Security Stock Alert: PositiveID Corporation (OTCQB:PSID) Signs Space Act Agreement With NASA
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Delray Beach, Fla. - May 6, 2014 (www.investorideas.com newswire) PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a developer of biological detection and diagnostics solutions, announced today that it has signed a Space Act Agreement with NASA's Ames Research Center to collaborate on testing the Company's Firefly Dx detection system ("Firefly") as a platform for biological research and commercial development for ground and space applications.
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 intended to 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. Quicker, accurate diagnostics derived from Firefly may lead to more rapid and effective treatment than what is currently available with existing systems. Firefly is being developed to meet the growing need for more rapid and accurate point-of-need diagnostics that will enable hospitals, first responders, and other providers to save lives.
Under this Space Act Agreement, NASA will assess the Company's Firefly Dx technology for potential ground and space applications, while PositiveID will assess the technology to improve its development of the Firefly Dx hardware for extreme environments, such as Department of Defense field applications.
William J. Caragol, Chairman and CEO of PositiveID, said, "We are very proud to collaborate with NASA's world-class team of scientists and researchers on the continued development of Firefly to advance mission-critical applications for point-of-need diagnostics, both in space and on the front lines to protect our nation from future bioterrorism threats."
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 for more rapid and accurate point-of-need diagnostics that will enable hospitals, first responders, and other providers to save lives; the likelihood that Firefly is intended to 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; the likelihood that quicker, accurate diagnostics derived from Firefly may lead to more rapid and effective treatment than what is currently available with existing systems; the likelihood that under this Space Act Agreement, NASA will assess the Firefly Dx technology for potential ground and space applications, while PositiveID will assess the technology to improve the Company's development of the Firefly Dx hardware for extreme environments, such as Department of Defense field applications; 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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