Company Expands Detection Capabilities of Its Prototype Firefly Dx to the Food Safety Testing Market, Which is Projected to Reach $15 Billion Globally by 2019
DELRAY BEACH, Fla., May 6, 2015 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today announced that it has successfully detected Escherichia coli (E. coli) bacteria on the PCR (polymerase chain reaction) chip of its Firefly Dx prototype handheld, real-time PCR pathogen detection system, in less than 20 minutes.
E. coli is a common pathogen that can cause diarrhea or other illness outside of the intestinal tract. The types of E. coli that cause diarrhea can be transmitted through contaminated water or food, or through contact with animals or people. These toxin-producing bacteria are called Shiga toxin-producing E. coli (“STEC”). According to the U.S. Centers for Disease Control, an estimated 265,000 STEC infections occur each year in the United States. Some types of STEC can cause severe disease, including bloody diarrhea and hemolytic uremic syndrome, which is a type of kidney failure that can lead to death.
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’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.
“We are developing Firefly Dx to solve the critical need for rapid, portable, pathogen detection using real-time PCR within multiple markets including food safety, human infectious disease and clinical diagnostics, among others,” stated William J. Caragol, Chairman and CEO of PositiveID. “We are very pleased with our progress to date on the development of Firefly Dx and are continuing our testing on the PCR chip to detect additional pathogens in less than 20 minutes.”
By 2019, the global market for food safety testing is projected to reach more than $15 billion, and the North American food safety testing market is projected to grow from $3.7 billion in 2012 to $5.6 billion in 2018, according to MarketsandMarkets. In 2012, pathogen testing dominated the food safety testing market.
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 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; the likelihood that by 2019, the global market for food safety testing is projected to reach more than $15 billion, and the North American food safety testing market is projected to grow from $3.7 billion in 2012 to $5.6 billion in 2018; 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.