Therma Bright (TSXV:THRM) Stocks Gain 78% After Improved COVID Test Results

Published on January 19, 2021 04:03 AM EST

Therma Bright (TSXV:THRM) Stocks Gain 78% After Improved COVID Test Results

Canadian medical device technology company Therma Bright Inc (TSXV:THRM) reported on Monday, January 18, that its rapid saliva antigen test for COVID-19 has delivered “improved accuracy” in the latest results. The company added that it is also preparing to conduct prospective studies.

The latest trial results showed that Therma Bright’s prototype device CoviSafe™ indicated a test sensitivity of 86 per cent as well as a 100 per cent specificity to detect the SARS-CoV-2 virus in human saliva.

Therma Bright’s share trading on the Toronto Stock Exchange Venture (TSXV) was halted right before the release of this report. Following the announcement, its share trading resumed near the end of the day.

Therma Bright Inc (TSXV:THRM) Stock Performance

Therma Bright stocks jumped nearly 78 per cent to close at C$ 0.87 on Monday, after reaching a record high of C$ 0.92 during the day. The shares are currently trending among scrips with high trading activity and top junior health care companies on the TMX portal.

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The health care company saw its stocks surge nearly 306 per cent this year so far and by almost 570 per cent in the last three months. An average of over 8.3 million of its stocks exchanged hands in the last 10 days, while its average trading volume was 8.1 million over the past month.

Therma Bright currently holds a market cap of C$ 173 million, with a price-to-book (P/B) ratio of 103.49, a price-to-cashflow (P/CF) ratio of 1,002.1 and debt-to-equity (D/E) ratio of 0.05, as per the data available on the TMX portal.

A Little More About Therma Bright’s CoviSafe™

Therma Bright said that it is currently in talks with some selective sites in Ontario, as well are in international locations like in the US, regarding conducting prospective studies with its COVID testing prototype device CoviSafe™. The company added that the initial testing of the device will be carried out on symptomatic and asymptomatic coronavirus patients alike.

The finalized CoviSafe™ model will be used for at least 300 people at a prospective study. The feedback derived from it will be used further for to obtain regulatory approval from with Health Canada and other international regulatory bodies, the company said.

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