Therma Bright (TSXV: THRM) has taken back control of the research and development, regulatory, manufacturing and commercialization of its saliva-based COVID-19 rapid antigen test. The move enables the company to retain all potential future revenues from the sale of the test, if it achieves that point in its development.
The company had previously entered into an agreement on November 4, whereby Torian Biosciences was to be responsible for developing, licensing and commercializing the rapid test. The arrangement was to see the company own a 50% stake in the venture, while the other half was to be controlled by others.
At the time, the move resulted in the company terminating its co-development arrangement with Orpheus Medica.
It appears however that that arrangement has already fallen apart, with Therma Bright now retaining 100% control of the saliva test yet again, while also moving to rename the product from CoviSafe to SCV2. The new name is reportedly temporary until a new name can be established.
The company is now in the process of advancing discussions with testing sites in Canada, the UK and the United States. The company is also reportedly in the process of identifying component suppliers for large scale manufacturing of the test, while also looking to identify contract manufacturers for final assembly of the product.
Therma Bright last traded at $0.485 on the TSX Venture.
Information for this briefing was found via Sedar and Therma Bright Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
