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Thursday, December 20, 2012

Biodefense Stock Breaking News: PositiveID (OTCBB:PSID) Enters into License Agreement and Teaming Agreement with The Boeing Company; License Fee of $2.5 million

DELRAY BEACH, Fla. - December 20, 2012 (Investorideas.com Newswire) PositiveID Corporation (OTCBB: PSID) ("PositiveID" or "Company"), an emerging growth company and developer of airborne bio-threat detection systems for America’s homeland defense industry as well as advanced technologies for rapid medical testing and diabetes management, today announced it has entered into a license agreement and a teaming agreement with The Boeing Company (“Boeing”), including a license fee to PositiveID of $2.5 million.

The license agreement provides Boeing the exclusive license to manufacture and sell PositiveID's M-BAND (Microfluidics-based Bioagent Networked Detector) airborne bio-threat detector for the U.S. Department of Homeland Security's ("DHS") BioWatch Generation 3 opportunity, as well as other opportunities (government or commercial) that may arise in the North American market. Under the teaming agreement, PositiveID will retain exclusive rights to serve as the reagent and assay supplier of the M-BAND systems to Boeing in the U.S. market. PositiveID will also retain the right to sell M-BAND units, reagents and assays in international markets.
PositiveID's M-BAND, developed under contract for DHS Science and Technology Division, is a bioaerosol monitor with fully integrated systems with sample collection, processing and detection modules that continuously analyze air samples for the detection of bacteria, viruses, and toxins. Results from individual M-BAND instruments are reported via a secure wireless network in real time to give an accurate and up to date status for fielded instruments in the aggregate.
William J. Caragol, Chairman and CEO of PositiveID, stated, "We are very proud to team with Boeing on the BioWatch opportunity and look forward to being a part of a strong team that exceeds the expectations of our customers."
A unit of The Boeing Company, Boeing Defense, Space & Security is one of the world's largest defense, space and security businesses specializing in innovative and capabilities-driven customer solutions, and the world's largest and most versatile manufacturer of military aircraft. Headquartered in St. Louis, Boeing Defense, Space & Security is a $32 billion business with 60,000 employees worldwide. Follow us on Twitter: @BoeingDefense.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and developer of advanced technologies for diabetes management and rapid medical testing, as well as airborne bio-threat detection systems for America's homeland defense. 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.www.PositiveIDCorp.com.
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
Published at Investorideas.com News wire
More info on PSID
http://www.investorideas.com/CO/PSID/
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