PositiveID Corp (OTCMKTS:PSID) is trading strong after a reversal of $0.0162 lows. The stock has a history of big moves running from pennies to well over a dime in the first few months of 2014 but has not done much since then. PSID is an ax NASDAQ stock that used to trade as VeriChip Corp. until they were delisted to the bb’s 3 years ago.
PSID is a developer of biological detection systems for America’s homeland defense industry as well as rapid biological testing. They develop microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats at high-value locations, as well as analyze samples in a medical environment.
PositiveID Corp (OTCMKTS:PSID) flagship is the Firefly Dx; a handheld system designed to deliver molecular diagnostic results using real-time PCR (polymerase chain reaction) chemistry. The Company is developing the Firefly Dx based on intellectual property and know-how gained during years of development and $30 million of contract funding from the U.S. Department of Homeland Security for the Company’s M-BAND system, which uses PCR for the identification of airborne bio-threats.
PositiveID Corp has miniaturized its proven real-time PCR technology for the handheld Firefly Dx system, 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.
The Firefly Dx instrument will combine sample lysis, purification, real-time PCR analysis, electronic reporting of results, and automated chain of custody with the embedded RFID chip in disposable cartridges. The system is designed to automatically process and purify nucleic acids from diverse sample types, which are then analyzed with the incorporated multiplex PCR assay for multiple user-defined targets.
Results can be immediately obtained and processed in-situ via SMART phone interface (or personal computer) with a specialized, mobile HTML application and Cloud-based data sharing and storage. The ease-of-use, portability, low cost, and assay flexibility is designed to provide the user with confidence and assurance of an analytically accurate response in limited and remote environments.
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On March 24 Ticker Research, a market research firm focused on the micro cap and small cap sectors, has issued a company update on Positive ID Corporation (PSID) an emerging growth company and developer of biological detection systems for America’s homeland defense industry as well as rapid biological testing.
Highlights from the update include: Product Innovation: Firefly Dx. PositiveID has completed the design of the second-phase (bench-top) prototype, the first major milestone in the development of the Firefly Dx second-phase prototype. With the completion of this design, the Company has begun to build the second-phase prototype of Firefly Dx, a real-time, handheld, polymerase chain reaction (PCR) pathogen detection system, which it expects to complete during the first half of 2015. Firefly Dx is designed to be a simple-to-use device that provides lab-quality, real-time PCR results anywhere, anytime, within minutes to save lives. The portability of one of its kind of diagnostic equipment makes it one of the favorite in the market.
Involvement of Strategic Investor: PositiveID entered into a strategic financing of $4 million. This transaction should provide the company with the required capital to bring the development of Firefly product to the next critical stage of development and ultimately enabling them to bring this product to market.
Increase in order backlog: PositiveID has shipped M-BAND systems to the Korean peninsula and Aberdeen Proving Ground in Maryland for continued testing as part of the JUPITR program. The contract had a total value to PositiveID of $1 million. PositiveID is preparing additional M-BAND systems for deployment to monitor air samples for potential bio threat for addressing the interest from the federal government, specifically DoD and DHS, in bio detection technologies. PSID has a product backlog of $3.5 million.
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Currently trading at a $5.3 million market valuation PSID has minimal assets or revenues and significant short term debt. The Company does have an exciting product in the Firefly Dx however continued dilution has stifled the stocks ability to run. We will be updating on PSID when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PSID.
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Disclosure: we hold no position in PSID either long or short and we have not been compensated for this article.