DELRAY BEACH, Fla., March 9, 2011 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or the "Company") (Nasdaq:PSID) announced today that it has completed the development of its iglucose™ wireless communication system for real-time diabetes management. iglucose is a wireless device that connects to any data-capable glucometer to automatically communicate blood glucose readings to a secure online database. iglucose provides next generation, real-time data to improve diabetes management and help ensure patient compliance, data accuracy and insurance reimbursement. The Company expects to submit its application to the FDA for 510(k) clearance during the second quarter.
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The iglucose system, a stand-alone, self-contained unit that operates without the use of a cell phone or personal computer, automatically queries data-capable glucometers for blood glucose readings and sends that data via wireless machine-to-machine (M2M) technology to an online database. At the patient's discretion, blood glucose data can also be forwarded to physicians and caregivers at predetermined intervals.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "We are very pleased that in one year's time, we have taken a bulky, bench-top device the size of a shoebox, and made it into a universal, wireless communication device the size of a smart phone that is ready to be submitted to the FDA for 510(k) clearance. We have lined up important marketing partners and believe that when commercialized, iglucose will fundamentally impact diabetes management by providing real-time glucose readings to loved ones, healthcare professionals and payers via wireless technology."
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 in 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 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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Statements about PositiveID's future expectations, including the functionality of iglucose; the ability of iglucose to improve diabetes management and help ensure patient compliance, data accuracy and insurance reimbursement; the likelihood that the Company will submit its application to the FDA for 510(k) clearance during the second quarter; the likelihood that the Company will enter into agreements with marketing partners; the ability of iglucose, when commercialized, to fundamentally impact diabetes management by providing real-time glucose readings to loved ones, healthcare professionals and payers via wireless technology; the likelihood that the number of diabetics in the U.S., which currently stands at 23.7 million, may almost double in 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 commercialize its iglucose 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-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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CONTACT: Allison Tomek
Source: PositiveID Corporation
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