PositiveID Corporation and IDEAL LIFE Partner to Bring iglucose to Market for Wireless Diabetes Management
PositiveID's iglucose System to be Showcased in Conjunction With IDEAL LIFE's Remote Health Management System at 2012 Consumer Electronics Show
DELRAY BEACH, Fla. and TORONTO, Jan. 9, 2012 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID") (OTCBB:PSID), a developer of medical technologies for diabetes management, announced today it will work in partnership with IDEAL LIFE, Inc. ("IDEAL LIFE"), the remote health management leader, to bring iglucose™ to market. IDEAL LIFE, founded in 2002, has a large installed base of customers including insurance companies, to which it will market PositiveID's FDA-cleared iglucose mobile health system for diabetes management. The companies will showcase their products at IDEAL LIFE's booth (North Hall — 3023) at the 2012 International Consumer Electronics Show (CES) in Las Vegas on January 10-13, 2012.
iglucose proposes to use mobile technology to revolutionize the way individuals with diabetes manage their condition. By seamlessly communicating glucose readings from market-leading, data-capable glucometers to the iglucose diabetes management portal, this important data can be shared with family members, caregivers and healthcare professionals via text message, email or fax, or through the iglucose diabetes management portal itself.
IDEAL LIFE's system consists of monitoring devices called Managers designed for specific therapeutic categories including congestive heart failure, hypertension, diabetes, asthma and obesity. IDEAL LIFE offers the BP Manager™, Body-Manager™, Gluco-Manager™, Step Manager™ and SpO2 Manager™, all of which communicate through the IDEAL LIFE Pod™, a Bluetooth®-enabled wireless gateway. Using the IDEAL LIFE Pod through a cellular network, Ethernet connection or telephone connection, automatic communication with any of IDEAL LIFE's remote health management products can occur. IDEAL LIFE solutions also communicate through other modes of communication, including smartphones and the Internet.
By working together, the companies can offer IDEAL LIFE's large patient base added flexibility for monitoring and managing their diabetes using market-leading glucometers such as the LifeScan® OneTouch®, marketed by Johnson & Johnson, Nipro Diagnostic™ True™ monitoring systems, Abbott Freestyle®, and Bayer Breeze® and Contour® meters, all of which integrate with iglucose. IDEAL LIFE offers the most comprehensive system available and enables people to be healthier and more independent, reduces healthcare costs and provides better use of healthcare resources.
IDEAL LIFE President Jason Goldberg said, "The iglucose product is an innovative product for diabetes management that will be a good complement our existing solutions portfolio. We have a broad reach through our relationships with insurers, hospital systems and physician groups, among others, which we believe will help speed the market adoption of iglucose."
PositiveID Chairman and CEO William J. Caragol, said, "IDEAL LIFE has proven the value proposition of remote health management, which can result in health benefits and decreased medical costs to the healthcare system. We believe the company's leadership position in the mobile health space can accelerate market adoption of iglucose. We are pleased to work with IDEAL LIFE to provide innovative and affordable remote health management solutions."
The market for remote health management is strong and growing. The Health Research Institute estimates the annual consumer market for remote/mobile monitoring devices to be between $7.7 billion and $43 billion, based on the range consumers said they would be willing to pay.
More than 25 million children and adults in the U.S. have diabetes, or over eight percent of the population, according to the 2011 National Diabetes Fact Sheet. The CDC predicts that nearly 30 percent of children born after the year 2000 will develop diabetes. The lifetime risk of developing diabetes for those born in the year 2000 is 35 percent. The total cost of diagnosed diabetes in the U.S. is estimated at $200 billion.
About PositiveID Corporation
PositiveID Corporation develops unique medical devices and molecular diagnostic systems, focused primarily on diabetes management, rapid medical testing and airborne bio-threat detection. Its wholly-owned subsidiary, MFS, is focused on the development of microfluidic systems for automated preparation of and performance of biological assays. For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
The PositiveID Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7717
About IDEAL LIFE
IDEAL LIFE, an ISO-certified company and the industry leader in remote health management solutions, has created an innovative platform that addresses many of today's most challenging and costly healthcare issues. Guided by a medical advisory panel of experts, the IDEAL LIFE program makes proactive prevention more realistic than ever as it is instrumental in gauging health issues before chronic conditions manifest themselves into acute events. For people managing chronic conditions, such as congestive heart failure, hypertension, diabetes, asthma or obesity, IDEAL LIFE provides relevant, real-time, reliable and actionable data from a person either at home or while on the go. It delivers interactive, personalized communication to incorporate feedback to the knowledge base, allowing individuals to become more engaged and active participants in their own health.
The easy-to-use IDEAL LIFE system uses digital, wireless, secure two-way communication, allowing for a more personalized and cost-effective wellness experience. The FDA-cleared and HIPAA-compliant system, for example, has proved to reduce congestive heart failure hospital admissions by 57 percent, demonstrating they can significantly reduce healthcare costs. For more information, visit www.ideallifeonline.com.
Statements about PositiveID's future expectations, including the likelihood that the Company will work in partnership with IDEAL LIFE to bring iglucose to market; the likelihood that IDEAL LIFE will market iglucose to its customer base; the likelihood that the companies will showcase their products at the 2012 International CES; the likelihood that by working together the companies can offer IDEAL LIFE's large patient base added flexibility for monitoring and managing their diabetes using market leading glucometers such as the LifeScan OneTouch, marketed by Johnson & Johnson, Nipro Diagnostic True monitoring systems, Abbott Freestyle, and Bayer Breeze and Contour meters, all of which integrate with iglucose; the likelihood that IDEAL LIFE has proven the value proposition of remote monitoring, which can result in health benefits
and decreased medical costs to the healthcare system; the likelihood that IDEAL LIFE's leadership position in the mobile health space can accelerate the market adoption of iglucose; the likelihood that the market for remote monitoring is strong and growing; the likelihood that the annual consumer market for remote/mobile monitoring devices to be between $7.7 billion to $43 billion, based on the range consumers said they would be willing to pay; the likelihood that nearly 30 percent of children born after the year 2000 will develop diabetes; the likelihood that the lifetime risk of developing diabetes for those born in the year 2000 is 35 percent; 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 PositiveID's ability to successfully commercialize iglucose, 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 25, 2011, and 10-Qs filed on May 13, 2011, August 15, 2011, and November 14, 2011,
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.
CONTACT: Allison Tomek
Source: PositiveID Corporation
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