PositiveID Corporation (OTCQB: PSID) shares have seen decent volumes over the past three months, with average daily volume of around 5.7 million shares. However, shares of PositiveID Corporation (OTCQB: PSID) are experiencing heavy volume within the first hour of trading on May 25, 2016. Over 10 million shares had exchanged hands or around $83,000 in dollar volume.
PositiveID Corporation (OTCQB: PSID) saw shares up over 30% early in the trading day after the company’s flagship handheld pathogen detector, Firefly Dx, was able to successfully detect the Zika Virus. While the Firefly Dx is still in the development and prototype stages, the successful identification of the Zika Virus shows that the Firefly Dx has potential to be used as a screener for serious diseases and viruses. Here is a press release detailing PositiveID Corporation (OTCQB: PSID)’s successful Firefly Dx test:
DELRAY BEACH, Fla., May 25, 2016 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (PSID), a life sciences company focused on detection and diagnostics, announced today that it has successfully detected the Zika virus on its Firefly Dx polymerase chain reaction (“PCR”) breadboard prototype pathogen detection system (“prototype system”). Zika is a fever-causing virus transmitted by the Aedes Aegypti mosquito that can cause microcephaly, a serious congenital condition in which babies are born with head and brain abnormalities, and Guillain-Barre syndrome, a rare neurological disorder that can result in paralysis.
PositiveID used assay partner GenArraytion, Inc.’s Aedes AegyptiMultiFLEX™ Bioassay test, which targets four genetic regions of the Zika virus, on PositiveID’s Firefly Dx prototype system. The Zika virus test works with an existing GenArraytion MultiFLEX™ Bioassay panel that targets viruses that cause dengue fever, yellow fever and Chikungunya, which are also carried by the same mosquito and are known to cause febrile disease in humans. This test both identifies and discriminates between the Zika African and Brazilian lineages.
PositiveID is developing the Firefly Dx prototype system to be a handheld, fully automated, lab quality, real-time device able to detect bio-threats at the point of need. Currently, PCR tests are run on large lab equipment and take a minimum of four hours to deliver results. A design advantage of Firefly Dx is that it does not require additional equipment or separate steps for sample preparation and purification, unlike current lab-based equipment, thus reducing time to results as well as cost per test. In addition, there is significantly less chance of sample contamination compared to existing testing methods.
“Rapid identification of Zika at the source could drastically help containment measures and therefore control transmission of the virus,” stated William J. Caragol, Chairman and CEO of PositiveID. “With grave concerns about the effects of Zika on pregnant women, having the ability to quickly and accurately identify Zika and other bio-threats at the point of need without having to take samples back to a lab, which is the fundamental value proposition of Firefly Dx, could help protect the lives of unborn children.”
The Firefly Dx prototype system has also successfully detected a number of other pathogenic organisms including E.coli, influenza, MRSA, MSSA, C. diff and others.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company with an extensive patent portfolio. PositiveID develops biological detection and diagnostics systems, specializing in the development of microfluidic systems for the automated preparation of and performance of biological assays. PositiveID is also a leader in the mobile technology vehicle market, with a focus on the laboratory market and homeland security. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID’s future expectations, including the likelihood that a design advantage of Firefly Dx is that it reduces time to results as well as cost per test; the likelihood that there is significantly less chance of sample contamination with Firefly Dx compared to existing testing methods; the likelihood that rapid identification of Zika at the source could drastically help containment measures and therefore control transmission of the virus; the likelihood that having the ability to quickly and accurately identify Zika and other bio-threats at the point of need without having to take samples back to a lab, which is the fundamental value proposition of Firefly Dx, could help protect the lives of unborn children; constitute “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, without limitation, the Company’s ability to target the bio-threat detection and rapid medical testing sectors; the Company’s ability to complete the development of its Firefly Dx system; as well as 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 April 12, 2016, and 10-Qs filed on May 16, 2016, November 12, 2015, and August 13, 2015, 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.