PositiveID Corporation Provides 2013 Review and 2014 Outlook
February 26 2014 - 8:30AM
PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a
developer of biological threat detection and diagnostics solutions,
today provided a review of its 2013 accomplishments and its outlook
for 2014.
William J. Caragol, PositiveID's Chairman and CEO, commented,
"2013 was a very important year for us as we continued to position
the Company and its products to address and capitalize on
significant current and forecasted market opportunities in defense,
healthcare and the molecular diagnostic sectors. We are currently
in strategic discussions with several large government and
commercial partners related to our biothreat detection (M-BAND) and
medical diagnostics (Firefly) products, and expect to enter into
agreements with one or more of these partners/customers in the
first half of 2014.
"PositiveID has already responded to five government
solicitations in 2014 that are direct applications for our M-BAND
and Firefly products," continued Mr. Caragol. "Three of the five
responses are collaborative efforts with four different large
commercial/government customers."
In late 2012 and 2013, the Company positioned its M-BAND product
to address the U.S. Department of Homeland Security ("DHS") next
generation BioWatch system. M-BAND is an autonomous bio-detection
system designed to protect the nation against biological weapons of
mass destruction under the BioWatch program. While disappointed by
the delays in beginning the next generation procurement, the
Company continued to work with its team partners to demonstrate the
value and capabilities of the M-BAND system and the overall
program. According to DHS, the total contract value of the next
generation BioWatch system is estimated at more than $3 billion
over five years.
Also in 2013, PositiveID launched the development of Firefly Dx
("Firefly"), a point-of-need, handheld system designed to deliver
molecular diagnostic results using real-time TaqMan® PCR
(polymerase chain reaction) chemistry. Firefly is being developed
to meet the growing need in healthcare and molecular diagnostics
markets for rapid and accurate point-of-need diagnostics that will
enable hospitals, physicians and other providers to save more
lives. Firefly is designed to derive accurate diagnostic results
from a sample in less than 20 minutes, at the point of need,
compared to two to four hours for a lab device, which would enable
accurate diagnostics leading to more rapid and effective treatment
than what is currently available with existing systems at a far
lower upfront cost and cost per test.
The Company divested two non-core assets in 2013, including its
ownership in VeriTeQ Corporation for $750,000. PositiveID also
licensed its wireless diabetes management technology to a third
party, with a maximum potential royalty of up to $2 million (with
no required minimums).
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and
developer of biological detection systems for America's homeland
defense industry as well as rapid biological testing. PositiveID is
focused on the development of microfluidic systems for the
automated preparation of and performance of biological assays in
order to detect biological threats and analyze biological samples.
For more information on PositiveID, please visit
http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations including,
without limitation, the likelihood that the total contract value of
the next generation BioWatch system is estimated at more than $3
billion over five years; the likelihood that Firefly is being
developed to meet the growing need in healthcare and molecular
diagnostics markets for rapid and accurate point-of-need
diagnostics that will enable hospitals, physicians and other
providers to save more lives; the likelihood that Firefly would
enable accurate diagnostics leading to more rapid and effective
treatment than what is currently available with existing systems at
a far lower upfront cost and cost per test; the likelihood that the
Company will enter into agreements with one or more large
government and commercial partners in the first half of 2014;
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and as that term is defined in the
Private Litigation Reform Act of 1995. Such forward-looking
statements involve risks and uncertainties and are subject to
change at any time, and PositiveID's actual results could differ
materially from expected results. Additional information about
these and other factors that could affect the Company's business is
set forth in the Company's various filings with the Securities and
Exchange Commission, including those set forth in the Company's
10-K filed on April 16, 2013, and 10-Qs filed on May 20, 2013,
under the caption "Risk Factors." The Company undertakes no
obligation to update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.
CONTACT: PositiveID Corporation
Allison Tomek
561-805-8000
atomek@positiveidcorp.com