Side-By-Side Studies With Traditional Strip and Glucometer Yield Consistent Readings Within Acceptable Industry Standards
Company Publishes Results From Its Preliminary Laboratory Studies in White Paper Available at
DELRAY BEACH, Fla., April 11, 2011 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or the "Company") (Nasdaq:PSID), a leader in next generation patient monitoring and diagnostics, announced today that its Easy Check™ Breath Glucose Detection Device has delivered positive results in preliminary laboratory testing that are within acceptable industry standards as set by the National Committee of Clinical Laboratory Standards (currently Clinical and Laboratory Standards Institute - NCCL) and the International Organization for Standardization (ISO). The Company has conducted initial side-by-side studies of its Easy Check™ device with the traditional strip and glucometer method, which requires a drop of blood, that have yielded consistent readings. The goal of the Company's Easy Check device is to eliminate a patient's need to prick his or her finger multiple times per day in order to get a blood sugar reading.
The Company has published these preliminary results, comparing the accuracy of the Easy Check breath glucose detection device versus the standard "finger stick" method, and additional information about the market opportunity for non-invasive glucose monitoring in a white paper titled, "Non-Invasive Breath-Based Glucometer Technology to Provide Breakthrough in Diabetes Testing and Self-Management," available at . The Company's laboratory studies were non-independent. The Company plans to initiate independent non-clinical trials by year-end.
Continued development and testing of the Company's Easy Check lab prototype device is underway at the Company's labs in Israel. The Company has also commenced development of a miniaturized commercial prototype, which is expected to be completed during 2011. The Company believes delivering results that are within acceptable industry standards as set by the NCCL and ISO will enable it to move to the next stage of testing using the miniaturized devices, clinical studies and FDA submission. It will seek to partner with larger pharmaceutical companies with established distribution in the diabetes market, and universities and organizations with established endocrinology and diabetes research programs.
The lab prototype unit utilizes a single-use capsule containing a proprietary reagent that triggers a chemical reaction that can be immediately measured by an advanced optical sensor and state-of-the-art microprocessor to accurately correlate to blood glucose levels. The Company expects to announce results from further laboratory testing in mid-2011.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "Based on our preliminary results, which are within acceptable industry standards, we are excited to move to the next stage of testing. The state of diabetes today is very concerning; the number of those affected continues to increase exponentially and the costs associated with management are skyrocketing due, in part, to poor compliance. We hope that our Easy Check device will enable people with diabetes to test their blood sugar levels without the drop of blood currently required by glucometers, a paradigm shift in glucose testing, thereby improving compliance and promoting improved health outcomes."
According to a November 2009 study by researchers at the University of Chicago, published in the journal Diabetes Care, the number of diabetics in the U.S., which currently stands at 23.7 million, may almost double within 25 years, and the annual cost of treating them may triple to $336 billion.
About PositiveID Corporation
PositiveID Corporation develops and markets healthcare and information management products through its diagnostic devices and identification technologies, and its proprietary disease management tools. PositiveID's implantable healthcare devices and external hardware and software products are designed to communicate wirelessly to improve healthcare and the patient's quality of life. 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 ability of the Company's Easy Check Breath Glucose Detection Device to deliver consistent readings with the traditional strip and glucometer, which requires a drop of blood; the likelihood that the Company will initiate independent non-clinical trials by year-end, and that results from those trials will correlate with the Company's non-independent laboratory studies; the likelihood that the Company will successfully develop a miniaturized commercial prototype; the likelihood that delivering results that are within the industry standard will enable it to move to the next stage of testing, clinical studies and FDA submission; the ability of the Company to partner with larger pharmaceutical companies with established distribution in the diabetes market, and universities and organizations with established endocrinology and diabetes research programs; the ability of the lab prototype unit to utilize a single-use capsule containing a proprietary reagent that triggers a chemical reaction that can be immediately measured by an advanced optical sensor and state-of-the-art microprocessor and correlated to blood glucose levels; the likelihood the Company will announce results from further laboratory testing in mid-2011; the likelihood that the Easy Check device will enable patients to test their blood sugar levels without the drop of blood currently required by glucometers, thereby improving compliance and promoting improved health outcomes; the likelihood that the number of diabetics in the U.S., which currently stands at 23.7 million, may almost double within 25 years, and the annual cost of treating them may triple to $336 billion; 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 the Company's ability to successfully develop, test and commercialize the Easy Check breath glucose detection device, 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, 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 Dan Schustack CEOcast 212-732-4300 dschustack@ceocast.com
