iglucose product to be completed in March 2011 and submitted to FDA for 510(k) clearance shortly thereafter
DELRAY BEACH, FL – February 15, 2011 – PositiveID Corporation (“PositiveID”) (NASDAQ: PSID), a leader in next generation patient monitoring and diagnostics, announced today it has partnered with Connected Development to complete the final stage of development of its iglucose™ product. PositiveID’s iglucose is a wireless communication device for the automatic transmission of blood glucose readings from any data-capable glucometer to the iglucose database. It functions without the use of a cellular telephone, telephone line or personal computer. PositiveID expects to complete the design and development of the iglucose product in March 2011, and submit it to the U.S. Food and Drug Administration for 510(k) clearance shortly thereafter.
Connected Development is finalizing the product design and embedded software development; validating its performance; managing network certification, and coordinating the manufacturing process for iglucose.
“We are excited to be involved in the development of the iglucose device,” said Stefan Lindvall, President of Connected Development. “And, we are confident we can make the ease and convenience of iglucose a reality soon, in order to enhance the quality of life for those living with diabetes.”
PositiveID has also finalized the back-end software architecture for iglucose, which is based on Web 2.0 methodologies and facilitates an intuitive user interface, and user-centric design of the application. The iglucose platform, in its final stages, will provide an open-standards API, which will allow data from iglucose to easily integrate with other systems.
PositiveID’s iglucose is designed to take the work out of diabetes management by automatically creating logs and journals, which, according to the American Diabetes Association, are an important assessment of an individual’s response to their diabetes care plan. Users simply connect their data-capable glucometer to iglucose and within seconds data will be transmitted via a machine-to-machine (M2M) network to the iglucose database. PositiveID believes the solution is ideal for individuals, healthcare providers, health insurers, wellness and disease management companies who are actively seeking solutions to reduce diabetes related costs.
“As we complete the final stage of development and validation of iglucose, we have chosen another expert in wireless communication and M2M technology to prepare us for our FDA submission,” said Scott R. Silverman, Chairman and CEO of PositiveID. “We are confident working with Connected Development will help us bring our solution to market quickly and effectively.”
About PositiveID Corporation
PositiveID Corporation develops and markets healthcare and information management products through its diagnostic devices and identification technologies, and its proprietary disease management tools. PositiveID’s implantable healthcare devices and external hardware and software products are designed to communicate wirelessly to improve healthcare and the patient’s quality of life. For more information on PositiveID, please visit www.PositiveIDCorp.com.
Statements about PositiveID’s future expectations, including the likelihood that the iglucose product will be completed in March 2011 and submitted to FDA for 510(k) clearance shortly thereafter, the likelihood that Connected Development can soon make the ease and convenience of iglucose a reality for those living with diabetes, the likelihood that working with Connected Development will help PositiveID bring the iglucose solution to market quickly and effectively, and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and PositiveID’s actual results could differ materially from expected results. These risks and uncertainties include the Company’s ability to successfully commercialize its iglucose product, as well as certain other risks. Additional information about these and other factors that could affect the Company’s business is set forth in the Company’s various filings with the Securities and Exchange Commission, including those set forth in the Company’s 10-K filed on March 19, 2010, and the Company’s 10-Qs filed on May 6, 2010, August 13, 2010, and November 12, 2010, under the caption “Risk Factors.” The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Contact:
Allison Tomek
561-805-8000
atomek@positiveidcorp.com
Dan Schustack
CEOcast
212-732-4300
dschustack@ceocast.com
