DELRAY BEACH, Fla., April 4, 2011 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID") (Nasdaq:PSID), a leader in next generation patient monitoring and diagnostics, announced today that it has partnered with Taiwan-based HMD BioMedical ("HMD"), a manufacturer of FDA-cleared glucometers and testing strips. The companies are finalizing the development of "iGlucometer," a single unit combining HMD's patented meter technology with PositiveID's patent pending iglucose™ technology embedded directly within the glucometer. PositiveID has already received its first order, for 15,000 units from Liberator Medical Holdings, Inc.
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Upon completion of a standard finger stick test, the iglucose technology automatically transmits the blood glucose result to a secure diabetes management web portal and, at the patient's discretion, to designated third parties such as healthcare professionals, caregivers and insurance providers.
PositiveID's existing iglucose universal device (www.iglucose.com) currently connects externally to data-capable glucometers to provide next generation, real-time data to improve diabetes management. PositiveID and HMD are finalizing the development of the iGlucometer using HMD's patented and proven glucometer technology. Dr. Tim Hsu, President of HMD, said, "HMD has been innovating blood glucose meter and strip technology for over a decade, and being the first to incorporate PositiveID's advanced data transmission technology into our meters will help keep HMD at the cutting edge of diabetes testing."
PositiveID received an initial order from Liberator Medical Holdings, Inc. ("Liberator") for 15,000 integrated iglucose units. PositiveID's OEM agreement with HMD will position PositiveID to fulfill this order from Liberator. Liberator offers over 5,000 products to Medicare-eligible patient populations with chronic conditions requiring repeat-orders of maintenance supplies. Liberator's order is subject to PositiveID having obtained all final regulatory clearances required to sell iglucose in the United States.
Mark Liberatore, Chairman and President of Liberator Medical, said, "The iGlucometer presents us with the opportunity to strongly target segments of the diabetic market with a product that has significant benefits to the patient, with clear differentiation from competing devices."
Scott R. Silverman, Chairman and CEO of PositiveID, said, "We believe this next step in our iglucose development will allow us to help change the way people with diabetes manage their disease. By having 'iglucose inside' in a glucometer, there will be no extra equipment required to create an automatic system for not only measuring a patient's blood glucose levels, but then wirelessly creating automatic logbooks and reports of those readings and sharing them with third parties. We believe this complete solution is of great interest to the diabetic community, as evidenced by our initial order from Liberator, and we are working diligently to make it a reality. Furthermore, the iGlucometer opens a potential source of significant revenue for PositiveID as we explore sales and licensing opportunities for our diabetic test strips."
HMD BioMedical Inc Taiwan (www.hmdbio.com) has manufactured glucometers for more than 10 years. Its patents cover proprietary technology to its meters, and test strips. The company has over 300 employees and the in-house capabilities for engineering, research, production, regulatory and QA. HMD is ISO certified and its products carry the CE mark.
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.
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Statements about PositiveID's future expectations, including PositiveID's and HMD's ability to finalize the development of "iGlucometer," a single unit combining HMD's patented meter technology with PositiveID's patent pending iglucose™ technology embedded directly within the glucometer; the ability of PositiveID to fulfill its first order, for 15,000 units from Liberator Medical Holdings, Inc.; the ability of PositiveID's existing iglucose universal device to provide next generation, real-time data to improve diabetes management; the likelihood that PositiveID's OEM agreement with HMD will position PositiveID to fulfill this order from Liberator; the ability of PositiveID to obtain all final regulatory clearances required to sell iglucose in the United States; the likelihood that this next step in PositiveID's iglucose development will allow the company to help change the way people with diabetes manage their disease; the likelihood that the complete iGlucometer solution is of great interest to the diabetic community; the likelihood that the iGlucometer opens a potential source of significant revenue for PositiveID as it explores sales and licensing opportunities for its diabetic test strips; 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 develop, test and commercialize the iGlucometer, 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 25, 2011, 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.
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