DELRAY BEACH, Fla., Nov. 6, 2014 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a developer of biological detection and diagnostics solutions, announced today that it has signed a U.S. Special Operations Command ("USSOCOM") Cooperative Research and Development Agreement ("Agreement") with Special Operations Research, Development, & Acquisition Center, Science & Technology Directorate ("USSOCOM SORDAC-ST"), to further develop the Company's real-time PCR (polymerase chain reaction) pathogen detection system, Firefly Dx, for use across the USSOCOM mission space.
PositiveID's Firefly Dx is a point-of-need, handheld system designed to deliver molecular diagnostic results using real-time PCR chemistry. Firefly Dx is being developed to meet the growing need in military and healthcare markets for more rapid and accurate point-of-need diagnostics that will enable hospitals, physicians, deployed military personnel, and others to save lives. Firefly Dx is designed to derive results from a sample in less than 20 minutes, at the point of need, compared to two to four hours for a laboratory-based device, which could enable accurate diagnostics leading to more rapid and effective treatment at the point of care than what is currently available or non-existent with existing systems.
The objective of this Agreement is to provide a foundation for cooperative work between USSOCOM SORDAC-ST and PositiveID to continue the development of Firefly Dx for Special Operations Force ("SOF") applications, and to provide enhanced operational capability to USSOCOM assets. PositiveID will receive requirements, priorities, feedback, and human factors/human systems integration support to facilitate its ability to support SOF technology needs.
William J. Caragol, Chairman and CEO of PositiveID, said, "We are very proud to work in partnership with the Department of Defense and USSOCOM to help fill their need for novel technologies and systems that can be used to safeguard those who protect our country. We intend to utilize their expert guidance as we continue to develop the prototype of Firefly Dx."
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 Firefly Dx is being developed to meet the growing need in military and healthcare markets for more rapid and accurate point-of-need diagnostics that will enable hospitals, physicians, deployed military personnel, and others to save lives; the likelihood that Firefly Dx is designed to derive results from a sample in less than 20 minutes, at the point of need, compared to two to four hours for a laboratory-based device, which could enable accurate diagnostics leading to more rapid and effective treatment at the point of care than what is currently available or non-existent with existing systems; the likelihood that PositiveID will receive requirements, priorities, feedback, and human factors/human systems integration support to facilitate its ability to support SOF technology needs; the likelihood that PositiveID intends to utilize USSOCOM's expert guidance as it continues to develop the prototype of Firefly Dx; and all statements in this press release 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 target the bio-threat detection and rapid medical testing sectors; the Company's ability to raise capital; the Company's ability to complete the development of its Firefly system; 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 11, 2014, and 10-Qs filed on August 14, 2014, May 20, 2014, and November 19, 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.