DELRAY BEACH, Fla., July 28, 2015 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today announced its goals for the second half of 2015, which focus on the continued development and testing of the Firefly Dx prototype PCR (polymerase chain reaction) pathogen detection system that is targeting the $27 billion global PCR market. The Company is targeting to report revenue in excess of $3 million for 2015, compared to revenue of $945,000 for 2014.
First Half 2015 Accomplishments
- Completed the design and build of its Firefly Dx PCR breadboard prototype (“prototype system”), and started testing assays to prove the design of achieving results in less than 20 minutes
- Filed two U.S. patents for Firefly Dx: “A Cyclical and Continuous Flow PCR Device,” which covers a cyclical mechanism of thermal cycling required to complete real-time PCR and deliver results in less than 20 minutes, and “A Cyclical PCR Device with Reusable Heat Zones”
- Successfully tested 12 different assays, including influenza, on Firefly Dx prototype system, detecting all the pathogens it tested
- Successfully completed testing of M-BAND under the Department of Defense JUPITR program
- Successfully completed its Phase I SenseNet contract under the Department of Homeland Security
Second Half 2015 Goals
- Continued pursuit of important federal development programs to result in new government contracts and revenue for Firefly Dx and M-BAND
- Integration of sample preparation and PCR into the Firefly Dx prototype system cartridge
- Addition of real-time optics into the Firefly Dx prototype system
- Test additional multiplex assays successfully on Firefly Dx prototype system, with the goal of delivering lab-quality PCR results in less than 20 minutes
- File additional utility patent for Firefly Dx to further increase the breadth of the Company’s intellectual property portfolio
- Report revenue in excess of $3 million for 2015
- Complete one or more strategic acquisitions, bringing additional revenue and products to broaden the Company’s biological detection and diagnostics business
“We believe that the progress we have made with the testing and development of our Firefly Dx pathogen detection system is noteworthy, and as such we are focused on increasing our collaboration with large government and commercial partners,” stated William J. Caragol, Chairman and CEO of PositiveID. “Not only do we believe we will report a significant increase in revenue compared to last year, but we also believe we will complete one or more product acquisitions this year, which will provide additional revenue and contribute to both our top and bottom lines going forward.”
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 and food screening in both domestic sectors and developing countries; and detection of biological agents associated with weapons of mass destruction.
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.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID’s future expectations, including the likelihood that the Company will win important federal development programs that result in new government contracts and revenue for Firefly Dx and M-BAND; the likelihood that the Company will integrate sample preparation and PCR into the Firefly Dx prototype system cartridge; the likelihood that the Company will add real-time optics into the Firefly Dx prototype system; the likelihood that the Company will test additional multiplex assays successfully on Firefly Dx prototype system, with the goal of delivering lab-quality PCR results in less than 20 minutes; the likelihood that the Company will file an additional utility patent for Firefly Dx to further increase the breadth of its intellectual property portfolio; The likelihood that the Company will report revenue in excess of $3 million for 2015; the likelihood that the Company will complete one or more strategic acquisitions, bringing additional revenue and products to broaden its biological detection and diagnostics business, and contribute to both its top and bottom lines going forward; 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, highly trained personnel, and can take hours or even days to provide results; the likelihood that the global PCR market will reach approximately $27.4 billion this year; 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; the Company’s ability to win government contracts; 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 May 15, 2015, November 17, 2014, and August 14, 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.