PositiveID Provides Mid-Year Update and Highlights its Progress
with Firefly Dx Development
Firefly Dx prototype system is consistently performing PCR and
accurately detecting pathogens in less than 20 minutes
DELRAY BEACH, FL -- June 29, 2015 -- InvestorsHub NewsWire
-- PositiveID Corporation (PositiveID or Company) (OTCQB:
PSID), a developer of biological detection and diagnostics
solutions, provided a mid-year update today to its shareholders and
highlighted its progress with the testing of the Firefly Dx
prototype PCR (polymerase chain reaction) pathogen detection
system.
Mid-Year 2015 Highlights
- Completed the design of the second-phase (bench-top) prototype
of Firefly Dx, and commenced building the second-phase prototype of
Firefly Dx
- Prepared additional M-BAND (Microfluidic Bioagent Autonomous
Network Detector) systems for field deployment and testing
- Completed the build of its Firefly Dx PCR chip, and started
testing assays to prove the design of achieving PCR results in less
than 20 minutes
- Filed two U.S. patents for Firefly Dx: "A Cyclical and
Continuous Flow PCR Device," which covers a cyclical mechanism of
thermal cycling required to complete real-time PCR and deliver
results in less than 20 minutes, and "A Cyclical PCR Device with
Reusable Heat Zones"
- Detected multiple organisms with a multiplex assay designed to
simultaneously test for up to four pathogens on the Firefly Dx PCR
chip
- Successfully detected influenza, which is an RNA virus and
requires a reverse transcription step to create cDNA prior to PCR
being performed, on its Firefly Dx prototype system
- Entered a co-marketing agreement with DirectView Security
Systems, Inc., a provider of video surveillance systems including
body worn cameras, to jointly market the companies' products to
homeland security and first responders
- Successfully tested 12 different assays, both its own and
third-party assays, on Firefly Dx prototype system, detecting all
the pathogens it tested
- Issued revenue guidance of $3-6 million for 2015
- Successfully completed testing of M-BAND under the Department
of Defense JUPITR program
- Continued progress under the Phase I SenseNet contract under
the Department of Homeland Security
"As we reach the middle of 2015, we are very pleased with the
advancements weve made to our Firefly Dx prototype system, and we
will continue to expand our testing and challenge the system to
present data to potential partners and future customers," stated
William J. Caragol, Chairman and CEO of PositiveID. We believe that
our accomplishments in the first half of 2015 set up PositiveID for
continued exciting developments through the end of 2015 and into
2016 and are affirming our revenue guidance of $3-6 million for
2015.
Firefly Dx is designed to provide real-time, accurate diagnostic
results in a handheld device, thereby leading to treatment
scenarios at the point of need that are not possible with existing
systems, which require lab-based equipment and can take hours or
even days to provide results. Firefly's applications include
point-of-need, lab-quality, detection of pathogenic organisms;
agricultural screening in both domestic sectors and developing
countries; and detection of biological agents associated with
weapons of mass destruction.
Firefly Dx is targeting the global PCR market, which is
projected to reach approximately $27.4 billion this year, according
to a Research and Markets' report Polymerase Chain Reaction (PCR) -
Products/Tools - A Global Market Watch, 2009-2015.
About PositiveID Corporation
PositiveIDs Firefly Dx is designed to provide real-time,
accurate diagnostic results in a handheld device, thereby leading
to treatment scenarios at the point of need that are not possible
with existing systems, which require lab-based equipment, highly
trained personnel, and can take hours or even days to provide
results. Fireflys applications include point-of-need, lab-quality,
detection of pathogenic organisms; agricultural screening in both
domestic sectors and developing countries; and detection of
biological agents associated with weapons of mass destruction.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and
developer of biological detection systems for Americas 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.psidcorp.com, or connect with PositiveID on
Twitter, Facebook or LinkedIn.
Statements about PositiveID's future expectations, including the
likelihood that the Companys accomplishments in the first half of
2015 set up PositiveID for continued exciting developments through
the end of 2015 and into 2016;the likelihood that the Company will
meet its revenue guidance of $3-6 million for 2015;the likelihood
that Firefly Dx is designed to provide real-time, accurate
diagnostic results in a handheld device, thereby leading to
treatment scenarios at the point of need that are not possible with
existing systems, which require lab-based equipment, highly trained
personnel, and can take hours or even days to provide results; the
likelihood that the global PCR market will reach approximately
$27.4 billion this year; 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. These risks and
uncertainties include, without limitation, the Companys ability to
target the bio-threat detection and rapid medical testing sectors;
the Companys ability to complete the development of its Firefly Dx
system; the Companys ability to win government contracts; as well
as other risks. 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 March 30, 2015, and 10-Qs filed on May 15, 2015, November 17,
2014, and August 14, 2014, 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) 805-8044
atomek@positiveidcorp.com
Investor Relations
Circadian Group
(647) 930-1037