Articles
PositiveID Corporation Plans To Expand Its HealthID Division By Adding Products And Tools For Daily Management Of Diabetes
January 12, 2010
PositiveID Corporation ("PositiveID" or the "Company") (NASDAQ: PSID) announced today that it plans to expand its HealthID division by adding products and tools for the daily management of diabetes. In addition to the continued development of its in vivo glucose-sensing RFID microchip to detect glucose levels in the human body, the Company is planning to broaden its technology platform by adding complementary non-invasive glucose-level testing technologies.
According to a November 2009 study by researchers at the University of Chicago published in the journal Diabetes Care, the number of diabetics in the U.S., which currently stands at 23.7 million, may almost double in 25 years, and the annual cost of treating them may triple to $336 billion.
The Company, in conjunction with development partner RECEPTORS LLC ("Receptors"), a technology company whose AFFINITY by DESIGN™ chemistry platform can be applied to the development of selective binding products, is in Phase II development of an in vivo glucose-sensing RFID microchip to detect glucose levels in the human body. The goal of Phase II is to develop a proof-of-principal sensing system consisting of a Combinatorial Artificial Receptors Array (CARA™) modified support and its complementary fluorophore labeled synthetic competitor agent. The companies expect that this sensing system will demonstrate a glucose concentration response in model blood and interstitial fluid matrices. Phase II is expected to be completed in the second quarter of 2010 and will build on Phase I, which successfully demonstrated the bench-top format application of the glucose-sensing system to the detection of glucose levels.
In addition to its current diabetes development project, PositiveID is actively looking to acquire, license or develop other complementary non-invasive glucose level testing products to help enhance daily diabetes management techniques. Proper diabetic care can help prevent or minimize a variety of health conditions, including blindness, kidney failure, loss of limbs, heart attack and stroke.
Scott R. Silverman, Chairman and CEO of PositiveID, stated, "There are a variety of important research projects underway in the scientific community to better manage the growing epidemic of diabetes while improving the quality of diabetics' daily care. Diabetics should not have to prick their fingers multiple times each day. We believe alternative, non-invasive technologies should (and will) be the way of the future. We also believe that with our current development of an implantable glucose sensing RFID microchip, PositiveID can become a leader in this growing and needed market by expanding our pipeline of potential non-invasive diabetic care and treatment products."
About PositiveID Corporation
PositiveID Corporation provides unique health and security identification tools to protect consumers and businesses. PositiveID operates in two main divisions: HealthID and ID Security. For more information on PositiveID, please visit www.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including the Company's ability to develop and commercialize a glucose-sensing RFID microchip, its ability to expand its HealthID division by adding products and tools for daily management of diabetes, its ability to broaden its technology platform by adding complementary, non-invasive glucose level testing technologies, the likelihood that the number of diabetics in the U.S., which currently stands at 23.7 million, may almost double in 25 years, and the annual cost of treating them may triple to $336 billion, the likelihood that Positive ID can become a leader in this growing and needed market by expanding our pipeline of potential non-invasive diabetic care and treatment products, and all other statements in this press release other than historical facts are "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 the Company's ability to successfully develop and commercialize the glucose-sensing microchip (the "microchip"), the market acceptance of the microchip, the Company's and Receptors' ability to develop a microchip, the validity, scope and enforceability of the Company's patents and those related to the microchip, the protection afforded by the Company's patents and those related to the microchip, the Company's ability to complete the development phases in certain time frames, government regulations relating to the microchip, the Company's ability to fund the continued development of the microchip, the timing and success of submission, acceptance and approval of required regulatory filings; as well as certain 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 February 12, 2009, 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.
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