DELRAY BEACH, Fla., April 15, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today announced its first quarter highlights, primarily related to the Company's continued progress with the development and testing of its Firefly Dx, a handheld, point-of-need, real-time PCR (polymerase chain reaction) pathogen detection system.
First Quarter 2015 Highlights
- Completed the design of the second-phase (bench-top) prototype of Firefly Dx, the first major milestone in the development of the second-phase prototype
- Commenced building the second-phase prototype of Firefly Dx
- Prepared additional M-BAND systems for field deployment and testing
- Issued revenue guidance of $3-6 million for 2015
- Completed the build of its Firefly Dx PCR chip, and started testing assays to prove the design of achieving PCR results in less than 20 minutes
- Filed a new U.S. patent for Firefly Dx: "A Cyclical and Continuous Flow PCR Device," which covers a cyclical mechanism of thermal cycling required to complete real-time PCR and deliver results in less than 20 minutes
- Filed an additional U.S. patent for Firefly Dx: "A Cyclical PCR Device with Reusable Heat Zones"
- Completed additional testing of its phase II Firefly Dx, and detected multiple organisms with a multiplex assay designed to simultaneously test for up to four pathogens on the PCR chip
"As we continue to advance the development and testing of Firefly Dx, which is being built to capitalize on a multi-billion dollar market opportunity and unmet requirement for point-of-need, real-time PCR testing, we are excited with our progress to date and the opportunity to deliver a system that could revolutionize the way biological samples are tested, while delivering significant value to our stockholders," stated William J. Caragol, Chairman and CEO of PositiveID.
Firefly Dx is designed to provide real-time, accurate diagnostic results 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. Firefly's applications include point-of-need, lab-quality, detection of pathogenic organisms; agricultural screening in both domestic sectors and developing countries; and detection of biological agents associated with weapons of mass destruction.
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.
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 in a handheld device, thereby leading to treatment scenarios at the point of need that are not possible with existing systems; 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 March 30, 2015, 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.