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Tuesday, October 23, 2012

Biodefense Stock News: PositiveID Corporation (OTCBB: PSID) Provides Third Quarter 2012 Update

DELRAY BEACH, Fla. - October 23, 2012 (Investorideas.com Newswire, www.biodefensestocks.com) PositiveID Corporation (OTCBB: PSID) ("PositiveID" or "Company") an emerging growth company and developer of airborne bio-threat detection systems for America's homeland defense industry as well as advanced technologies for diabetes management and rapid medical testing, today provided a third quarter 2012 business update to its stockholders. The Company continues to focus on the BioWatch Generation 3, Phase II procurement. In September, the Department of Homeland Security ("DHS") announced a revised procurement strategy for BioWatch Generation 3, Phase II, which will consist of a two-stage procurement including two to three years of testing estimated at $89 million. A draft request for proposal ("RFP") for the first stage is scheduled to be released in the fourth quarter of calendar 2012.

William J. Caragol, Chairman and CEO of PositiveID, stated, "To position the Company for the first stage of the revised procurement strategy for BioWatch Generation 3, Phase II, we are actively involved in discussions with several potential strategic partners, including both manufacturing partners and systems integration partners. We are focused on trying to bring those discussions to a strategic agreement during the fourth quarter. We also plan in the coming weeks to update stockholders on the progress of our second half of 2012 goals, which we announced in our mid-year update."
With its acquisition of Microfluidic Systems in May 2011, PositiveID added airborne pathogen detection, rapid clinical diagnostics and sample preparation applications to its business. PositiveID's M-BAND (Microfluidics-based Bioagent Networked Detector) is a bioaerosol monitor with fully integrated systems with sample collection, processing and detection modules that continuously analyze air samples for the detection of bacteria, viruses, and toxins with results in as little as two hours. M-BAND was developed under a competitive award from the DHS Science & Technology Directorate ("S&T") and was the only system of its kind demonstrated previously in the field under the DHS S&T BAND Program.
The total procurement for BioWatch Generation 3, Phase II, is estimated at $3.1 billion. The goal of BioWatch Generation 3, Phase II is to obtain a fully autonomous networked biodetection capability that will be deployed, operated, and sustained, both indoor and outdoor, in selected U.S. BioWatch jurisdictions to continuously monitor the air for agents of biological concern. The revised strategy for BioWatch Generation 3, Phase II, will consist of a two-stage procurement. Stage 1 will be for Performance Testing of candidate systems and may result in the award of multiple contracts depending on the technical merits of proposals submitted and the availability of funding. Stage 2 will be a separate competition for Low Rate Initial Production, Operational Testing and Evaluation, Full Rate Production, Deployment, Sustainment and Disposal. To be considered for the Stage 2 award, a company will need to demonstrate a design maturity and data set equivalent to that of Stage 1 participants.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and developer of advanced technologies for diabetes management and rapid medical testing, as well as airborne bio-threat detection systems for America's homeland defense. Its wholly-owned subsidiary, Microfluidic Systems, or MFS, is focused on the development of microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats at high-value locations, as well as analyze samples in a medical environment.www.PositiveIDCorp.com.
The PositiveID Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7717
For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including the likelihood that it has made significant progress realigning its business with a focus on its molecular diagnostics platform; the likelihood that the Company also continues to make strong progress in the diabetes management segment of its business; the likelihood that the Company will enter into strategic partnerships and/or teaming agreements with large government contractors for M-BAND manufacturing and system integration for BioWatch Gen-3; the likelihood that the Company will submit a proposal upon release of the final BioWatch Gen 3 RFP, currently scheduled for release in the fourth quarter of calendar 2012, from Department of Homeland Security for the $3.1 billion BioWatch Gen-3 procurement; the likelihood that the Company will commence the second stage of Easy Check clinical study at Schneider Children's Medical Center in Israel; the likelihood that the Company will complete a bench-top unit of the GlucoChip glucose-sensor and initiate strategic partnerships; the likelihood that the Company will continue development of its Dragonfly Rapid MDx Cartridge-based diagnostic system for point-of-care diagnostics; the likelihood that the Company will complete the license and/or sale of the VeriChip and iglucose product lines to position them with the best partners for market exploitation and monetization; the likelihood that the Company will complete a strategic financing to capitalize the Company to execute on these opportunities; the likelihood that significant opportunities that lie ahead, including BioWatch Gen 3 and the continued development of the Company's innovative Dragonfly system; the likelihood that the Company will continue to execute its plan, described above; the likelihood that the Company is well positioned to capitalize on the BioWatch Gen 3 opportunity and to make meaningful steps in the commercialization of our diabetes management products; the likelihood that that progress, in conjunction with a strategic financing to fully capitalize the Company, will allow the Company to unlock value for stockholders; 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 its M-BAND system and Dragonfly system, as well as its diabetes management products; the Company's ability to complete the license and/or sale of the VeriChip and iglucose product lines to position them with the best partners for market exploitation and monetization; the Company's ability to attract strategic partners; the Company's ability to complete a strategic financing; 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 28, 2012, and 10-Qs filed on August 20, 2012, May 14, 2012, 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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