New York, NY / ACCESSWIRE / November 10, 2014 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has initiated coverage on PositiveID Corp. (OTCQB: PSID) with a 12-month price target of $0.48.
The report is available here: PSID Initiation Report. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms.
Founded in 2001, PositiveID Corporation develops molecular diagnostic systems for bio-threat detection and rapid medical testing. The Company also develops fully automated pathogen detection systems and assays to detect a range of biological threats at high-value locations. The Company’s M-BAND (Microfluidic Bio-agent Autonomous Networked Detector) system is an airborne bio-threat detection system developed for the homeland defense industry, to detect biological weapons of mass destruction. The Company is also developing the Firefly Dx, an automated pathogen detection system for rapid diagnostics, both for clinical and point-of-need applications. PSID has a substantial portfolio of intellectual property related to sample preparation and rapid medical testing applications.
“The company operates in the fast growing biological threat detection market and has one of two technologies capable of addressing the next gen BioWatch system,” commented Ajay Tandon, CEO of SeeThruEquity. “PositiveID is also developing its Firefly Dx system, a hand-held unit, designed to provide real-time PCR test results, which is a $27 billion-plus market, faster and cheaper than currently available systems. We view the company as an interesting play in the molecular diagnostics space and are initiating coverage with a 12-month price target of $0.48 per share.”
Additional investment highlights are as follows:
Two promising products (M-BAND and Firefly Dx) carrying potential to cater to large markets such as bio-threat detection and medical testing
PSID has developed two novel products, M-BAND and Firefly Dx, based on patented and patent-pending technologies which have the potential to cater to large addressable markets. M-BAND is positioned for a large Department of Homeland Security (“DHS”) next generation bio detection system, whereas Firefly is positioned for large commercial/diagnostic markets. According to DHS, the total value of the next generation BioWatch system is estimated at $3.1 billion over five years. We believe that the bio-detection market has seen a surge in awareness/funding due to several bio-threat events post 9/11. According to Homeland Security Research Corporation, the annual global bio-detection market is forecast to grow to $5.6 billion by 2016 at a CAGR of 12% from 2011-2016.
Strong positioning of M-BAND as one of only two technologies capable of addressing the requirements of next gen BioWatch system
M-BAND is the only product that has successfully completed development and testing under the DHS BAND program. It operates continuously for up to 30 days between servicing and detects airborne biothreats in 3-6 hours vs. 36-48 hours for currently deployed systems. M-BAND has a clear edge against Autonomous Pathogen Detection System (APDS) which has been developed at Lawrence Livermore National Laboratory and requires weekly service thus drastically increasing the total cost of ownership.
License agreement with Boeing to manufacture M-BAND for its next generation BioWatch system improves revenue visibility
PositiveID has entered into a license agreement with Boeing that allows it to be the exclusive manufacturer and distributor of M-BAND units in North America. PSID is the exclusive provider of reagents/assays to Boeing for all M-BAND units built and sold in the region.
Vast opportunity for the deployment of Firefly across various fields
The Company’s Firefly Dx technology has vast market opportunity due to its potential to get deployed for tests carried out in various fields such as government/military deployments, food safety/agricultural, medical/clinical and the PCR market, which is itself projected to reach ~$27.4 billion by 2015.
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About PositiveID Corporation
PositiveID Corporation (“PSID“) is a Florida-based company focused on the development of biological detection systems for America’s homeland defense industry as well as rapid medical 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 at high-value locations, as well as analyze samples in a medical environment. The Company’s M-BAND (Microfluidic Bio-agent Autonomous Networked Detector) system is an airborne bio-threat detection system developed for the homeland defense industry, to detect biological weapons of mass destruction.
For more information, visit www.positiveidcorp.com.
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.