Category: Investment, Biotech, Pharma
Biodefense Stock Alert: PositiveID Corporation (OTCBB: PSID) Teaming Partner Leidos Awarded Defense Threat Reduction Agency Contract Valued at Up to $4 Billion
Contract to Combat Weapons of Mass Destruction
News about: PositiveID Corporation (OTCBB:PSID)
DELRAY BEACH, Fla. - April 24, 2014 (Investorideas.com Newswire) PositiveID Corporation (OTCBB: PSID), a developer of biological detection and diagnostics solutions, today announced that its teaming partner Leidos (f/k/a/ Science Applications International Corporation) was awarded a prime contract by the U.S. Defense Threat Reduction Agency ("DTRA") to conduct research and development to combat weapons of mass destruction. The multiple-award indefinite delivery/indefinite quantity ("ID/IQ") contract has a five-year base period of performance, a five year option, and a total value of approximately $4 billion for all awardees, if all options are exercised. The contract was awarded under the Combating Weapons of Mass Destruction Research and Technology Development ID/IQ contract.
In October 2012, PositiveID entered into a Teaming Agreement with Leidos, which paired Leidos' system engineering and integration capabilities with PositiveID's bio-threat detection technologies. PositiveID will offer both its Firefly Dx handheld diagnostic system ("Firefly") as well as its M-BAND (Microfluidics-based Bioagent Networked Detector) airborne bio-threat detector as part of the Teaming Agreement.
PositiveID's M-BAND (Microfluidic Bio-agent Autonomous Networked Detector) continuously and autonomously analyzes air samples for the detection of biological airborne threats in the form of bacteria, viruses, and toxins. The technology was developed under contract with the "DHS" Science & Technology directorate, and is designed to detect the release of pathogens into the air as part of a defense against potential terrorist attacks.
PositiveID's Firefly Dx is a point-of-need, handheld system designed to deliver molecular diagnostic results using real-time TaqMan(R) PCR (polymerase chain reaction) chemistry. Firefly is being developed to meet the growing need in healthcare and molecular diagnostics markets for more rapid and accurate point-of-need diagnostics that will enable hospitals, physicians and other providers to save lives. Firefly can derive results from a sample in less than 20 minutes, at the point of need, compared to two to four hours for a lab device, which would enable accurate diagnostics leading to more rapid and effective treatment than what is currently available with existing systems.
William J. Caragol, Chairman and CEO of PositiveID, stated, "We are very pleased that our teaming partner, Leidos, has been awarded this significant ID/IQ contract, and we look forward to demonstrating the ability of our Firefly and M-BAND technologies to combat weapons of mass destruction."
DTRA is the U.S. Department of Defense's Combat Support Agency for countering weapons of mass destruction. The agency's experts address the entire spectrum of chemical, biological, radiological, nuclear and high yield explosive threats. Under the contract, Leidos will perform research and technology development to provide scientific and technological solutions to meet the DoD's non-proliferation, counterproliferation, and consequence management objectives. Leidos is one of seven contractors eligible to compete for task orders under the contract.
PositiveID and Leidos are parties to a contractor team arrangement pursuant to the Federal Acquisition Regulations and are not joint venturers, partners in a legal partnership or otherwise affiliated.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and developer of biological detection systems for America's homeland defense industry as well as rapid biological testing. PositiveID is focused on the development of microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats and analyze biological samples. For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations including, without limitation, the likelihood that Firefly is being developed to meet the growing need in healthcare and molecular diagnostics markets for more rapid and accurate point-of-need diagnostics that will enable hospitals, physicians and other providers to save lives; the likelihood that Firefly would enable accurate diagnostics leading to more rapid and effective treatment than what is currently available with existing systems; constitute "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. 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 April 11, 2014, and 10-Qs filed on May 20, 2013, August 14, 2013, as amended August 19, 2013, and November 19, 2013, 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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