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Wednesday, February 8, 2012

Biotech stocks News; PositiveID Corporation (OTCBB:PSID) Announces Initiation of Clinical Trial of Its Easy Check Non-Invasive Breath Glucose Detection Device

DELRAY BEACH, Fla. - February 7, 2012 (Investorideas.com newswire) - PositiveID Corporation ("PositiveID" or "Company") (OTCBB:PSID), a developer of medical technologies for diabetes management, announced today that it has commenced a clinical trial of its Easy Check(TM) non-invasive breath glucose detection device for people with diabetes. The clinical trial, being held at Schneider Children's Medical Center in Israel, a preeminent research hospital, will initially focus on people with type 1 diabetes and the Company expects to begin recruiting subjects this month.
Currently under development in Israel, Easy Check is a non-invasive breath glucose detection device that measures the level of acetone in a patient's exhaled breath and correlates that acetone level to a measure of blood glucose. The Easy Check technology is based on a patent-pending reagent cell that mixes a patient's exhaled air with a proprietary chemical compound, triggering a chemical reaction. The reaction is measured and software in the Easy Check device then interprets the measurement and correlates the patient's acetone level to the level of glucose in the body. The goal of Easy Check is to eliminate a patient's need to prick his or her finger multiple times per day to get a blood sugar reading.
The purpose of the clinical study is to assess the feasibility of Easy Check compared to a standard invasive blood glucose meter and to assess the reliability of Easy Check in measuring blood glucose levels under conditions of altered blood glucose levels. The study will be led by principal investigator Moshe Phillip, Professor and Director of the Jesse Z. and Sara Lea Shafer Institute for Endocrinology and Diabetes, National Center for Childhood Diabetes at Schneider Children's Medical Center of Israel.
Prof. Phillip said, "We are eager to begin testing PositiveID's Easy Check breath device with the hope that one day, Easy Check will offer a non-invasive way to follow the metabolic control of diabetes patients."
PositiveID Chairman and CEO William J. Caragol, said, "After previously announcing positive preliminary laboratory results from testing Easy Check in 2011, this independent clinical study is an important milestone in the advancement of Easy Check. We are very pleased that Prof. Phillip, a world renowned endocrinologist heavily involved in groundbreaking diabetes research, is spearheading this study and we look forward to communicating our progress."
The clinical study has been approved as compliant with the Declaration of Helsinki, which is a set of ethical principles regarding human experimentation developed for the medical community by the World Medical Association.
More than 25 million children and adults in the U.S. have diabetes, or over 8 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.
Schneider Children's is the only comprehensive, highly specialized care hospital of its kind in the country of Israel and in the Middle East, dedicated exclusively to the well-being of all children and adolescents. Schneider Children's provides the full range of pediatric subspecialties and comprehensive paramedical services to all children. The medical center serves as the national referral center for Hematology-Oncology, Endocrinology and Childhood Diabetes, and Cardiology and is the country's leading institution in the field of bone marrow and organ transplants, such as heart and lung, liver and kidney.
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 www.PositiveIDCorp.com.
The PositiveID Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7717
Statements about PositiveID's future expectations, including the likelihood that the Company will launch the first clinical trial of its Easy Check™ non-invasive breath glucose detection device for people with diabetes later this month; the likelihood that the clinical trial will initially focus on people with type 2 diabetes; the likelihood that Easy Check would eliminate a patient's need to prick his or her finger multiple times per day to get a blood sugar reading; the likelihood that the development of Easy Check continues to progress well as evidenced by the imminent launch of the first clinical trial of this potentially revolutionary product later this month; the likelihood that Easy Check could provide a means for people with diabetes to eliminate the pain associated with taking blood glucose readings, therefore facilitating more frequent testing and improved management of this growing disease; the likelihood that iglucose uses wireless technology to empower individuals with diabetes to be more engaged in the self-management of their condition by eliminating the need to keep manual logbooks; the likelihood that iglucose connects to market leading, data capable glucometers to wirelessly and seamlessly communicate blood glucose readings to the iglucose diabetes management portal, where, with the user's consent, glucose readings can be shared automatically with family members, caregivers and healthcare professionals via text message, email or fax; 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; the Company's ability to complete development of Easy Check and GlucoChip, 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
561-805-8000
atomek@positiveidcorp.com
PositiveID Corporation (OTCBB:PSID) is a featured biotech company on Investorideas.com
Visit the company profile: http://www.investorideas.com/CO/PSID/
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