- Therma Bright (THRM) has invested in inhalable statin treatments for respiratory conditions
- The company signed an agreement with August Therapeutics and Ketiko Bio to acquire a 25-per-cent interest in each of InStatin and InVixa, with an option for increased ownership
- InVixa and InStatin are developing inhalable statins to treat chronic and acute lung conditions, including COVID-19, asthma and COPD
- Therma Bright will issue 55 million shares priced at C$0.136364 for total consideration of C$7.5 million
- The parties anticipate that formal dialogue about the treatments with the FDA will begin in 2023
- Therma Bright is a medical diagnostic and device technology company
- Therma Bright (THRM) is down by 14.29 per cent, trading at $0.09 per share
Therma Bright (THRM) has invested in inhalable statin treatments for respiratory conditions.
The company signed an agreement with 2740162 Ontario Inc., operating as August Therapeutics and Ketiko Bio, to acquire a 25-per-cent interest in each of InStatin and InVixa, with an option to acquire additional shares.
InVixa and InStatin are developing inhalable statins to treat chronic and acute lung conditions, including COVID-19, asthma and COPD.
Therma Bright will issue 55 million shares priced at C$0.136364 for total consideration of C$7.5 million.
The option will also provide Therma Bright with the right to earn up to 50 per cent of InStatin and 80 per cent of InVixa by advancing the drugs to the end of phase 1 clinical trials with eventual regulatory approval. Therma Bright expects to invest US$5M toward this end.
The agreement grants Therma Bright the right to appoint one director to each of the companies’ boards.
Statins have been used for over 35 years to treat high cholesterol levels and protect patients from heart attacks and strokes.
There is promising research led by Dr. Amir A. Zeki, University of California Davis, that has demonstrated statins’ significant promise in the treatment of a variety of lung conditions, including those mentioned above.
The parties anticipate that formal dialogue about the treatments with the FDA will begin in 2023.
“This agreement brings synergy to Therma Bright’s innovative COVID diagnostic testing portfolio with the addition of therapeutics to provide treatment for COVID-19 and its complications,” stated Rob Fia, CEO of Therma Bright.
Therma Bright is a medical diagnostic and device technology company.
Therma Bright (THRM) is down by 14.29 per cent, trading at $0.09 per share as of 10:01 am ET.
