Company Expects to Complete Second Phase Prototype in First Half of 2015
DELRAY BEACH, Fla., Jan. 13, 2015 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, announced today that it has completed the design of the second-phase (bench-top) prototype, the first major milestone in the development of the Firefly Dx second-phase prototype. With the completion of this design, the Company has begun to build the second-phase prototype of Firefly Dx, a real-time, handheld, polymerase chain reaction (PCR) pathogen detection system, which it expects to complete during the first half of 2015.
The Company believes that this completed second-phase prototype will have the capability to test biological samples in less than half the time of the first-phase prototypes and run data for potential partners and customers, a key element in the development of the final prototype to be used in field testing in late 2015.
In the third quarter of 2014 the Company announced that it accelerated the Firefly Dx development with the second-phase prototype, and engaged Infinite Vision, a specialized engineering firm with medical device and biotechnology expertise. The Company is now assembling the hardware components required to complete the second phase device and build the prototype that demonstrates the functionality, speed, sensitivity, and specificity of the Firefly Dx system.
“The market opportunities and critical need for a rapid diagnostic device like Firefly Dx, which can be used in the field without bulky lab equipment, are very significant,” said William J. Caragol, PositiveID’s Chairman and Chief Executive Officer. “Whether utilized by the healthcare or defense communities for detecting various strains of influenza, biological weapons of mass destruction, Ebola, or other pathogens, Firefly Dx is designed to be a simple-to-use device that provides lab-quality, real-time PCR results anywhere, anytime, within minutes to save lives.”
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, without limitation, the likelihood that the Company expects to complete the second-phase prototype of Firefly Dx during the first half of 2015; the likelihood that this completed second-phase prototype will have the capability to test biological samples in less than half the time of the first-phase prototypes and run data for potential partners and customers, a key element in the development of the final prototype to be used in field testing in late 2015; the likelihood that the market opportunities and critical need for a rapid diagnostic device like Firefly Dx, which can be used in the field without bulky lab equipment, are very significant; the likelihood that Firefly Dx will provide lab-quality, real-time PCR results anywhere, anytime, within minutes to save lives; 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; the Company’s ability to raise capital; the Company’s ability to complete the development of its second-phase prototype of Firefly Dx; the Company’s ability to enter into contracts with government or commercial entities; 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.