DELRAY BEACH, Fla. - March 5, 2012 (Investorideas.com newswire) - PositiveID Corporation (OTCBB:PSID), a developer of medical technologies for diabetes management, announced today that it has finalized its first-in-class development of a fully synthetic glucose sensing system to measure glucose levels within the body for people with diabetes. PositiveID and its partner RECEPTORS LLC believe they are the first to develop a fully synthetic, stable, sensitive, selective sensing system that is responsive to glucose in human plasma, which is considered to be a critical step in the development of an artificial pancreas.
PositiveID's glucose sensing system is the mission-critical component of its GlucoChip(TM), glucose-sensing microchip for people with diabetes, and is based on PositiveID's Patent No. 7,125,382 for an "Embedded Bio-Sensor System." The Embedded Bio-Sensor System patent covers any bio-sensor system that utilizes radio frequency identification technology and includes a remote transponder in wireless communication with an implantable, passively-powered, on-chip transponder.
PositiveID previously announced it created and demonstrated a continuous glucose sensing system in a model blood plasma matrix, and has now advanced development of the sensing system to respond to glucose levels in human plasma. PositiveID also has a patent pending with the U.S. Patent and Trademark Office covering its invention of the stable and reproducible, closed-cycle continuous glucose-sensing system. PositiveID now has five patents and patents pending surrounding the development of GlucoChip.
William J. Caragol, Chairman and CEO of PositiveID, stated, "The development of a fully implantable glucose sensor is one of the essential requirements for the successful development of an artificial pancreas. We believe that with the combined expertise of Receptors and our strong intellectual property portfolio that surrounds the development of our GlucoChip project, we are well positioned to play a potentially significant role in making an artificial pancreas a reality for people with type 1 diabetes."
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.
PositiveID also recently announced positive preliminary results from its biotransport research study relating to its GlucoChip. Preliminary results demonstrate that the membrane materials to be used with GlucoChip allow for successful movement of glucose from body fluids. PositiveID's first animal studies were designed to test the membrane materials that will be the interface between the glucose sensing device and the in vivo environment by evaluating the ability of glucose to pass through the membrane to the sensing device (glucose transport).
About PositiveID Corporation OTCBB:PSID)
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.
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(TM) 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.
Statements about PositiveID's future expectations, including the likelihood that PositiveID has finalized its first-in-class development of a fully synthetic glucose sensing system to measure glucose levels within the body for people with diabetes; the likelihood that PositiveID and its partner Receptors LLC are the first to develop a fully synthetic, stable, sensitive, selective sensing system that is responsive to glucose in human plasma, which is considered to be a critical step in the development of an artificial pancreas; the likelihood that the development of a fully implantable glucose sensor is one of the essential requirements for the successful development of an artificial pancreas; the likelihood that with the combined expertise of Receptors and PositiveID's strong intellectual property portfolio that surrounds the development of its GlucoChip project, the companies are well positioned to play a potentially significant role in making an artificial pancreas a reality for people with type 1 diabetes; 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 complete development of GlucoChip; PositiveID's ability to play a potentially significant role in making an artificial pancreas a reality; 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.
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