The device becomes the first-of-its-kind Durable Medical Equipment to receive a new HCPCS Level II designation
August 19, 2024 9:20 AM EDT | Source: Therma Bright Inc.
Company looks to provide a U.S. sales update in the coming week
Toronto, Ontario–(Newsfile Corp. – August 19, 2024) – Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX) (“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 announce that it’s Venowave VW5 has 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) on August 16, 2024.
Per an official announcement by CMS, the Company received the new Venowave VW5 permanent HCPCS Level II code E0683 for this first-of-its-kind solution, as well as CMS pricing determination. The details of the proposed items were outlined and reviewed on Wednesday, May 29, 2024, during CMS’s First Biannual 2024 Healthcare Common Procedure Coding System (HCPCS) Public Meeting.
The Venowave VW5 will have a complete patient buyout option for a pair of Venowave devices with a capped reimbursement of $1199. Alternatively, it can be rented with a capped rental fee reimbursement of $78.05 per month, with a total capped rental reimbursement payment of $819.55 for 13 months of continuous use. After the 13th rental payment, the patient will take over ownership of the Venowave VW5.
“We’re pleased that the Centers for Medicare and Medicaid has approved our permanent code request, as well as the reimbursement pricing and the new HCPCS Level II designation for our Venowave VW5 device,” shared Rob Fia, CEO of Therma Bright. “As shared in several of our recent press announcements, the CDC estimates that over 900,000 U.S. citizens suffer from deep vein thrombosis (DVT) and MarketDigit’s research projected this disease will ‘reach USD 1.5 Billion by 2032‘on a global market value perspective. And DVT is only one (1) medical condition area out of ten (10) circulatory issues that the permanent code will cover, which is very exciting!”
There are ten (10) indications for the Venowave VW5 use, which include:
Prevention of deep vein thrombosis (DVT)
Management of the symptoms of post-thrombotic syndrome (PTS)
Prevention of primary thrombosis
Treatment of lymphedema
Diminishing post-operative pain and swelling
Treatment of leg swelling due to vascular insufficiency
Treatment of varicose veins
Treatment of chronic venous insufficiency
Enhancing blood circulation
Treatment of intermittent claudication
“This innovative device for addressing DVT and these other blood circulation issues is the first-of-its-kind to receive the permanent HCPCS Level II code, and we look to provide an initial sales update on our solution in the coming week,” continued Fia. “One key competitive product in the marketplace is the compression sock, which applies controlled and constant pressure on the leg to improve blood flow in the veins. Unfortunately, users of the compression socks can experience a variety of challenges, including difficulty in putting the sock on, discomfort from constant pressure, minor bruising, skin ulcers, dry skin, redness, and itching. In contrast, the Venowave VW5 simply straps on and massages the leg, applying appropriate pressure in a comfortable and soothing manner to circulate blood through the veins.”
The Venowave VW5 is a series of compact, battery-operated peristaltic pumps that generate a wave-form motion. When worn below the knee, strapped firmly to the calf, the device results in compression of the calf and consequently an increased upward volumetric displacement of venous and lymph fluid. The 2-pair unit induces improved vascular and lymphatic flow in the lower limbs. Operating with a single rechargeable 1.5 V NiMh AA battery, this FDA-designated Durable Medical Equipment device enables users to receive treatment anywhere while remaining active. The Venowave VW5 assures it can withstand repeated use by successive patients.
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.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events such as the commercialization of DCA 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.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220400
SOURCE: Therma Bright Inc.
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