PositiveID's ExcitePCR subsidiary announces new product, the
FireflyDX-Portable, with commercial availability scheduled for late
2018
Company Successfully detects Ebola Virus on FireflyDX Prototype
System
Delray Beach, FL -- October 09, 2017 -- InvestorsHub
NewsWire -- PositiveID Corporation ("PositiveID or
"Company") (OTCQB: PSID), a life sciences company focused on
detection and diagnostics, today announced highlights for the third
quarter of 2017. The Company intends to announce its financial
results for the third quarter ended September 30, 2017, in
mid-November.
Highlights
- PositiveID's ExcitePCR subsidiary successfully detected Ebola
virus on its FireflyDX breadboard pathogen detection system and
published a white paper and data.
- ExcitePCR subsidiary announced the FireflyDX-Portable, a
lightweight, realtime pathogen detection system under development,
designed to deliver on-site, biological results in less than 30
minutes, including sample preparation time, with commercial
availability scheduled for late 2018.
- ExcitePCR's CEO Lyle L. Probst was a featured panelist on a
three-person BioWatch Panel discussion held at the National
Academies of Sciences, Engineering, and Medicine.
- ExcitePCR announced its Board of Advisors, with industry
expertise ranging from biodefense and molecular diagnostics to
agricultural genomics and infectious diseases.
- PositiveID's E-N-G Mobile Systems ("ENG") subsidiary
year-to-date vehicle bookings at the end of the third quarter of
2017 increased 152% compared to the first nine months of 2016; this
increase was driven by bookings during the third quarter of more
than $1.5 million.
- The Company's Thermomedics subsidiary continued marketing
activities to prepare for the commercial launch of the
Bluetooth-enabled version of its Caregiver non-contact
thermometer.
"In the third quarter, we worked diligently to build up our
ExcitePCR subsidiary with the goal of finding the right strategic
partner to help us further the development and testing of the
FireflyDX family of products, which includes the FireflyDX-Portable
and FireflyDX-Handheld," stated William J. Caragol, Chairman and
CEO of PositiveID. "We are optimistic that we have the right team
in place and that we will continue to make progress with those
efforts as we enter the fourth quarter of 2017."
In May 2017, PositiveID formed ExcitePCR to own and further develop the assets of
FireflyDX, technologies designed to become both portable and
handheld, fully automated, lab quality, real-time devices able to
process samples and detect pathogens at the point of need or point
of care, faster and less expensively than existing devices, without
the need to return the sample to a lab for a confirmatory result.
FireflyDX's applications include lab-quality, sample processing and
detection of pathogenic organisms; agricultural and food screening
in both domestic sectors and developing countries; and detection of
biological agents associated with weapons of mass destruction.
ENG designs and builds mobile laboratories, wireless
support vehicles (cell-on-wheels and cell-on-light-trucks), radio
frequency ("RF") test platforms, broadcast news vehicles, and other
technical vehicles. ENG has delivered more than 1,500 specialty
vehicles to customers around the globe, including more than 400
mobile laboratories, 600 broadcast news vehicles, and more than 400
vehicles for cellular, RF, infrared, and other applications. In
June 2017, PositiveID sold a 49.8% equity interest in ENG for
approximately $1.5 million to Holdings ENG, LLC, an affiliate of
East West Resources Corporation.
Thermomedics markets the FDA-cleared Caregiver
thermometer, which is a clinical grade, infrared thermometer for
measurement of forehead temperature in adults, children, and
infants, without contact. It delivers an oral-equivalent
temperature directly from the forehead in one to two seconds. Since
there is no skin contact and Caregiver does not require probe cover
supplies, it reduces the risk of cross-contamination, which is an
increasing concern, and saves healthcare facilities the cost of
covers (as much as $0.10 per temperature), storage space, and waste
disposal costs.
On August 24, 2017, PositiveID Corporation and its wholly-owned
subsidiary PositiveID Diagnostics, Inc. (collectively, the
"Seller"), entered into an Asset Purchase Agreement ("APA") with
ExcitePCR Corporation. Pursuant to the APA, at closing, the Seller
will sell and deliver to ExcitePCR all assets used in connection
with the operation of the FireflyDX technology. For more
information on the APA, please read PositiveID's Form 8-K filed on
August 28, 2017, which can be found here.
About PositiveID Corporation
PositiveID Corporation is a holding company focused on life
sciences, diagnostics, mobile laboratories, and medical devices.
PositiveID's ExcitePCR subsidiary is developing the
FireflyDX family of pathogen detection systems, portable devices
offering rapid sample-to-result detection in less than 30 minutes
using real-time polymerase chain reaction chemistry. PositiveID's
E-N-G
Mobile Systems subsidiary is a leader in the mobile technology
vehicle market, with a focus on the laboratory market and homeland
security. PositiveID's Thermomedics subsidiary markets the
FDA-cleared Caregiver non-contact thermometer for clinical use. 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 FireflyDX-Portable will be commercially available
in late 2018; the likelihood that the Company intends to announce
its financial results for the third quarter ended September 30,
2017, in mid-November; the likelihood that the Company will find
the right strategic partner to help it further the development and
testing of the FireflyDX family of products, which includes the
FireflyDX-Portable and FireflyDX-Handheld; the likelihood that the
Company has the right team in place and that it will continue to
make progress with efforts to find the right strategic partner for
ExcitePCR as it enters the fourth quarter of 2017; the likelihood
that FireflyDX is designed to be a handheld, fully automated, lab
quality, real-time device able to process samples and detect
pathogens at the point of need or point of care, faster and less
expensively than existing devices, without the need to return the
sample to a lab for a confirmatory result; the likelihood that
pursuant to the APA, at closing, the Seller will sell and deliver
to ExcitePCR all assets used in connection with the operation of
the FireflyDX technology; 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, PositiveID's and
ExcitePCR's ability to raise capital; ExcitePCR's ability complete
the testing and development of FireflyDX; the Seller's ability to
close the APA with ExcitePCR; as well as other risks. Additional
information about these and other factors that could affect
PositiveID's business is set forth in its various filings with the
Securities and Exchange Commission, including those set forth in
its 10-K filed on March 31, 2017, and 10-Qs filed on August 14,
2017, May 15, 2017, and November 18, 2016, under the caption "Risk
Factors." PositiveID 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.
Contacts:
PositiveID Corporation
Allison Tomek
(561) 805-8044
atomek@psidcorp.com