DELRAY BEACH, Fla., Jul 21, 2010 (GlobeNewswire via COMTEX News Network) -- PositiveID Corporation ("PositiveID" or the "Company") (Nasdaq:PSID) announced today that it has completed the design of its prototype handheld Easy Check Breath Glucose Detection Device and plans to complete the development of the prototype unit by the end of 2010. The small unit, measuring approximately 5.5 inches by 4.5 inches, utilizes a single-use capsule containing a proprietary reagent that triggers a chemical reaction that can be immediately measured and correlated to blood glucose levels. The Company believes this device could eliminate a patient's need to prick his or her finger multiple times per day in order to get a blood sugar reading. The Company plans to begin conducting side-by-side comparisons of the handheld device versus the standard "finger stick" earlier than originally anticipated.
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Scott R. Silverman, Chairman and CEO of PositiveID, said, "We are very pleased that the development and design of our non-invasive Easy Check Breath Glucose Detection Device has occurred ahead of schedule. We believe the accelerated completion of the initial design phase will potentially allow us to begin testing the handheld device during 2010."
The compact, portable, battery operated and easy to use design includes an advanced laser optical sensor, a state-of-the-art microprocessor and the Company's patent pending chemical sensors. By loading the reagent capsule into the cartridge chamber and exhaling into the device, the Company hopes that a user will be able to test blood sugar levels without the drop of blood presently required by existing glucose measuring devices.
According to a November 2009 study by researchers at the University of Chicago, published in the journal Diabetes Care, the number of diabetics in the U.S., which currently stands at 23.7 million, may almost double within 25 years, and the annual cost of treating them may triple to $336 billion.
About PositiveID Corporation
PositiveID Corporation develops and markets healthcare and information management products through its RFID-based diagnostic devices and identification technologies, and its proprietary disease management tools. PositiveID operates in two main divisions: HealthID and ID Security. For more information on PositiveID, please visit www.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including the ability of the Easy Check device to measure blood glucose levels, the likelihood that by loading the reagent capsule into the cartridge chamber and exhaling into the device, a user will be able to test blood sugar levels without the drop of blood presently needed in existing glucose measuring devices, the likelihood that the Company will be able to begin testing the device in 2010 or at all, the likelihood that the Easy Check device could eliminate a patient's need to prick his or her finger multiple times per day to get a blood sugar reading, the likelihood that the number of diabetics may almost double within 25 years and the annual cost of treating them may triple to $336 billion, 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, fund and commercialize the Easy Check Breath Glucose Detection System, 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-Q filed on May 6, 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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SOURCE: PositiveID Corporation
CONTACT: PositiveID Corporation Allison Tomek 561-805-8000 firstname.lastname@example.org CEOcast Dan Schustack 212-732-4300 email@example.com
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