DELRAY BEACH, Fla., Jan. 13, 2015 (GLOBE NEWSWIRE) -- VeriTeQ Corporation (OTC Markets:VTEQ) ("VeriTeQ") a provider of implantable medical device identification and radiation dose measurement technologies, announced today that it is working with Logic PD to build a medical device information system based on VeriTeQ's Q Inside Safety Technology™ and Logic PD's experience as an Internet of Things ("IoT") integrator. Through this hardware and software technology platform, VeriTeQ will bring information about medical devices implanted in the body to outside of the body to provide digital health solutions to patients, physicians, and device manufacturers.
Q Inside Safety Technology is a microtransponder that is an electronic direct mark and provides a unique identification number in implantable and reusable medical devices that can accurately locate device-specific data using the internet.
The Logic PD-VeriTeQ solution connects the uniquely identifiable devices via secure messaging communications to access controlled cloud databases. When a medical device with VeriTeQ's FDA cleared Q Inside Safety Technology is implanted into a patient, information about the medical device can be read and stored in a digital health infrastructure for access by authorized personnel.
As an example, following surgery, a patient can visit a clinic, and have his/her medical device (such as an artificial knee) scanned using a radio frequency identification reader, which will provide Q Inside Safety Technology's unique identification number. The unique ID will then be used to retrieve and present information about the microtransponder and medical device to the digital health platform, thereby providing connectivity between patient, device, manufacturer and healthcare provider. This information could be useful in the event of device updates, medication recommendations, product recalls, etc.
"We are just beginning to scratch the surface of digital health applications, and starting to understand the importance of utilizing Q Inside Safety Technology to communicate information from within the body to outside of the body," stated Scott R. Silverman, Chairman and Chief Executive Officer of VeriTeQ. "We believe this information will be invaluable in evidence-based medicine initiatives to ultimately improve healthcare."
"Digital health is perhaps the most valuable application of IoT technology right now," added Scott A. Nelson, PhD., CTO of Logic PD. "We are excited to be able to add our system integration expertise to VeriTeQ's critical identification technology. This solution is the first we have seen to provide device identification from non-electronic implanted devices outside the body without using expensive medical imaging devices."
VeriTeQ develops innovative, proprietary RFID technologies for implantable medical device identification, and dosimeter technologies for use in radiation therapy treatment. VeriTeQ offers the world's first FDA cleared RFID microtransponder technology that can be used to identify implantable medical devices, in vivo, on demand, at the point of care. VeriTeQ's dosimeters provide patient safety mechanisms while measuring and recording the dose of radiation delivered to a patient in real time. For more information on VeriTeQ, please visit www.veriteqcorp.com.
Statements in this press release that are not purely historical facts, including statements about our beliefs, intentions or future expectations, may be "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 Securities Litigation Reform Act of 1995. Such forward-looking statements consist of any statement other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may", "expect", "anticipate", "intend", "estimate" or the negative thereof or other variations thereof or comparable terminology. The reader is cautioned that all forward looking statements involve risks and uncertainties and are subject to change at any time, and that our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, VeriTeQ's ability to raise capital; VeriTeQ's ability to successfully commercialize its Q Inside Safety Technology; as well as other risks or events beyond the Company's control. Additional information about these and other factors may be described in VeriTeQ's Form 10-K, filed on April 15, 2014, as amended August 19, 2014; and Form 10-Q, filed on November 18, 2014; and future filings with the Securities and Exchange Commission. VeriTeQ 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.
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