DELRAY BEACH, Fla., July 14, 2011 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (Nasdaq:PSID), a developer of medical technologies for diabetes management, clinical diagnostics and bio-threat detection, announced today it has successfully created and laboratory-tested a stable and reproducible closed-cycle, continuous glucose sensing system that functions in the human blood fractions that are relevant to glucose analysis in the human body. PositiveID's development of the glucose sensor, which is based on RECEPTORS LLC's ("Receptors") proprietary chemistry platform, is a critical component of the Company's implantable RFID glucose-sensing microchip, GlucoChip™, which will accurately measure glucose levels in individuals with diabetes.
PositiveID and Receptors created the glucose sensing system based on the integration of specifically designed synthetic materials. The components of the self-contained, closed-cycle sensing system were designed to interact competitively with changing physiological blood glucose levels, generating a reproducible, measurable response. The sensing system components are based on simple molecular chemistry materials, rather than biochemical reagents like enzymes or antibodies, which are unstable and can require the continuous addition of external reagents. The Company believes the measurement of glucose levels through this system will allow individuals with diabetes to monitor glucose levels in a less invasive manner than any of the systems available today.
As the Company finalizes the optimization of the glucose-sensing system, it will incorporate the glucose-sensing system with a micro-electromechanical system signal transduction unit and the electronics of its RFID microchip to complete development of GlucoChip.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "We are very proud to say that we, in conjunction with the skilled team of scientists at Receptors, have completed our goal of developing a stable and reproducible glucose-sensing system. By overcoming this significant hurdle in the development of GlucoChip and accomplishing this pivotal goal, the Company will begin to look for major partners to accelerate the remaining development of GlucoChip, a project that has the potential to revolutionize the way people with diabetes monitor their glucose levels."
GlucoChip is based on the Company's FDA cleared microchip for patient identification, the VeriChip, and the Company's Patent No. 7,125,382 for an "Embedded Bio-Sensor System." The Company's Embedded Bio-Sensor System patent covers a bio-sensor system that utilizes radio frequency identification technology and includes a remote transponder in wireless communication with an implantable passively-powered on-chip transponder.
More than 25 million children and adults in the U.S. have diabetes, or over 8 percent of the population, according to the 2011 National Diabetes Fact Sheet, and the total cost of diagnosed diabetes in the U.S. was estimated at $174 billion in 2007. Worldwide, the number of adults with diabetes has doubled over the last three decades to nearly 350 million and increased nearly three-fold in the U.S., according to a study published in the British journal Lancet.
About RECEPTORS LLC
Receptors LLC develops Smart Materials products for laboratory, clinical, industrial hygiene and healthcare use that selectively capture and measure chemical, biochemical and cellular targets from complex biological, environmental or industrial samples. The Company's patented Affinity by Design™ platform has broad applicability, ranging from the isolation of disease pathway proteins for drug discovery and production of therapeutic antibodies, to the capture of bacteria and viruses for disinfection and diagnostic purposes. Receptors LLC is a private company based in suburban Minneapolis, Minnesota. For further information please visit http://www.receptorsllc.com.
About PositiveID Corporation
PositiveID Corporation develops unique medical devices and biological detection systems, focused primarily on diabetes management, rapid medical testing and airborne bio-threat detection. Its wholly-owned subsidiary, MFSI, is focused on the development of microfluidic systems for automated preparation of and performance of biological assays. For more information on PositiveID, please visit www.PositiveIDCorp.com.
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Statements about PositiveID's future expectations, including the likelihood that the human blood fractions in which the glucose sensing system functions are relevant to glucose analysis in the human body; the likelihood that the Company's GlucoChip will accurately measure glucose levels in individuals with diabetes; the ability of the glucose sensing system to generate a reproducible, measurable response; the likelihood that the measurement of glucose levels through this system will allow individuals with diabetes to monitor glucose levels in a less invasive manner than any of the systems available today; the ability of the Company to incorporate the glucose-sensing system with a micro-electromechanical system signal transduction unit and the electronics of its RFID microchip to complete development of GlucoChip; the likelihood that the Company will look for major partners to accelerate the remaining development of GlucoChip, a project that has the potential to revolutionize the way people with diabetes monitor their glucose levels; and all other statements in this press release other than historical facts are "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 PositiveID's ability to find major partners to accelerate the remaining development of GlucoChip; the Company's ability to complete the development of its GlucoChip, as well as certain 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 25, 2011, and 10-Q filed on May 13, 2011, 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.