Psychemedics Corporation provides testing services for the detection of drugs of abuse through the analysis of hair samples. The company’s testing methods utilize a patented technology that digests the hair and releases drugs trapped in the hair without destroying the drugs. The company then performs a proprietary custom-designed enzyme immunoassay (EIA) on the liquid supernatant, with confirmation testing by mass spectrometry. The company’s primary application of its patented technology is as a testing service that analyzes hair samples for the presence of certain drugs of abuse. The company’s customized proprietary EIA procedures to drug test hair samples differ from the commonly-used immunoassay procedures employed to test urine samples. The company’s tests provide quantitative information that could indicate the approximate amount of drug ingested, as well as historical data, which could show a pattern of individual drug use through a longer period of time, thereby providing detection compared to other types of drug testing. This information is useful to employers for both applicant and employee testing, as well as to physicians, treatment professionals, law enforcement agencies, school administrators, and parents concerned about their children’s drug use. The company provides screening and confirmation by mass spectrometry using industry-accepted practices for cocaine, marijuana, PCP, amphetamines (including ecstasy) and opiates (including heroin, hydrocodone, hydromorphone, oxycodone, and codeine). In addition, in 2013, the company launched a hair test for alcohol, which also looks back on use approximately a 90 day period, as its hair drug tests do. The company has received 510k clearance from the Food and Drug Administration (FDA) on seven EIA assays used to test head and body hair for drugs of abuse. Target Markets Workplace: The company focuses its primary marketing efforts on the private sector, with particular emphasis on job applicant and employee testing. Schools: The company serves various schools throughout the United States and in various foreign countries. The company offers its school clients the same five-drug screen with mass spectrometry confirmation that is used with the company’s workplace testing service. Parents: The company also offers a personal drug testing service, known as ‘PDT-90’, for parents concerned about drug use by their children. It allows parents to collect a small sample from their child in the privacy of the home, send it to the company’s laboratory and have it tested for drugs of abuse by the company. The PDT-90 testing service uses the same patented method that is used with the company’s workplace testing service. Research: The company is involved in various ongoing studies involving use of drugs of abuse in various populations, such as Mclean Hospital; Wayne State University and Chemistry and Drug Metabolism Section; and Emmes Corporation. Sales and Marketing The company markets its corporate drug testing services primarily through its own sales force and through distributors. Sales offices are located in various major cities in the United States to facilitate communications with corporate employers. The company markets its home drug testing service, PDT-90, through the Internet. Intellectual Property The company has been granted a total of eight U.S. patents, including a patent issued to the company that focuses on digesting hair and releasing drugs trapped in the hair without destroying the drugs. Government Regulation The company is licensed as a clinical laboratory by the state of California, as well as certain other states. All tests are performed according to the laboratory standards established by the Department of Health and Human Services, through the Clinical Laboratories Improvement Amendments, and various state licensing statutes. Research and Development During the year ended December 31, 2013, $825,102 was expended for the company’s research and development. Competition The company competes directly with Quest Diagnostics. History Psychemedics Corporation was founded in 1985.
psychemedics corp (PMD:NASDAQ CM)
125 Nagog Park
Acton, MA 01720
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