DELRAY BEACH, Fla., Nov. 3, 2015 – PositiveID Corporation (“PositiveID” or “PSID”) (OTCQB:PSID), a developer of biological detection and diagnostic solutions has entered into an agreement to acquire the capital stock of Thermomedics, Inc. (“Thermomedics”), which markets Caregiver®, the world’s first non-contact FDA cleared thermometric device.
The developers of Caregiver, also known for inventing the highly acclaimed and widely used tympanic thermometer, which reads temperature via the ear, have expanded on their knowledge with the use of infrared, TouchFreeᵀᴹ technology to create the Caregiver. The Caregiver is a user-friendly, hand-held device that when activated, inches away from the forehead, analyzes the skin and produces a highly accurate temperature reading. The Caregiver has been proven safe and reliable for use on adults, children and infants and was awarded FDA- clearance.
The Caregiver is primed to revolutionize the way hospitals, airports, and virtually all arenas are able to scan large volumes of people quickly, effectively, and in a non-invasive manner, for possible exposure to disease-spreading pathogens. Recently, during the Ebola outbreak in Africa, the Caregiver was used in a handful of large airports to scan passengers entering the United States from Ebola-ridden countries. One of the most distinguished and pivotal aspects of Caregiver is that it does not come in contact with the skin while it is performing its’ analysis. This is beneficial, most notably, by preventing the spread of disease through physical contact to those administering the test and to those who will receive the test en masse. Further, Caregiver’s non-invasive nature makes plastic thermometer shields, a source of cost and waste in medical facilities, obsolete.
PositiveID’s acquisition of Thermomedics capital stock is a part of Positive ID’s overall growth strategy to add revenue-generating, complementary products with significant market penetration potential to its portfolio. PSID‘s Chairman and CEO, William Caragol has said, “We believe that once completed, the acquisition of Thermomedics will bring an exciting product and management team to our portfolio as we continue toward commercialization of Firefly DX. Not only will Caregiver provide additional revenue for PostitveID, we believe it will also provide opportunities to fight against the spread of disease, while providing a pathway to customers and delivering proven manufacturing and FDA expertise.”
Meanwhile, PositiveID remains on schedule to release its current, much anticipated Firefly Dx. Firefly Dx, is a point-of-need, hand-held polymerase chain reaction (PCR) pathogen detection system capable of processing biological samples (e.g., blood, urine, mouth/nose swabs) on-site, alerting users within minutes of the presence of contagions. This system is designed to deliver molecular diagnostic results using real-time PCR chemistry. Firefly can identify an expansive range of biological agents, from cancer cells and microorganisms to viruses and bacteria with the use of DNA sequencing. Firefly Dx technology could prove vital for agencies entrusted with addressing public health needs on national and global levels.
The potential synergy created by uniting Caregiver and Firefly Dx is exciting. Thermomedics has had agreements with the world’s leading health care product distributors and PositiveID currently holds multiple contracts with The U.S. Department of Homeland Security, The Department of Defense and other government agencies. The global markets for temperature monitoring devices and PCR tools are projected to reach into the billions, respectively, within the next five years.