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Thursday, August 23, 2012

Biodefense Stock News; PositiveID Corporation (OTCBB: PSID) Provides Mid-Year Update to Stockholders

DELRAY BEACH, Fla. - August 23, 2012 - (Investorideas.com Newswire) PositiveID Corporation (OTCBB: PSID) ("PositiveID" or "Company"), an emerging growth company and developer of sophisticated airborne bio-threat detection systems for America's homeland security, today announced a mid-year update and the significant progress it has made realigning its business with a focus on its molecular diagnostics platform. The Company also continues to make strong progress in the diabetes management segment of its business.

Highlights for first half of 2012
  • Successfully tested M-BAND, recently featured in Bloomberg Businessweek, to detect five organisms on the CDC's Select Agents list, a requirement for BioWatch
  • Added chief technology advisor and biodefense expert, Dr. Kimothy Smith
  • Collaborated with the University of Nevada to produce irradiated samples for the development of a biodosimetry cartridge for measuring radiation exposure
  • Awarded U.S. Patent for first-of-its-kind Dragonfly detection system for molecular biological diagnostics. Dragonfly is the Company's system that uses disposable microfluidic cartridges for biological sample processing and detection
  • Partnered with the Diabetes Research Institute at the University of Miami and Schneider Children's Medical Center of Israel to support the development of the Company's diabetes management products, including Easy Check(TM) and GlucoChip(TM)
  • Commenced clinical study of PositiveID's Easy Check, a non-invasive breath glucose detection device, at Schneider Children's Medical Center of Israel under the leadership of world-renowned endocrinologist Prof. Moshe Phillip
  • Won gold award at Connected World Value Chain Awards for its iglucose system for diabetes management
Goals for second half of 2012:
  • Enter into strategic partnerships and/or teaming agreements with large government contractors for M-BAND manufacturing and system integration for BioWatch Gen-3
  • Submit proposal upon release of the final BioWatch Gen 3 RFP, currently scheduled for release in the fourth quarter of calendar 2012, from Department of Homeland Security for the $3.1 billion BioWatch Gen-3 procurement
  • Commence second stage of Easy Check clinical study at Schneider Children's Medical Center in Israel
  • Complete bench-top unit of GlucoChip glucose-sensor and initiate strategic partnerships
  • Continue development of Dragonfly Rapid MDx Cartridge-based diagnostic system for point-of-care diagnostics
  • Complete the license and/or sale of the VeriChip and iglucose product lines to position them with the best partners for market exploitation and monetization
  • Complete strategic financing to capitalize the Company to execute on these opportunities
William J. Caragol, Chairman and CEO of PositiveID, stated, "We continue to focus on our molecular diagnostic business and are excited about the significant opportunities that lie ahead, including BioWatch Gen 3 and the continued development of our innovative Dragonfly system. We are very proud of our accomplishments year to date and will continue to execute our plan, described above. We believe that we are well positioned to capitalize on the BioWatch Gen 3 opportunity and to make meaningful steps in the commercialization of our diabetes management products. That progress, in conjunction with a strategic financing to fully capitalize the Company, we believe, will allow us to unlock value for stockholders."
About PositiveID Corporation OTCBB:PSID)
PositiveID Corporation is an emerging growth developer of advanced technologies for diabetes management and rapid medical testing, as well as airborne bio-threat detection systems for America's homeland defense industry. Its wholly-owned subsidiary, Microfluidic Systems, or MFS, 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.
For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including the likelihood that it has made significant progress realigning its business with a focus on its molecular diagnostics platform; the likelihood that the Company also continues to make strong progress in the diabetes management segment of its business; the likelihood that the Company will enter into strategic partnerships and/or teaming agreements with large government contractors for M-BAND manufacturing and system integration for BioWatch Gen-3; the likelihood that the Company will submit a proposal upon release of the final BioWatch Gen 3 RFP, currently scheduled for release in the fourth quarter of calendar 2012, from Department of Homeland Security for the $3.1 billion BioWatch Gen-3 procurement; the likelihood that the Company will commence the second stage of Easy Check clinical study at Schneider Children's Medical Center in Israel; the likelihood that the Company will complete a bench-top unit of the GlucoChip glucose-sensor and initiate strategic partnerships; the likelihood that the Company will continue development of its Dragonfly Rapid MDx Cartridge-based diagnostic system for point-of-care diagnostics; the likelihood that the Company will complete the license and/or sale of the VeriChip and iglucose product lines to position them with the best partners for market exploitation and monetization; the likelihood that the Company will complete a strategic financing to capitalize the Company to execute on these opportunities; the likelihood that significant opportunities that lie ahead, including BioWatch Gen 3 and the continued development of the Company's innovative Dragonfly system; the likelihood that the Company will continue to execute its plan, described above; the likelihood that the Company is well positioned to capitalize on the BioWatch Gen 3 opportunity and to make meaningful steps in the commercialization of our diabetes management products; the likelihood that that progress, in conjunction with a strategic financing to fully capitalize the Company, will allow the Company to unlock value for stockholders; 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 PositiveID's ability to successfully commercialize its M-BAND system and Dragonfly system, as well as its diabetes management products; the Company's ability to complete the license and/or sale of the VeriChip and iglucose product lines to position them with the best partners for market exploitation and monetization; the Company's ability to attract strategic partners; the Company's ability to complete a strategic financing; 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 March 28, 2012, and 10-Qs filed on August 20, 2012, May 14, 2012, and November 14, 2011, 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.
CONTACT:
Allison Tomek
561-805-8000
atomek@positiveidcorp.com
PositiveID Corporation (OTCBB:PSID) is a featured biotech company on Investorideas.com
Visit the company profile: http://www.investorideas.com/CO/PSID/
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