DELRAY BEACH, Fla., Sep 21, 2010 (GlobeNewswire via COMTEX News Network) -- PositiveID Corporation ("PositiveID" or the "Company") (Nasdaq:PSID) announced today that it has initiated a research study with the Diabetes Research Institute ("DRI") at the University of Miami for the Company's glucose-sensing microchip. The study will examine the biocompatibility and functionality of a semi-permeable membrane to be used in the Company's GlucoChip(TM), an in vivo glucose-sensing RFID implantable microchip currently under development. The study is the next step in the Company's development, which will run in parallel to the Company's continued laboratory testing of the glucose sensor in blood and interstitial fluid.
The goal of the pilot in vivo membrane study is to evaluate implantable biomaterials for biocompatibility and diffusion of glucose. The membrane, which will be tested in rodents at varying points in time, will require that glucose and other small molecules pass freely through the membrane's surface in order to ultimately be measured by the glucose sensor. All procedures will be performed under a protocol reviewed and approved by the University of Miami Institutional Animal Care and Use Committee.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "This study brings us a step closer to realizing our goal of developing a continuous, in vivo glucose sensor. We have made significant progress in our development this year, and as we begin this study with the DRI, a very highly regarded diabetes research organization, and the University of Miami we believe we have the best partner in the field of diabetes research to understand how to successfully continue that development and eventually bring our GlucoChip product to market."
The Company, in conjunction with development partner RECEPTORS LLC ("Receptors"), a technology company whose AFFINITY by DESIGN(TM) chemistry platform can be applied to the development of selective binding products, is in Phase II development of its GlucoChip to detect glucose levels in the human body. The goal of Phase II is to develop a proof-of-principal sensing system consisting of a Combinatorial Artificial Receptors Array (CARA(TM)) modified support and its complementary fluorophore labeled synthetic competitor agent. The companies expect that this sensing system will demonstrate a glucose concentration response in model blood and interstitial fluid matrices. Phase II is expected to be completed in 2010 and will build on Phase I, which successfully demonstrated the bench-top format application of the glucose-sensing system to the detection of glucose levels.
According to the American Diabetes Association, there are 23.6 million people in the United States, or 8 percent of the population, who have diabetes. Furthermore, the total prevalence of diabetes increased 13.5 percent from 2005 to 2007. The successful development and commercialization of PositiveID's GlucoChip could negate the need for diabetics to draw blood samples multiple times each day to read their blood glucose levels. Instead, the Company believes that patients implanted with the GlucoChip, if successfully developed, could get a rapid reading of their blood sugar with a simple wave of a handheld scanner.
About PositiveID Corporation
PositiveID Corporation develops and markets healthcare and information management products through its RFID-based diagnostic devices and identification technologies, and its proprietary disease management tools. PositiveID operates in two main divisions: HealthID and ID Security. For more information on PositiveID, please visit www.PositiveIDCorp.com.
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Statements about PositiveID's future expectations, including the likelihood that the Company will realize the goal of its study with the DRI and the University of Miami, the ability of the study to bring the Company a step closer to realizing its goal of developing a continuous, in vivo glucose sensor, the likelihood that partnering with the DRI and University of Miami will help the Company to successfully continue its development and eventually bring its GlucoChip product to market, the likelihood that Phase II development will be completed in 2010, the likelihood that the GlucoChip, if developed and commercialized, could negate the need for diabetics to draw blood multiple times per day and get a rapid reading of their blood sugar with a wave of a handheld scanner, 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, fund and commercialize the GlucoChip, 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 19, 2010, and the Company's 10-Qs filed on May 6, 2010, and August 13, 2010, 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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