DELRAY BEACH, Fla., Aug 17, 2010 (GlobeNewswire via COMTEX News Network) -- PositiveID Corporation ("PositiveID" or the "Company") (Nasdaq:PSID) reported financial results today for the six months ended June 30, 2010. The Company reported revenues of $1.4 million for the first half of 2010, compared to revenues of $57,000 for the first half of 2009. As of June 30, the Company had cash of approximately $5.4 million and no debt.
Second quarter 2010 operational highlights include the completion of the design and accelerated development of its Easy Check Breath Glucose Detection Device. The Company plans to complete the development of the prototype unit by the end of 2010. The small unit 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.
The Company's other development products remain on track and in the second quarter the Company also completed the prototype development of our iGlucose system, for which we expect to submit a 510(k) application to the FDA in 2010.
Other second quarter highlights include the addition of Mary Ellen Harrison as Vice President of Marketing and Business Development for the Company's HealthID division and the Company's featured article in the July 2010 issue of Florida Trend magazine, entitled, "A Chip Off the Old Block: Updated on Implanted Microchips," which can be viewed on the Company's website: http://investors.positiveidcorp.com/releases.cfm.
Scott Silverman, Chairman and CEO of PositiveID, said, "We are very pleased with our sustained revenue growth and the progress of our HealthID products, highlighted by the acceleration of our Easy Check breath glucose detection device. We believe we have sufficient cash on hand and access to additional working capital to continue the development of these products and ultimately improve diabetic/disease management."
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.
The PositiveID Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7717
Statements about PositiveID's future expectations, including the likelihood that the Company will complete the development of the prototype Easy Check unit by the end of 2010, the likelihood that the Easy Check unit will function as intended, the likelihood that the Company's other development products will remain on track, the likelihood that the Company will submit its 510(k) application for its iGlucose system to the FDA in 2010, the likelihood that the Company has sufficient cash on hand and access to additional working capital to continue the development of its HealthID products and ultimately improve diabetic/disease management, 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 iGlucose system and Easy Check Breath Glucose Detection Device, 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 August 13, 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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