation, Therma Bright is aiming to capitalize on a deep vein thrombosis (DVT) treatment market expected to grow to $1.62 billion by 2032. Beyond this, the company’s ambitions expand to developing cutting-edge technology to tackle a variety of health challenges, from respiratory disease management to pain relief.

Over 2024, Therma Bright secured multiple milestones that indicate the growing attention it is receiving.

The Venowave: A Potential Game-Changer in DVT Prevention

The Venowave VW5 is an FDA-approved circulation booster designed to improve circulation in the lower extremities. Worn on the calf, the lightweight device stimulates blood flow with wave-like motions that massage the leg, forcing blood from the feet and legs back to the heart and preventing the formation of blood clots. This is particularly effective in cases of DVT, a condition that affects up to 900,000 people in the U.S. and that, if left untreated, can lead to serious complications such as a pulmonary embolism.

Beyond just DVT, the Venowave has a range of other healthcare applications, such as managing symptoms of post-thrombotic syndrome, preventing primary thrombosis and treating lymphedema.

In an encouraging sign for the product, Therma Bright announced on 27 August that it has secured a nationwide U.S. distribution partner for Venowave. Subject to the success of an initial sales program, this unnamed partner has committed to acquiring inventory worth $2.38 million.

Also in August, Therma Bright received the permanent Healthcare Common Procedure Coding System (HCPCS) code from the U.S. Department of Health & Human Services' Centers for Medicare and Medicaid Services (CMS). This crucial designation increases the product’s credibility and could be a key catalyst to help propel Therma Bright to a leadership position in the DVT treatment market.

Preva®: Clot Retrieval For Stroke Treatment

The global coronary stents market was estimated to be $8.82 billion in 2022 and is expected to grow at a compound annual growth rate of 7.82% to reach $16.14 billion by 2030.

Positioning itself to take a share of this growing market, Therma Bright has added to its diverse portfolio of late-stage products by investing in Inretio, the developer of the Preva® clot-retrieval device. The company hopes this device will revolutionize ischemic stroke treatment by improving effectiveness and preventing complications during thrombectomy procedures. The technology, which recently completed its third successful human trial, promises to offer a new approach to clot retrieving that reduces the need for repeated maneuvers and minimizes the risk of embolization.

With more than 690,000 ischemic stroke patients in the U.S. each year, this potentially game-changing device could be the breakthrough in clot retrieval needed to significantly improve their lives.

Another Growth Opportunity In The COPD Market

Another of Therma Bright’s ventures that may hold promise is its stake in InStatin, a company developing inhaled statin therapies for conditions such as asthma and chronic obstructive pulmonary disease (COPD). Unlike traditional oral therapies, InStatin targets the lungs directly, and the company hopes to provide a more effective treatment option for a range of respiratory conditions that affect millions of people worldwide.

With the COPD market alone estimated to be worth over $16 billion annually, Therma Bright could stand to benefit from InStatin’s growth trajectory as its therapies advance through pre-clinical trials.

Therma Bright previously owned a 17% stake in InStatin, but this percentage is set to increase as the company recently announced that it has expanded its investment.

More In The Pipeline

Therma Bright’s innovation pipeline doesn’t stop there. Other products in development include a Digital Cough Test app developed in partnership with AI4LYF. The app uses AI to monitor respiratory diseases based on the sound of a person’s cough. The cough data is reviewed by a doctor via an AI dashboard who can use the information to then treat the patient.

Other products in Therma Bright’s portfolio include the Benepod™ Hot & Cold Contrast Therapy Device for Pain Relief, the AcuVid™ COVID-19 Rapid Antigen Test Solution, InterceptCS™ for at-home cold sore prevention and the TherOZap™ thermal therapy for insect bite relief.

Why You May Want To Keep An Eye On Therma Bright

With the global DVT market expected to reach $1.5 billion by 2032 and other innovations like the Preva® device and inhaled statins addressing multi-billion-dollar markets, Therma Bright could be well-positioned to capture a significant market share in multiple growing markets.

Investors may want to keep an eye on this small company with a current market cap of about $20 million whose stock has rallied over 350% this year (as of Sep. 5) as it expands its presence in industries worth billions of dollars.

Featured photo by Narupon Promvichai from Pixabay.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.