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Saturday, December 3, 2022

Today’s Watch List: PositiveID Corp (OTCMKTS:PSID)

PositiveID Corp (OTCMKTS:PSID) continues to trade lower after the pop it had back in October amid the penny stock Ebola frenzy. PSID is an ex NASDAQ stock that used to trade as VeriChip Corp. until they were delisted to the bb’s back in 2011.

The Company said on January 13 that it 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.

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.

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.

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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.”

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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.

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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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