Development Milestone is Expected to Provide Better Efficiency in Purifying the Sample Being Tested, Enabling the Detection of Lower Quantities of Organism Present
DELRAY BEACH, Fla., Nov. 10, 2015 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a life sciences company with an extensive patent portfolio, announced today that it has completed a new sample preparation breadboard system which complements, and works in conjunction with the Company’s Firefly Dx polymerase chain reaction (“PCR”) breadboard prototype pathogen detection system (“prototype system”).
The new Firefly Dx prototype system incorporates sample preparation on a disposable injection molded cartridge that removes contaminants and purifies samples for processing and detection with PCR. Including sample preparation on the prototype system is expected to improve the ability to purify the sample and detect the organism of interest at much lower levels.
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.
“In addition to having PCR capabilities on the Firefly Dx prototype, we are now at the next iteration of the design, which includes sample prep,” said William J. Caragol, Chairman and CEO of PositiveID. “In a short period of time, we expect to be at a stage of our development where we can take a sample (whole organism), run it through sample prep and purification followed by the real-time optics and PCR testing on one system. That will be a critical milestone in our development as we prepare for field-testing later next year.”
PositiveID’s Firefly Dx is designed to provide real-time, accurate diagnostic results in less than 20 minutes from 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. Firefly’s applications include point-of-need, lab-quality, detection of pathogenic organisms; agricultural and food screening in both domestic sectors and developing countries; and detection of biological agents associated with weapons of mass destruction.
Based on its latest advancements in the development of the Firefly Dx prototype system, the Company is now running the sample preparation and PCR elements of the development in parallel with the objective of accelerating the completion of a field-testable unit. PositiveID’s goal is to have units available for testing by the end of 2016.
The Company is currently testing its newly designed sample preparation prototype system with injection-molded, single-use, disposable cartridges. The next step in the development of the Firefly Dx prototype system will be to process samples through only the Company’s system, from sample preparation to reporting of results.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company that develops biological detection systems for point-of-need testing and America’s homeland defense industry, and acquires complementary technologies across multiple life sciences verticals. 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 this development milestone is expected to provide better efficiency in purifying the sample being tested, enabling the detection of lower quantities of organism present; the likelihood that the global PCR market is projected to reach approximately $27.4 billion this year; the likelihood that in a short period of time, the Company expects to be at a stage of development where it can take a sample (whole organism), run it through sample prep and purification followed by the real-time optics and PCR testing on one system; the likelihood that the Company will prepare for field-testing of Firefly Dx later next year; the likelihood that PositiveID will have units available for testing by the end of 2016; 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 and commercialization 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 March 30, 2015, and 10-Qs filed on August 13, 2015, May 15, 2015, and November 17, 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 email@example.com Investor Relations Circadian Group (647) 930-1037