PositiveID Corporation, through its wholly-owned subsidiary, MicroFluidic Systems, develops molecular diagnostic systems for bio-threat detection and rapid medical testing. The company’s fully automated pathogen detection systems and assays are designed to detect a range of biological threats. The company’s M-BAND (Microfluidic Bio-agent Autonomous Networked Detector) system is an airborne bio-threat detection system developed for the homeland defense industry, to detect biological weapons of mass destruction. The company is also developing Firefly Dx, an automated pathogen detection system for diagnostics, both for clinical and point-of-need applications. The company focuses on the development of microfluidic systems for the automated preparation of and performance of biological assays to detect biological threats at high-value locations and analyze samples in a medical environment. The company specializes in the development and production of automated instruments for detecting and processing biological samples. M-BAND The company’s M-BAND technology, developed under contract with the U.S. Department of Homeland Security (DHS) Science & Technology directorate, is a bio-aerosol monitor with fully integrated systems for sample collection, processing and detection modules. M-BAND continuously and autonomously analyzes air samples for the detection of pathogenic bacteria, viruses, and toxins for up to 30 days. M-BAND performs high specificity detection for up to six organisms on the Centers for Disease Control’s category A and B select agents list. The company has a sole and exclusive license agreement (The Boeing Company (Boeing) license agreement), a teaming, (the teaming agreement) and a security agreement (the Boeing security agreement), with Boeing. The Boeing license agreement provides Boeing the exclusive license to sell PositiveID’s M-BAND airborne bio-threat detector for the DHS BioWatch next generation opportunity, as well as other opportunities (government or commercial) that may arise in the North American market. Under the teaming agreement, and subject to certain conditions, the company retained the exclusive rights to serve as the reagent and assay supplier of M-BAND systems to Boeing. The company also retained all rights to sell M-BAND units, reagents and assays in international markets. Pursuant to the Boeing security agreement, the company granted Boeing a security interest in all of its assets, including the licensed products and intellectual property rights to secure the company’s performance under the Boeing license agreement. Firefly Dx The company’s Firefly Dx system is designed to deliver molecular diagnostic results from a sample in approximately 20 minutes. Firefly is being developed further for a range of biological detection situations, including various strains of influenza, Ebola, Sever Acute Respiratory Syndrome, Methicillin-resistant Staphylococcus Aureus (MRSA), Dengue Fever Virus, Chikungunya, Nipah, radiation-induced cell damage within the human body and other pathogens. The first-generation, benchtop Firefly cartridge has already demonstrated the ability to detect and identify other common pathogens and diseases, such as E. coli, MRSA and human papilloma virus. Firefly is designed to be a simple-to-use, point-of-care, real-time PCR device, which is designed for use by first response teams to detect biological agents associated with weapons of mass destruction; agricultural screening in domestic sectors and developing countries; and point-of-need monitoring of pathogenic outbreaks. Legacy Products VeriChip The company has a license agreement with VeriTeQ Acquisition Corporation (VeriTeQ), which grants VeriTeQ a license to utilize its bio-sensor implantable RFID device protected under United States Patent No. 7,125,382, Embedded Bio Sensor System, (the Patent), for the purpose of designing and constructing, using, selling and offering to sell products or services related to the VeriChip business, but excluding the GlucoChip or any product or application involving blood glucose detection or diabetes management. The company has an asset purchase agreement with VeriTeQ, whereby VeriTeQ purchased all of the intellectual property, including patents and patents pending, related to the company’s embedded biosensor portfolio of intellectual property. Research and Development For the year ended December 31, 2014, the company’s research and development expense included $588,000. History The company was founded as a Delaware corporation by Digital Angel in 2001. It was formerly known as VeriChip Corporation and changed its name to PositiveID Corporation in 2009.
(PSID:OTC Markets Group Inc - OTCQB)
1690 South Congress Avenue
Delray Beach, FL 33445
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