Recent Laboratory Studies Reveal Unique Chemical Complex That Binds With Glucose for Optimization of Sensing Capabilities
Company Expects to Complete Sensing System Development by Mid-Year
DELRAY BEACH, Fla., March 2, 2011 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or the "Company") (Nasdaq:PSID) announced today that it has reached an important chemistry milestone in the development of its GlucoChip™, glucose-sensing RFID microchip. The Company has successfully shown that it is able to construct both anchor and reverse anchor building blocks and competitor constructs, which are able to bind with glucose, that can be incorporated into the sensor. These building blocks and competitor constructs bind with glucose to produce a direct, reproducible correlation of glucose levels. The Company expects to complete optimization of the sensing system by mid-2011, at which point it will begin to incorporate the glucose sensing system with the electronics of the RFID microchip to complete development of the glucose sensor.
The Company is currently in Phase II development of GlucoChip. As previously announced, the goal of Phase II is to optimize the sensing system for its glucose response and demonstrate the integration of the components into a stable and reproducible glucose sensing system that will be the critical component of the glucose sensor. In Phase II, PositiveID has screened anchor and reverse anchor constructs for their binding with glucose and appropriateness for immobilization on a solid surface. The results of these screenings will be used to select the best sugar binding partner pairs for incorporation into the prototype.
Robert E. Carlson, Ph.D., President and Chief Science Officer at Receptors, PositiveID's development partner, said, "The significance of today's announcement is that we have reached a point in our development that gives us more confidence that we can create a stable and reproducible glucose sensing system. Constructing a material that binds to glucose and produces a consistent response curve that can be read and correlated to glucose levels was a significant hurdle."
Scott R. Silverman, Chairman and CEO of PositiveID, said, "We are now at a stage in our development that, we believe, tells us that the chemistry required for GlucoChip supports accurate measurement of glucose, and by mid-year, we anticipate completing the optimization of the glucose sensing system. As we push forward, we are hopeful that we can take GlucoChip to the next stage of development and leverage our expertise with RFID implantable microchips."
GlucoChip is an implantable glucose-sensing microchip currently under development with chemistry partner Receptors LLC. GlucoChip is based on the Company's FDA approved microchip for patient identification, the VeriChip, and the Company's Patent No. 7,125,382 for an "Embedded Bio-Sensor System." The Company's Embedded Bio-Sensor System patent covers a bio-sensor system that utilizes radio frequency identification technology and includes a remote transponder in wireless communication with an implantable passively-powered on-chip transponder.
About PositiveID Corporation
PositiveID Corporation develops and markets healthcare and information management products through its diagnostic devices and identification technologies, and its proprietary disease management tools. PositiveID's implantable healthcare devices and external hardware and software products are designed to communicate wirelessly to improve healthcare and the patient's quality of life. For more information on PositiveID, please visit www.PositiveIDCorp.com.
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About Receptors LLC
Receptors LLC develops Smart Materials products for laboratory, clinical, industrial hygiene and healthcare use that selectively capture and measure chemical, biochemical and cellular targets from complex biological, environmental or industrial samples. The Company's patented Affinity by Design™ platform has broad applicability, ranging from the isolation of disease pathway proteins for drug discovery and production of therapeutic antibodies, to the capture of bacteria and viruses for disinfection and diagnostic purposes. Receptors LLC is a private company based in suburban Minneapolis, Minnesota. For further information please visit http://www.receptorsllc.com.
Statements about PositiveID's future expectations, including the likelihood that the Company will complete optimization of the sensing system by mid-2011, at which point it will begin to incorporate the glucose sensing system with the electronics of the RFID microchip to complete development of the glucose sensor; the likelihood that the Company will reach the Phase II goal; the ability of the Company to create a stable and reproducible glucose sensing system; the likelihood that the chemistry required for GlucoChip supports accurate measurement of glucose; the ability of the Company to take GlucoChip to the next stage of development and leverage its expertise with RFID implantable microchips; 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 its GlucoChip, 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 19, 2010, and the Company's 10-Qs filed on May 6, 2010, August 13, 2010, and November 12, 2010, 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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