DELRAY BEACH, Fla., Feb. 26, 2014 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a developer of biological threat detection and diagnostics solutions, today provided a review of its 2013 accomplishments and its outlook for 2014.
William J. Caragol, PositiveID's Chairman and CEO, commented, "2013 was a very important year for us as we continued to position the Company and its products to address and capitalize on significant current and forecasted market opportunities in defense, healthcare and the molecular diagnostic sectors. We are currently in strategic discussions with several large government and commercial partners related to our biothreat detection (M-BAND) and medical diagnostics (Firefly) products, and expect to enter into agreements with one or more of these partners/customers in the first half of 2014.
"PositiveID has already responded to five government solicitations in 2014 that are direct applications for our M-BAND and Firefly products," continued Mr. Caragol. "Three of the five responses are collaborative efforts with four different large commercial/government customers."
In late 2012 and 2013, the Company positioned its M-BAND product to address the U.S. Department of Homeland Security ("DHS") next generation BioWatch system. M-BAND is an autonomous bio-detection system designed to protect the nation against biological weapons of mass destruction under the BioWatch program. While disappointed by the delays in beginning the next generation procurement, the Company continued to work with its team partners to demonstrate the value and capabilities of the M-BAND system and the overall program. According to DHS, the total contract value of the next generation BioWatch system is estimated at more than $3 billion over five years.
Also in 2013, PositiveID launched the development of Firefly Dx ("Firefly"), a point-of-need, handheld system designed to deliver molecular diagnostic results using real-time TaqMan® PCR (polymerase chain reaction) chemistry. Firefly is being developed to meet the growing need in healthcare and molecular diagnostics markets for rapid and accurate point-of-need diagnostics that will enable hospitals, physicians and other providers to save more lives. Firefly is designed to derive accurate diagnostic results from a sample in less than 20 minutes, at the point of need, compared to two to four hours for a lab device, which would enable accurate diagnostics leading to more rapid and effective treatment than what is currently available with existing systems at a far lower upfront cost and cost per test.
The Company divested two non-core assets in 2013, including its ownership in VeriTeQ Corporation for $750,000. PositiveID also licensed its wireless diabetes management technology to a third party, with a maximum potential royalty of up to $2 million (with no required minimums).
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.PositiveIDCorp.com.
Statements about PositiveID's future expectations including, without limitation, the likelihood that the total contract value of the next generation BioWatch system is estimated at more than $3 billion over five years; the likelihood that Firefly is being developed to meet the growing need in healthcare and molecular diagnostics markets for rapid and accurate point-of-need diagnostics that will enable hospitals, physicians and other providers to save more lives; the likelihood that Firefly would enable accurate diagnostics leading to more rapid and effective treatment than what is currently available with existing systems at a far lower upfront cost and cost per test; the likelihood that the Company will enter into agreements with one or more large government and commercial partners in the first half of 2014; 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. 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 April 16, 2013, and 10-Qs filed on May 20, 2013, 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.