PositiveID Mid-Year Update:
Company Advances FireflyDX
Testing and
Partnership
Discussions, and
Expands Caregiver
Market Penetration
Delray
Beach, FL -- May 30, 2018 --
InvestorsHub NewsWire -- PositiveID
Corporation ("PositiveID" or the
"Company")
(OTC:PSID),
a life sciences company focused on detection and
diagnostics, is proud to
provide
stockholders
with the following 2018 mid-year
corporate
update,
including details related to the Company's
key
strategic
and operational goals
for its
flagship
FireflyDX
and Caregiver products looking ahead to the
second half of this year and beyond.
William J. Caragol,
Chairman and CEO of PositiveID, comments, "The first half of
2018 may
go down
as one of the most important times
in the
Company's history. We have delivered
additional tangible results with
our R&D projects, and
are
seeing evidence of increasing traction and market disruption
in our medical device segment. We have also made progress with two
potential partners who are
now
engaged in late-stage negotiations to drive the final testing and
development for
our core
technology."
Strategic Partnerships. On
April
26,
2018, the Company
announced
in a letter to stockholders
that
it
was
conducting
negotiations
with
two potential
strategic
partners related to transactions
that
could fund
the
testing and development of the FireflyDX-Portable.
The
first potential transaction is
an exclusive license
with a North American partner for a vertical market in the broader
agricultural testing space. The second is
for a
potential strategic collaboration and direct investment
by an
international entity into
the
Company's ExcitePCR subsidiary
to bring the FireflyDX product line to a major international
market.
Since
the time of that letter, the Company has
continued its negotiations, substantial due diligence, and
documentation of these potential transactions. As a reminder,
capitalized
ExcitePCR a large percentage of
a ingPositiveID
and its shareholders ownThe resulting
potential transactions would leave would lead to
significant investment/license into ExcitePCR. ,as
contemplated ,these strategic
transactions. While these two
transactions are still in the negotiation phase, the Company's
management remains encouraged by their progress and committed to
their success.
Prototype Advancement. PositiveID
continues
to
drive
strong progress in its
molecular diagnostics segment. Much of the
Company's recent focus in this segment has been aimed at
rigorous
testing and analysis of
the
FireflyDX breadboard prototype pathogen detection system
("prototype system"), which has
become particularly relevant
following the recent
major E.coli
outbreak
involving romaine lettuce.
As
announced, management
is
pleased
with the FireflyDX prototype
system's performance in
related tests, demonstrating the capacity to detect the E. coli
bacterium in less than 30 minutes.
The
Company's FireflyDX
rapid,
portable pathogen detection products (currently under
development) have the
potential
to
disrupt
the foodborne
contagion
outbreak prevention market. Management believes
that this
niche represents a significant market opportunity
as
foodborne disease
outbreaks continue to intensify
in both frequency and public visibility.
In
addition, amid the historic
severity
of this year's flu
season, the Company
successfully
tested
five different flu virus assays (Type A; Type B; H3N3; H7N1; and,
H5N1) on the FireflyDX prototype system, and published a white
paper and data confirming these
results.
Finally, in January
2018, the Company announced that
the
design achievements comprising its FireflyDX real-time polymerase
chain reaction (PCR) pathogen detection technology were
analyzed and documented by an independent,
federally funded laboratory.
Thermometry Disruption. Within
the
PositiveID Thermomedics
subsidiary, the Company
announced
delivery
of the
first 500
Bluetooth-enabled Caregiver thermometers. Caregiver with Bluetooth
was launched in January 2018. .product line
customer's new
its
pending
the successful launch of ,is expected to be the
first of manyhis significant
order T The Bluetooth-enabled
version of Caregiver connects wirelessly to patient monitoring
stations and electronic health records systems in
hospitals.
Since
Caregiver does not touch the patient's skin, it reduces the risk
of cross-contamination, which is an increasing concern
due to
the rise of difficult-to-treat "superbugs"
(e.g.
Candida
Auris) that are spread from
skin contact. It also saves healthcare
facilities the cost of probe
covers
(up
to $0.10 per
temperature), storage space, and
waste disposal costs. It is estimated that Caregiver can
offer savings of $250 or more per year per device in probe cover
supplies alone.
Mobile Labs. In addition to
its molecular
diagnostics and
medical device businesses, PositiveID
also
holds a
significant equity interest in E-N-G Mobile Systems
("ENG"),
a mobile laboratory and
specialty vehicle manufacturer (the Company
currently owns 24% of ENG's
capital
stock).
To
close the first quarter, ENG
received
a purchase order
for a highly
advanced vehicle.
That one order is worth approximately $1
million in sales for
ENG.
Though
PositiveID no longer
consolidates the financial results
of this business, growth and
success.future
ENG'sbenefit
from it will continue
to
About PositiveID Corporation
PositiveID
Corporation is a holding company with a focus on life sciences
tools and diagnostics. PositiveID's ExcitePCR subsidiary develops
biological detection and diagnostics systems, specializing in the
development of microfluidic systems for the automated preparation
of and performance of biological assays. PositiveID's Thermomedics
subsidiary markets the FDA-cleared Caregiver non-contact infrared
thermometer. PositiveID also owns a minority interest
in E-N-G Mobile Systems,
a leader in the specialty vehicle market. For more information on
PositiveID, please visit http://www.psidcorp.com, or connect with
PositiveID on Twitter, Facebook or LinkedIn.
On
August 24, 2017, the Company and its wholly-owned subsidiary PDI
(collectively, the "Seller"), entered into an Asset Purchase
Agreement ("APA") with its majority-owned subsidiary, ExcitePCR
(the "Buyer"). Pursuant to the APA, at closing, the Company
will own
approximately 91% of ExcitePCR post-closing of the sale.
The Buyer has not yet
fulfilled the conditions to close the transaction
which include ExcitePCR completing a financing of at least $3
million.
Statements about PositiveID's future expectations,
including the likelihood that the first half of
2018 may go down as one of the most important times in the
Company's history; the likelihood that the Company is
conducting negotiations with two potential strategic partners
related to transactions that could fund the testing and development
of the FireflyDX-Portable; the likelihood
that these strategic transactions, as contemplated, would
lead to significant investment/license into ExcitePCR; the
likelihood that the resulting potential transactions would
leave PositiveID and its shareholders owning a large percentage of
a capitalized ExcitePCR; the likelihood that
the Company's FireflyDX rapid, portable pathogen detection
products have the potential to disrupt the foodborne contagion
outbreak prevention market; the likelihood that
this niche represents a significant market opportunity as
foodborne disease outbreaks continue to intensify in both frequency
and public visibility; the likelihood that
this significant order of Caregiver with
Bluetooth is expected to be the first of many, pending the
successful launch of its customer's new product line;
the likelihood that Caregiver can offer savings of
$250 or more per year per device in probe cover supplies
alone; the likelihood that the Company
will continue to benefit from ENG's future growth and
success; 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 Company's ability to
raise capital; the Company's ability to target
the professional healthcare market;the Company's ability
to close the APA; the Company's ability to fund the testing and
development of the FireflyDX product line; 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 April 2, 2018, and 10-Qs filed on May
18, 2018, November 13, 2017, and August
14, 2017, 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@psidcorp.com