DELRAY BEACH, Fla., March 4, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today announced that it has filed a new U.S. patent for its Firefly Dx real-time PCR (polymerase chain reaction) pathogen detection system. The patent filing, A Cyclical and Continuous Flow PCR Device, covers a cyclical mechanism of thermal cycling required to complete real-time PCR and deliver results in less than 20 minutes. This brings the Company's total number of patents and patents pending to 17.
Firefly Dx is designed to provide real-time, accurate diagnostic results in a handheld device, thereby leading to treatment scenarios at the point of need that are not possible with existing systems, which require lab-based equipment and can take hours or even days to provide results. Firefly Dx is targeting the global PCR market, which is projected to reach approximately $27.4 billion this year, according to a Research and Markets' report Polymerase Chain Reaction (PCR) - Products/Tools - A Global Market Watch, 2009-2015. Firefly's applications include point of need monitoring of pathogenic outbreaks (such as Ebola, influenza, etc.), agricultural screening in both domestic sectors and developing countries, and for the detection of biological agents associated with weapons of mass destruction.
PositiveID is developing Firefly Dx based on the know-how gained during years of development and $30 million of contract funding from the U.S. Department of Homeland Security for the Company's M-BAND (Microfluidic Bio-agent Autonomous Networked Detector) system, which uses PCR for the identification of airborne bio-threats.
"This patent filing demonstrates the advances we have made in developing and miniaturizing our real-time PCR chip, which is the engine of the Firefly Dx system," stated William J. Caragol, Chairman and CEO of PositiveID. "Based on our years of experience with PCR testing, we are confident that the advanced technology underlying this patent filing brings us another step closer to bringing Firefly Dx to the large PCR market, which is in need of a system that can provide rapid results anywhere, anytime."
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 the likelihood that the global PCR market, is projected to reach approximately $27.4 billion this year; the likelihood that the advanced technology underlying this patent filing brings the Company another step closer to bringing Firefly Dx to the large PCR market, which is in need of a system that can provide rapid results anywhere, anytime; 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. These risks and uncertainties include, without limitation, the Company's ability to target the bio-threat detection and rapid medical testing sectors; the Company's ability to complete the development of its Firefly Dx system; as well as 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 April 11, 2014, and 10-Qs filed on November 17, 2014, August 14, 2014, and May 20, 2014, 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.