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VeriTeQ Acquisition Corporation to Offer Implantable RFID Microchip for Traceability of Breast Implants and Other Medical Devices

Mon, 02/06/2012 - 6:02am
DELRAY BEACH, Fla.--(BUSINESS WIRE)--VeriTeQ Acquisition Corporation ("VeriTeQ" or "Company"), a leader in implantable, radio frequency identification ("RFID") for humans and animals, announced today it will offer its FDA-cleared VeriChip microchip, a rice grain-sized, passive RFID microchip, for the identification of breast implants and other medical devices. VeriTeQ is already working to identify medical devices, specifically vascular ports, for the proper identification of the port and medication dosing requirements through an existing contract with a medical device manufacturer.

Following the international breast implant scare involving breast implants from French company Poly Implant Prothese (PIP), which used industrial silicone for its breast implants to decrease costs, it was announced yesterday that the European Union is contemplating a manufacturer requirement to embed microchips in breast implants to provide for accurate and immediate traceability of these and potentially other medical devices. It is estimated that approximately 400,000 PIP implants were sold around the world.

VeriTeQ will provide its 8-millimeter microchip for use in vascular ports and believes its microchip can be used safely and effectively in most medical devices including breast implants and artificial joint replacements. The Companys VeriChip has been cleared for sale by the FDA since 2004.

Scott R. Silverman, Chairman and CEO of VeriTeQ, stated, "The current system for identifying surgically implanted medical devices is archaic and flawed. Once a device is in a persons body, there is no way to know for certain which company manufactured the device or what the specific device is. Embedding our VeriChip within a medical device prior to insertion enables a healthcare professional to scan the area of the patients body where the device is implanted and receive immediate and accurate confirmation of what the device in question is and its manufacturer."

In January, VeriTeQ announced it signed a Letter of Intent to merge with Connectyx Technologies Holdings Group, Inc. (CTYX.PK) and its wholly owned subsidiary, Connectyx Technologies Corp., the manufacturer and distributor of the MedFlash®, an innovative Personal Health and Wellness Management System (ePHM) designed for maintaining personal health records. Upon consummation of VeriTeQs merger with Connectyx, the company will be renamed VeriTeQ Corporation and will continue to trade on the OTC Pink market, under the new ticker symbol "VTEQ."

About VeriTeQ

VeriTeQ develops and markets innovative, implantable RFID technologies for humans and animals including sensor applications. VeriChip is the first human-implantable passive RFID microchip cleared for medical use by the U.S. Food and Drug Administration. On January 12, 2012, VeriTeQ announced it acquired the VeriChip implantable microchip and related technologies, and Health Link personal health record from PositiveID Corporation (OTCBB: PSID). PositiveID has retained a 10 percent ownership interest in VeriTeQ. For more information on VeriTeQ, please call 561-805-8011.

About Connectyx Technologies

Connectyx Technologies provides unique products for the healthcare market including MedFlash®, the electronic Personal Health Manager (ePHM). The MedFlash® PHM is an easy to use Personal Health and Lifestyle Manager that is accessible using a powerful web portal suite. The MedFlash® PHM also features a 24/7/365 call center, a USB flash drive and our smartphone applications with Scan code capability. The MedFlash® PHM provides member benefits including instant access to your Emergency Medical Profile and Personal Health Record in the event of an accident or a medical emergency. Whether traveling, at work, or at home, First Responders have an invaluable advantage when they have access to this time critical information. Far more than just an emergency flash drive, the MedFlash® PHM can be accessed on any computer, securely and with complete privacy. There are also lifestyle and wellness features that provide significant health benefits to members and risk mitigation for employers and insurers alike. Connectyx products are developed with the needs of patients, families, doctors and First Responders in mind. For more information, please visit our websites at: www.connectyx.com, www.phrtoday.com and www.medflash.com

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