PositiveID Has Engaged Infinite Vision, a Specialized Engineering Development Firm for Medical and Biotech Products, to Advance the Firefly Dx Prototype
DELRAY BEACH, Fla., Sept. 23, 2014 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today announced that it is accelerating the prototype development of its Firefly Dx system, a handheld, real-time PCR (polymerase chain reaction) system designed to provide molecular diagnostic results in less than 20 minutes at the point of need. To advance the development, PositiveID has engaged Infinite Vision, an engineering development and contract manufacturing firm specializing in medical and biotech products.
By teaming with Infinite Vision, PositiveID expects to be able to demonstrate a bench top prototype of the Firefly cartridge in the first half of 2015, and targets having a full handheld prototype by the end of 2015. In line with this schedule, PositiveID expects to supply testing data in 2015 that demonstrates the speed, sensitivity, and specificity of the Firefly system, and ultimately positions the Company for government and commercial opportunities.
California-based Infinite Vision’s product design and engineering expertise includes lab instrumentation and diagnostics, therapy delivery systems, point of care diagnostics, surgical tools, and microfluidics, among others.
“To ensure the expedited development required to complete the Firefly prototype and prepare Firefly for testing by potential customers and partners, it was imperative to work with a firm like Infinite Vision, which has proven time and again its ability to bring innovative and sophisticated products from concept to commercialization,” said William J. Caragol, Chairman and CEO of PositiveID.
PositiveID’s Firefly Dx is a point-of-need, handheld system designed to deliver molecular diagnostic results using real-time PCR (polymerase chain reaction) chemistry. Firefly is being developed to meet the growing need in healthcare and molecular diagnostics markets for more rapid and accurate point-of-need diagnostics that will enable hospitals, physicians, military personnel, and others to save lives. Firefly can derive results from a sample in less than 20 minutes, at the point of need, compared to two to four hours for a lab device, which would enable accurate diagnostics leading to more rapid and effective treatment than what is currently available with existing systems.
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 at high-value locations, as well as analyze samples in a medical environment. For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
Statements about PositiveID’s future expectations, including the likelihood that PositiveID expects to be able to demonstrate a bench-top prototype of the Firefly cartridge in the first half of 2015, and targets having a full handheld prototype by the end of 2015; the likelihood that PositiveID expects to supply testing data in 2015 that demonstrates the speed, sensitivity, and specificity of the Firefly system, and ultimately positions the Company for government and commercial opportunities; the likelihood that to ensure the expedited development required to complete the Firefly prototype and prepare Firefly for testing by potential customers and partners, it was imperative to work with a firm like Infinite Vision; and all statements in this press release 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; 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 11, 2014, and 10-Qs filed on August 14, 2014, May 20, 2014, and November 19, 2013, 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.