DELRAY BEACH, Fla., March 18, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today announced that it has filed an additional U.S. patent for its Firefly Dx real-time PCR (polymerase chain reaction) pathogen detection system titled, "A Cyclical PCR Device with Reusable Heat Zones." This brings the Company's patents and patents pending for Firefly Dx to four, and the Company's total number of patents and patents pending to 18.
Firefly Dx is designed to provide real-time, accurate diagnostic results using PCR chemistry in a handheld device, thereby leading to treatment scenarios at the point of need that are not possible with existing systems, which require lab-based equipment and can take hours or even days to provide results. This new patent application covers a PCR device to provide test results in less than 20 minutes while still using standard laboratory volumes and processes in an automated cartridge.
Firefly Dx is targeting the global PCR market, which is projected to reach approximately $27.4 billion this year, according to a Research and Markets' report Polymerase Chain Reaction (PCR) - Products/Tools - A Global Market Watch, 2009-2015. Firefly's applications include point of need monitoring of pathogenic outbreaks (such as Ebola, influenza, Dengue Fever, etc.), agricultural screening in both domestic sectors and developing countries, and for the detection of biological agents associated with weapons of mass destruction.
"We continue to strengthen our intellectual property position for Firefly Dx as our development and testing of the system progresses," stated William J. Caragol, Chairman and CEO of PositiveID. "With the recent announcement that we are able to deliver positive test results within 20 minutes using our Firefly PCR chip, we are confident that our technology will not only work, but will represent a paradigm shift to the large PCR market."
PositiveID is developing Firefly Dx based on the know-how gained during years of development and $30 million of contract funding from the U.S. Department of Homeland Security for the Company's M-BAND (Microfluidic Bio-agent Autonomous Networked Detector) system, which uses PCR for the identification of airborne bio-threats.
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 the likelihood that the global PCR market is projected to reach approximately $27.4 billion this year; the likelihood that Firefly Dx is designed to provide real-time, accurate diagnostic results using PCR chemistry in a handheld device, thereby leading to treatment scenarios at the point of need that are not possible with existing systems; the likelihood that the Company's Firefly Dx technology will not only work, but will represent a paradigm shift to the large PCR market; 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 complete the development of its Firefly Dx 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 November 17, 2014, August 14, 2014, and May 20, 2014, 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.