DELRAY BEACH, Fla., June 29, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, provided a mid-year update today to its shareholders and highlighted its progress with the testing of the Firefly Dx prototype PCR (polymerase chain reaction) pathogen detection system.
Mid-Year 2015 Highlights
- Completed the design of the second-phase (bench-top) prototype of Firefly Dx, and commenced building the second-phase prototype of Firefly Dx
- Prepared additional M-BAND (Microfluidic Bioagent Autonomous Network Detector) systems for field deployment and testing
- 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 two U.S. patents 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, and "A Cyclical PCR Device with Reusable Heat Zones"
- Detected multiple organisms with a multiplex assay designed to simultaneously test for up to four pathogens on the Firefly Dx PCR chip
- Successfully detected influenza, which is an RNA virus and requires a reverse transcription step to create cDNA prior to PCR being performed, on its Firefly Dx prototype system
- Entered a co-marketing agreement with DirectView Security Systems, Inc., a provider of video surveillance systems including body worn cameras, to jointly market the companies' products to homeland security and first responders
- Successfully tested 12 different assays, both its own and third-party assays, on Firefly Dx prototype system, detecting all the pathogens it tested
- Issued revenue guidance of $3-6 million for 2015
- Successfully completed testing of M-BAND under the Department of Defense JUPITR program
- Continued progress under the Phase I SenseNet contract under the Department of Homeland Security
"As we reach the middle of 2015, we are very pleased with the advancements we’ve made to our Firefly Dx prototype system, and we will continue to expand our testing and challenge the system to present data to potential partners and future customers," stated William J. Caragol, Chairman and CEO of PositiveID. “We believe that our accomplishments in the first half of 2015 set up PositiveID for continued exciting developments through the end of 2015 and into 2016 and are affirming our revenue guidance of $3-6 million for 2015.”
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.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID's future expectations, including the likelihood that the Company’s accomplishments in the first half of 2015 set up PositiveID for continued exciting developments through the end of 2015 and into 2016; the likelihood that the Company will meet its revenue guidance of $3-6 million for 2015; 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, which require lab-based equipment, highly trained personnel, and can take hours or even days to provide results; the likelihood that the global PCR market will reach approximately $27.4 billion this year; 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; the Company’s ability to win government contracts; 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 May 15, 2015, November 17, 2014, and August 14, 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.
Contact: PositiveID Corporation Allison Tomek (561) 805-8044 firstname.lastname@example.org Investor Relations Circadian Group (647) 930-1037