Company Continues to Advance Its Development of Firefly Dx With Multiplex PCR Detection
DELRAY BEACH, Fla., April 2, 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 additional testing of its phase II Firefly Dx prototype handheld, real-time PCR (polymerase chain reaction) pathogen detection system, and detected multiple organisms with a multiplex assay designed to simultaneously test for up to four pathogens on the Firefly Dx PCR chip.
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. In this stage of multiplex testing, which is one of the intended advantages of Firefly Dx, the Company delivered positive PCR results with consistent and repeated detection of each positive challenge.
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. The Company intends to continue testing of the phase II prototype, including assays developed by the Company and partners’ assays. The Company also intends to continue to decrease the time-to-result on its PCR chip.
“The ability to quickly test for multiple organisms from a single sample and identify the cause of symptoms in a patient without having to run several tests, we believe, will not only save time and money in clinical situations, but more importantly will improve treatment and outcomes,” stated William J. Caragol, Chairman and CEO of PositiveID. “We are very proud of our continued progress and validation of our technology and design.”
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.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 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; the likelihood that the Company will continue testing of the phase II prototype, including assays developed by the Company and partners’ assays; the likelihood that the Company will continue to decrease the time-to-result on its PCR chip; the likelihood that the ability to quickly test for multiple organisms from a single sample and identify the cause of symptoms in a patient without having to run several tests, will not only save time and money in clinical situations, but more importantly will improve treatment and outcomes; 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 March 30, 2015, 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.