DELRAY BEACH, Fla., Nov. 15, 2011 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCBB:PSID), a developer of medical technologies for diabetes management, clinical diagnostics and bio-threat detection, announced today its third quarter 2011 operational highlights, including FDA submission of its iglucose™ 510(k) application, and its outlook for 2012.
William J. Caragol, Chief Executive Officer of PositiveID stated, "We are proud of the significant progress we continue to make with our important business initiatives, including our diabetes management and homeland security products. In the third quarter, we were very pleased to submit to the FDA our 510(k) for our iglucose system. FDA clearance of iglucose, which we expect to receive before year-end, would represent PositiveID's second FDA cleared product. We also continue to identify and bid on significant government contract opportunities within our MicroFluidic Systems division, which has received over $45 million in government contracts in its history, the majority of which have come from the Department of Homeland Security. MicroFluidic Systems' current pipeline of potential government contract opportunities exceeds $40 million, some of which are expected to be awarded over the next several quarters. We remain confident that over the course of the next several months we will have positive news relating to our iglucose product and homeland security opportunities within our MFS subsidiary," continued Caragol.
The Company's third quarter 2011 operational highlights and outlook include the following:
MicroFluidic Systems ("MFS")
- U.S. Department of Homeland Security validated the performance of PositiveID's Multiplex BioThreat Assay through an in-house blind study.
- PositiveID was awarded two key patents for sample preparation of DNA and RNA for fieldable biological detection.
- PositiveID positions its MFS division for several key government programs, including the $3.0 billion Department of Homeland Security BioWatch program.
iglucose™ mobile health system for diabetes management
- PositiveID submitted its 510(k) to the U.S. Food and Drug Administration.
- Rogers Wireless, PositiveID's Canadian wireless partner, chose to feature iglucose at the Rogers Wireless Technology Showcase in major cities throughout Canada.
- Diabetes educators surveyed at the American Association of Diabetes Educators annual conference confirmed iglucose would improve patient outcomes.
- The Company readies for commercialization of iglucose through agreements with AT&T and Sierra Wireless, and prepares for initial market launch with key strategic partners.
- PositiveID intends to receive FDA clearance for its iglucose system before year-end.
GlucoChip™ continuous glucose-sensing implantable microchip
- PositiveID successfully completed Phase II of its GlucoChip microchip for patients with diabetes to accurately measure glucose levels in human blood; develops and proves a stable and reproducible, closed-cycle continuous glucose-sensing system to be used in GlucoChip.
- PositiveID filed a patent for glucose-sensing system to be used in GlucoChip.
- PositiveID begins preparations for GlucoChip™ Phase III development.
Easy Check™ non-invasive breath glucose detection device
- PositiveID appointed Pietro Galassetti, MD, Ph.D., world renowned for his research on non-invasive glucose detection through breath analysis, to its scientific advisory board. Dr. Galassetti is Associate Professor of Pediatrics and Pharmacology at the University of California, Irvine, where he also serves as the Director of the Bionutrition/Metabolism Core at the Institute for Clinical and Translational Science.
- PositiveID appointed Yuval Rabin to its advisory board to utilize his extensive business experience with governments and his global network of contacts to assist the Company with its diabetes management development projects.
- PositiveID expects to commence a clinical study on Easy Check by year-end.
Corporate Initiatives
- PositiveID appointed William J. Caragol Chief Executive Officer and Bryan Happ Chief Financial Officer.
- PositiveID entered into strategic institutional financings with Ironridge Global Technology for up to $13.8 million.
- PositiveID exited a non-core business, its National Credit Report.com LLC subsidiary, to enable management to increase its focus on its key areas of growth.
- The Company will maintain its OTC Bulletin Board listing and continue to be a fully reporting, SEC compliant company, and will also seek to up-list its securities to the NASDAQ market at the appropriate time.
The Company filed its Form 10-Q for the quarter ended September 30, 2011, on November 14, 2011.
About PositiveID Corporation
PositiveID Corporation, based in Delray Beach, Florida, is a technology development company with two divisions: HealthID and MicroFluidic Systems. HealthID develops unique medical devices, focused primarily on diabetes management, and MicroFluidic Systems develops molecular diagnostic systems, focused primarily on bio-threat detection products. For more information on PositiveID, please visit www.PositiveIDCorp.com.
The PositiveID Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7717
Statements about PositiveID's future expectations, including the likelihood that the Company is getting ready for commercialization of iglucose through agreements with AT&T and Sierra Wireless, and is preparing for initial market launch with key strategic partners; the likelihood that PositiveID will receive FDA clearance for its iglucose system before year-end; the likelihood that the Company's stable and reproducible, closed-cycle continuous glucose-sensing system will be used in GlucoChip; the likelihood that PositiveID will begin Phase III development of GlucoChip; the likelihood that Yuval Rabin will utilize his extensive business experience with governments and his global network of contacts to assist the Company with its diabetes management development projects; the likelihood that PositiveID will commence a clinical study on Easy Check by year-end; the likelihood that PositiveID is positioning its MFS division for several key government programs, including the DHS BioWatch program; the likelihood that the strategic institutional financings with Ironridge Global Technology will raise $13.8 million; the likelihood that PositiveID's exit from its National Credit Report.com LLC subsidiary will enable management to increase its focus on its key areas of growth; the likelihood that the Company will maintain its OTC Bulletin Board listing and continue to be a fully reporting, SEC compliant company, and will also seek to up-list its securities to the NASDAQ market at the appropriate time; the likelihood that the Company will continue to make significant progress with its important business initiatives, including its diabetes management and homeland security products; the likelihood that FDA clearance of iglucose, which the Company expects to receive before year-end, would represent PositiveID's second FDA cleared product; the likelihood that PositiveID continues to identify and bid on significant government contract opportunities within its MFS division; the likelihood that MFS' current pipeline of potential government contract opportunities exceeds $40 million, and that some of the contracts are expected to be awarded over the next several quarters; the likelihood that over the course of the next several months the Company will have positive news relating to its iglucose product and homeland security opportunities within its MFS division; 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 successfully commercialize iglucose; PositiveID's ability to successfully complete development of and commercialize GlucoChip and Easy Check; the likelihood that PositiveID will be awarded any potential new government contract opportunities for its MFS division; the likelihood that PositiveID will complete strategic financings with Ironridge Global Technology for up to $13.8 million; 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-Qs filed on May 13, 2011, August 15, 2011, and November 14, 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.