Providing PCR Results in Minutes Instead of Hours Could Revolutionize the $27 Billion Global PCR Market
DELRAY BEACH, Fla., March 12, 2015 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today announced that it has successfully completed its first round of testing of its phase II Firefly Dx prototype handheld real-time PCR (polymerase chain reaction) pathogen detection system, and has delivered positive PCR results within 20 minutes. The Company’s Firefly Dx testing was performed at standard laboratory volumes and achieved equivalent results to laboratory-based PCR instruments, which can take hours to perform the same PCR process.
The Company previously announced it completed its Firefly Dx PCR design, and it has now completed successful testing on its Phase II breadboard Firefly Dx system, with consistent and repeated detection of each positive challenge. With the completion of the PCR chip design with confirmatory results, the Company is now in the next phase of testing to encompass optimization and a broader spectrum of tests.
“Having recently completed our Firefly Dx breadboard prototype, these initial positive results of our new PCR chip, which could fundamentally change the real-time PCR industry, are very encouraging,” stated William J. Caragol, Chairman and CEO of PositiveID. “These test results also validate our approach covered in the PCR chip patent application we just filed. Our Firefly Dx testing and development continues to progress on schedule.”
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 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. Firefly’s applications include point of need monitoring of pathogenic outbreaks (such as Ebola, influenza, etc.), agricultural screening in both domestic sectors and developing countries, and for the detection of biological agents associated with weapons of mass destruction.
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.PositiveIDCorp.com.
Statements about PositiveID’s future expectations, including the likelihood that the global PCR market, is projected to reach approximately $27.4 billion this year; the likelihood that these initial positive results of the Company’s new PCR chip could fundamentally change the real-time PCR industry; 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; 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; 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 November 17, 2014, August 14, 2014, and May 20, 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.