DELRAY BEACH, Fla., May 21, 2015 (GLOBE NEWSWIRE) -- VeriTeQ Corporation ("VeriTeQ" or the "Company") (OTC Markets:VTEQ), a provider of implantable medical device identification and radiation dose measurement technologies, announced today that it has been awarded a U.S. Patent for Wireless Molecular Sensor System and Process. The Company intends to utilize the patent in the development of future bio-sensing microchip applications, initially focused on its radiation dose measurement technologies used during cancer treatment.
This newest patent covers methods and systems for measuring and wirelessly communicating particular molecular levels using an implantable sensor device operable without the use of batteries. These implantable biosensor systems use radio frequency technology to wirelessly transmit information between a transponder passively powered on a chip and a remote transponder. Information transmitted via this wireless communication system quantifies a physiological metric with respect to the levels of specific molecules measured by the biosensor.
The Company plans to apply this patent in conjunction with its future radiation dose measurement products, to be used during cancer treatment therapies. Within its broad intellectual property portfolio, the Company has an existing patent for implantable sensors that dynamically monitor multiple biological and physiological parameters, such as temperature to monitor hyperthermia.
"VeriTeQ has a robust intellectual property portfolio and we believe this latest patent award, which is broad in scope, further strengthens our position to develop in vivo bio-sensing applications for patient monitoring and treatment," stated Scott R. Silverman, Chairman and CEO of VeriTeQ. "Although not currently marketed, our radiation dose measurement technologies, which are FDA cleared and were previously commercialized, can be ramped up and made available to patients once again with the necessary capital in place."
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 microchip 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 continue to raise capital to fund its operations; VeriTeQ's ability to successfully commercialize its Q Inside Safety Technology; as well as other risks or events beyond VeriTeQ's control. Additional information about these and other factors may be described in VeriTeQ's Form 10-K, filed on April 14, 2015. 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.
CONTACT: VeriTeQ Allison Tomek, 561-846-7003 firstname.lastname@example.org