DELRAY BEACH, Fla., July 12, 2016 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSIDD), a life sciences company focused on detection and diagnostics, announced today a summary of highlights for the first half of 2016.
Highlights
- PositiveID demonstrated that the Firefly Dx benchtop prototype, from sample preparation through detection and reporting, functions as designed, with results faster and as accurate as the slower, more expensive, lab-based testing
- The Company successfully detected the Zika virus on its Firefly Dx prototype system, using assay partner GenArraytion’s Aedes Aegypti MultiFLEX™ PCR test
- PositiveID reported Q1 2016 revenue of $1.7 million, up from $0.1 million in Q1 2015
- PositiveID’s E-N-G Mobile Systems (“ENG”) shipped a mobile lab in excess of $700,000 to a customer
- ENG completed 80 projects in the first half of the year, and has approximately 40 projects in current backlog and pipeline for the remainder of 2016
- PositiveID added Benedikt von Braunmuhl to its Board of Advisors to assist the Company's efforts to commercialize Firefly Dx
- PositiveID’s Thermomedics business, which markets the FDA-cleared Caregiver® non-contact thermometer, signed five new healthcare products distributors in Q1 2016
- Thermomedics won its appeal in a patent infringement case in U.S. Court of Appeals for the Federal Circuit
“We are proud of our accomplishments in the first half of 2016 and are focused on continuing to grow our businesses, while we continue to execute on our Firefly Dx development and testing plan,” said William J. Caragol, Chairman and CEO of PositiveID. “We are more confident than ever that with the right partner we can complete and prepare Firefly Dx for field testing and commercialization to capture a portion of the very large and growing markets that, we believe, Firefly Dx can better address than current systems.”
The Company is focused on distinguishing its ENG subsidiary as the leader in the growing mobile lab market, as concerns over food and environmental contamination, and biological and chemical weapons increase. ENG further differentiates itself from its competitors with its team of scientists who work in conjunction with the design engineers and shop personnel to deliver the most advanced mobile labs available.
Since its acquisition of the FDA-cleared Caregiver non-contact thermometer in late 2015, the Company is also working to expand this business with a renewed focus on marketing and advertising, and a new, stronger distribution channel to build a robust pipeline of opportunities.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company with an extensive patent portfolio. PositiveID develops biological detection and diagnostics systems, specializing in the development of microfluidic systems for the automated preparation of and performance of biological assays. PositiveID is also a leader in the specialty vehicle market, with a focus on mobile labs. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID's future expectations, including the likelihood that ENG has approximately 40 projects in current backlog and pipeline for the remainder of 2016; the likelihood that, with the right partner, the Company can complete and prepare Firefly Dx for field testing and commercialization to capture a portion of the very large and growing markets that Firefly Dx can better address than current 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 professional healthcare market, the Company’s ability to complete the development and testing of Firefly Dx and commercialize Firefly Dx; the Company’s ability to raise capital; 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 12, 2016, and 10-Qs filed on May 16, 2016, November 12, 2015, and August 13, 2015, 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.