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Saturday, December 3, 2022

Looking For Reversal on PositiveID Corp (OTCMKTS:PSID)

PositiveID Corp (OTCMKTS:PSID) has been in steep decline in recent months hitting a recent low of $0.011 after trading well over $0.04 in January. Long suffering shareholders are hoping for a reversal here.

When PSID does heat up the stock has a history of making big moves. PSID is an ex NASDAQ stock that used to trade as VeriChip Corp. until they were delisted to the bb’s back in 2011.

PositiveID Corp (OTCMKTS: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.

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.

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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.

In October PSID announced an agreement to acquire the capital stock of Thermomedics, Inc., which manufactures and markets the FDA-cleared Caregiver® non-contact clinical-grade thermometer. This acquisition is a part of PositiveID’s overall growth strategy to add revenue-generating, complementary products with significant market penetration potential to its portfolio. PositiveID will continue to look at other opportunities to execute this growth strategy.

On March 15 PSID announced it has achieved another development milestone for its Firefly Dx breadboard prototype pathogen detection system (“prototype system”). The Company has now demonstrated that the entire Firefly Dx prototype design functions as intended through the complete sample purification and detection process without the use of any third-party hardware, which is a critical component for future development and commercialization activities.

PSID said they successfully processed multiple samples on the Firefly Dx sample preparation breadboard and the purified sample DNA was put through the polymerase chain reaction (“PCR”) process and real-time detection on the Firefly Dx PCR breadboard. The testing was completed without the use of any commercial instruments. The next step in the development of Firefly Dx is to combine these processes and breadboards into single units and demonstrate the capability to run a test from putting the raw sample in the cartridge through sample preparation, PCR and real-time detection as a single system.

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Currently trading at a $4 million market valuation PSID has minimal assets or revenues and significant, fast rising debt that can lead to massive dilution. But PSID is an exciting story developing in small caps; they have an exciting and revolutionary product in the Firefly Dx and have recently announced several important acquisitions including Thermomedics Inc that is expected to strengthen PositiveID’s FDA and manufacturing capabilities and E-N-G Mobile Systems, Inc. a leader in mobile labs, homeland security and communications vehicles which has produced average unaudited revenues annually of more than $4 million. 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.

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