PositiveID
Aug 30, 2017
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PositiveID's ExcitePCR Subsidiary Announces FireflyDX-Portable: A Lightweight, Bookbag-sized, Realtime Pathogen Detection System, with Commercial Availability Slated for Summer 2018

Recent market developments inspire ExcitePCR management to expand its product strategy to a planned rollout of a FireflyDX family of realtime pathogen detection systems, with the FireflyDX-Portable launch scheduled for the summer of 2018 and the FireflyDX-Handheld targeted for availability in 2019

DELRAY BEACH, Fla., Aug. 30, 2017 (GLOBE NEWSWIRE) -- PositiveID Corporation's (OTCQB:PSID) ExcitePCR subsidiary today announced the FireflyDX-Portable™, a rechargeable, bookbag-sized, realtime pathogen detection system designed to enable first responders, medical professionals and food safety officials to accurately obtain on-site results anywhere in the world in less than 30 minutes… including sample preparation time.

The FireflyDX-Portable, currently under development, is designed for use in several multi-billion-dollar industries, markets where molecular diagnostics are critical to ensure rapid safety and treatment protocols. Unfortunately, today's existing solutions for accurately identifying potential pathogens and bio-threats, especially at the Point-of-Care/Point-of-Need (POC/PON), can sometimes take as long as several hours to several days to provide results, dramatically delaying what is often life-saving treatment, while also increasing costs, both personal and financial. In addition, most state-of-the-art Polymerase Chain Reaction (PCR) solutions in use today for pathogen detection typically require a professionally trained operator working in a pristine laboratory setting and/or are heavy, bulky and tied to a personal computer to function properly.

By contrast, ExcitePCR's FireflyDX-Portable will be a standalone, bookbag-sized, bio-threat detection system that can be operated by virtually anyone with minimal training yet still produces highly accurate results. In addition, the FireflyDX-Portable is expected to deliver such results in under 30 minutes, including sample preparation (which generally takes the most time in pathogen detection).

"Recent market developments have inspired us to expand our development efforts onto a new path, one that will require little if any regulatory oversight initially, yet, we believe, will allow us to solve the challenges faced by several markets," said Lyle Probst, President, CEO and founder of ExcitePCR. "That's why we're announcing the FireflyDX-Portable system today, a bookbag-sized, biohazard detection solution that is expected to be able to be used anywhere around the world and deliver extremely accurate results in minutes. In addition, we want our clients and potential partners to understand that we are continuing forward with our development work on a truly handheld pathogen detection system, which we now call the FireflyDX-Handheld™, a system we plan to have commercially available in 2019."

The FireflyDX™ Family of Realtime Pathogen Detection Systems

Since 2013, ExcitePCR's team has been developing a new type of biological detection system, one that is lightweight and rechargeable and it expects

  1. Can be used in the field by non-professionals and non-technicians
  2. Dramatically reduces sample prep time to as little as 10 minutes
  3. Maintains the highest levels of accuracy found in lab-based PCR-based solutions
  4. Does not require the use of a separate personal computing device
  5. Can test for the presence of multiple pathogens simultaneously, and
  6. Provides highly accurate results in under 30 minutes (including sample preparation times)

Some of the milestones achieved by ExcitePCR on/with its FireflyDX technologies during the past four years include

ExcitePCR will release additional details about the FireflyDX-Portable and its FireflyDX advancements in the near future.

* — Breadboard = A reusable, solderless electronic circuit board prototype.

About PositiveID Corporation
PositiveID Corporation is a holding company focused on life sciences, diagnostics, mobile laboratories, and medical devices. PositiveID's ExcitePCR subsidiary is developing the FireflyDX family of pathogen detection systems, portable devices offering rapid sample-to-result detection in less than 30 minutes using real-time polymerase chain reaction chemistry. PositiveID's E-N-G Mobile Systems™ subsidiary is a leader in the mobile technology vehicle market, with a focus on the laboratory market and homeland security. PositiveID's Thermomedics™ subsidiary markets the FDA-cleared Caregiver® non-contact thermometer for clinical use. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.

On August 24, 2017, PositiveID Corporation and its wholly-owned subsidiary PositiveID Diagnostics, Inc (collectively, the "Seller"), entered into an Asset Purchase Agreement ("APA") with ExcitePCR Corporation. Pursuant to the APA, at closing, the Seller will sell and deliver to ExcitePCR all assets used in connection with the operation of the FireflyDX technology. For more information on the APA, please read PositiveID's Form 8-K filed on August 28, 2017, which can be found here.

Statements about PositiveID's future expectations, including the likelihood that there will be a planned rollout of a FireflyDX family of realtime pathogen detection systems, including the FireflyDX-Portable launch that is scheduled for the summer of 2018 and the FireflyDX-Handheld that is targeted for availability in 2019; the likelihood that  ExcitePCR's FireflyDX-Portable will be a standalone, bookbag-sized, bio-threat detection system that can be operated by virtually anyone with minimal training yet still produces highly accurate results; the likelihood that the FireflyDX-Portable is expected to deliver such results in under 30 minutes, including sample preparation; the likelihood that the new path being pursued by ExcitePCR for FireflyDX will require little if any regulatory oversight initially, yet,  allow it to solve the challenges faced by several markets; the likelihood that the FireflyDX-Handheld will be commercially available in 2019; the likelihood that the new type of biological detection system being developed by ExcitePCR's team can be used in the field by non-professionals and non-technicians, dramatically reduces sample prep time to as little as 10 minutes, maintains the highest levels of accuracy found in lab-based PCR-based solutions, does not require the use of a separate personal computing device, can test for the presence of multiple pathogens simultaneously, and provides highly accurate results in under 30 minutes (including sample preparation times); the likelihood that ExcitePCR will release additional details about the FireflyDX-Portable and FireflyDX advancement in the near future; 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, ExcitePCR's ability to complete a financing of at least $3 million; PositiveID's and ExcitePCR's ability to close the asset purchase agreement among PositiveID, PositiveID Diagnostics, and ExcitePCR; PositiveID's ability to attract new customers and partners; PositiveID's ability to raise capital; ExcitePCR's ability to complete the development and commercialization of the FireflyDX-Portable and FireflyDX-Handheld; 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 March 31, 2017, and 10-Qs filed on August 14, 2017, May 15, 2017, and November 18, 2016, 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.

Contacts:

PositiveID Corporation

Allison Tomek

(561) 805-8044

atomek@psidcorp.com

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Source: PositiveID Corporation

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