DELRAY BEACH, Fla., Mar 25, 2010 (BUSINESS WIRE) -- PositiveID Corporation ("PositiveID" or the "Company") (NASDAQ: PSID) announced today that it has commenced second-stage development work on its iGlucose system. The scope of this stage is miniaturizing the product and creating a small cradle that connects to any data-capable glucose meter to automatically communicate a diabetic patient's blood sugar readings to an online database. The Company expects to complete a prototype of the device during the second half of 2010.
The iGlucose system is a standalone, self-contained unit that will automatically query a diabetic's data-capable glucometer for blood glucose data and send that data via encrypted SMS text messaging to an online database. The system consists of a microprocessor, volatile memory (RAM), non-volatile memory, meter interface electronics, a minimal user interface, an embedded GSM (cellular) modem, an internal antenna, and a battery. iGlucose will automatically send a diabetic's blood sugar readings to an online database without the use of a cell phone, wireless network, telephone line or personal computer. At the patient's discretion, blood glucose data is then forwarded physicians and caregivers at predetermined intervals.
The Company has partnered with Bit7, Inc., a research, development and engineering firm, and IsoSoft Solutions, a medical, industrial and financial software engineering firm, to complete the development process. Bit7 will undertake the hardware development, mechanical and electrical engineering of iGlucose. IsoSoft is responsible for the software development, specifically the download and transmission of data, and communication to and from the central server.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "We believe iGlucose will help diabetics manage their blood sugar levels and overall health more effectively and we are quickly moving ahead with the prototype development process. With approximately 8 percent of the U.S. population diagnosed with diabetes, which was the seventh leading cause of death in the U.S. in 2006 according to the American Diabetes Association, we believe better diabetic management could not only help to alleviate many of the negative health effects of this difficult disease, but decrease costs to our healthcare system as well."
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 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 Company to miniaturize iGlucose and create a small cradle that will connect to any data-capable glucose meter to automatically communicate a diabetic patient's blood sugar readings to an online database facilitating real-time diabetes management, the likelihood that the iGlucose prototype will be completed during the second half of 2010, the ability of iGlucose to help diabetics manage their blood sugar levels and overall health more effectively, the likelihood that better diabetic management could not only help to alleviate many of the negative health effects of diabetes, but also decrease costs to our healthcare system, the likelihood that the number of diabetics will almost double in 25 years and the annual cost of treating them will 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 capabilities and functionality of the 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 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.
SOURCE: PositiveID Corporation
Allison Tomek, 561-805-8000
Dan Schustack, 212-732-4300
Copyright Business Wire 2010