PositiveID
Dec 2, 2009
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PositiveID Corporation and RECEPTORS LLC Announce Expansion of Their Exclusive License Agreement to Develop an In Vivo Glucose-Sensing RFID Microchip for Animals

PositiveID and RECEPTORS will have exclusive license to each others’ patents in conjunction with the development of a glucose-sensing microchip for its Animal Health division

DELRAY BEACH, FL, and CHASKA, MN –December 2, 2009 – PositiveID Corporation ("PositiveID") (NASDAQ: PSID) and its development partner RECEPTORS LLC (“Receptors”), a technology company whose AFFINITY by DESIGN™ chemistry platform can be applied to the development of selective binding products, announced today their intention to expand their exclusive license agreement to include Patent No. 7,504,364 titled "Methods of Making Arrays and Artificial Receptors" and Patent No. 7,469,076 "Sensors Employing Combinatorial Artificial Receptors," to use in conjunction with PositiveID’s Patent No. 7,125,382 entitled "Embedded Bio-Sensor System” to develop an in vivo glucose-sensing radio frequency microchip for animals, primarily dogs and cats.

Roughly 1 in 400 dogs and cats are diagnosed with diabetes mellitus, and there are an estimated 150 million pets in the U.S.

Randolph K. Geissler, CEO of PositiveID Animal Health, said, “We are pleased to continue our development with Receptors to include the glucose-sensing microchip for animals. Diabetes in pets, especially cats, is becoming more common, and the availability of a glucose-sensing microchip could play a significant role in the care of these animals.”



 

About RECEPTORS LLC
RECEPTORS LLC develops SMART MATERIALS products for laboratory, clinical, industrial hygiene and healthcare use that selectively capture and measure chemical, biochemical and cellular targets from complex biological, environmental or industrial samples. The Company's patented AFFINITY by DESIGN™ platform has broad applicability, ranging from the isolation of disease pathway proteins for drug discovery and production of therapeutic antibodies, to the capture of bacteria and viruses for disinfection and diagnostic purposes. RECEPTORS LLC is a private company based in suburban Minneapolis, Minnesota. For further information please visit http://www.receptorsllc.com.

 

About PositiveID Corporation
PositiveID Corporation provides unique health and security identification tools to protect consumers and businesses. PositiveID operates in two main divisions: HealthID and ID Security. For more information on PositiveID, please visit www.PositiveIDCorp.com.

 



Forward Looking Statements
Statements about the Company's future expectations, including its ability to develop an in vivo glucose-sensing radio frequency microchip for animals, the likelihood that the companies will enter into an exclusive license agreement to develop an in vivo glucose-sensing microchip for animals, the likelihood that the availability of a glucose-sensing microchip could play a significant role in the care of these animals, 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 the Company's actual results could differ materially from expected results. These risks and uncertainties include the Company’s ability to successfully develop and commercialize a glucose-sensing microchip, the Company’s and RECEPTORS’ ability to develop its technologies, the validity, scope and enforceability of the Company’s patents and those related to its technologies, the protection afforded by the Company’s patents and those related to its technologies, government regulations relating to its technologies, the Company’s ability to fund the continued development of its Technologies, the timing and success of submission, acceptance and approval of required regulatory filings, uncertainty as to its working capital requirements over the next 12 to 24 months, competitive and economic influences, 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 February 12, 2009, 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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About PositiveID
Contact:


Allison Tomek
561-805-8000
atomek@positiveidcorp.com