PositiveID Corp (OTCMKTS:PSID) is upward bounds in recent days after the stock hit a recent 52 week low of $0.021. PSID is an ex NASDAQ stock that used to trade as VeriChip Corp. until they were delisted to the bb’s 3 years ago.
In recent news the Company said that it has achieved a significant milestone in the development of its handheld Firefly Dx system with the completion of the build of its breadboard PCR (polymerase chain reaction) chip. The Company has begun testing assays to prove the design of achieving PCR results in less than 20 minutes at standard laboratory volumes, compared to existing technologies which require lab-based equipment and can take hours or days to provide results. The Company plans to announce the results of its testing as it is completed over the next several months.
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 Firefly Dx system combines sample lysis, purification, PCR analysis, and the identification for nucleic acids of interest. The system will be capable of processing a variety of sample types, including whole blood, buccal and nasopharyngeal swabs, urine, and environmental field samples. The incorporated, multiplex PCR assay will be able to analyze for multiple, user-defined targets from a single sample.
Furthermore, by taking advantage of the TaqMan based PCR assay and real-time detection, the Firefly Dx system can be adapted to measure altered gene expression levels such as those observed in endocrine diseases, radiation exposure, and cancer. Results can be immediately obtained and processed in situ via SMART phone interface (or personal computer) with a specialized, mobile application and Cloud based data sharing and storage.
To Find out the inside Scoop on PSID Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
On November 24 PSID announced it has entered into definitive agreements with an institutional investor for an aggregate subscription amount of $4,000,000. The Company will use the proceeds to continue the development of its Firefly Dx, a real-time, hand held, polymerase chain reaction (PCR) pathogen detection system, restructure the Company’s existing debt, and for general working capital.
According to the release ”The Company will issue a series of 4% original issue discount senior secured convertible promissory notes to the Investor, with a total principal amount of $4,000,000, funded over the next seven months in a series of eight notes, which accrue interest at 12% per annum. The Investor has the right to convert the notes into shares of the Company’s common stock at a fixed conversion price equal to 95% of the trading price immediately prior to the closing of each note, subject to certain adjustments, as defined in the agreements. No warrants were issued in connection with the financing, and the Investor has agreed to a “no shorting” provision.”
PSID CEO William J. Caragol commented “This financing will be integral to our efforts to continue the development of our Firefly Dx system for rapid diagnostics using real-time PCR. We believe this transaction provides us with the capital required to get us to the next critical stage of our development of Firefly, ultimately enabling us to bring this product to market. We are very pleased to be working with this institutional investor, bringing its experience and expertise to our team as a highly strategic partner.”
We have a Monster Pick Coming. Subscribe Right Now!
PSID is drifting downwards in recent trading as it nears $0.024 all-time lows. The stock has a history of making big moves and seems always be to one press release away from another significant run. Currently trading at a $4.7 million market valuation PSID boasts a loyal shareholder base that swears this one goes higher. PSID is a stock to watch.
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
Disclosure: we hold no position in PSID either long or short and we have not been compensated for this article.