|Traded as||OTCQB: PSID|
|Industry||Healthcare and information management|
|Founder(s)||Applied Digital Solutions|
|Headquarters||Delray Beach, FL, USA|
|Revenue||US$ 43 thousand (2008)|
|Operating income||US$ -13.9 million (2008)|
|Net income||US$ -13.1 million (2008)|
|Total assets||US$ 3.5 million (2008)|
PositiveID develops and markets healthcare and information-management products through RFID-based diagnostic devices and identification technologies, and proprietary disease-management tools.
Acquisitions by PositiveID Corporation include EXI Wireless and Instantel, which were combined and renamed Xmark and later sold to the Stanley Works, Steel Vault Corporation, and Easy Check Medical Diagnostics, LLC.
PositiveID Corporation was formed on November 10, 2009, through the merger of VeriChip Corporation and Steel Vault Corporation.
The company operates in two main divisions: HealthID and ID Security. The company's HealthID business is further differentiated into its Human Health division and its Animal Health division.
HealthID focuses on bringing health solutions to consumers, animals and businesses based on the company's intellectual property. Through its ID Security segment, the company offers a web-based personal health record (PHR), and identity theft protection and related services (including credit monitoring and reporting) through National Credit Report.
An integral part of the foundation of PositiveID is its RFID human-implantable microchip for patient identification, the VeriChip. The company's RFID microchip traces back to the events of September 11, 2001, when New York firemen wrote their badge ID numbers on their chests in case they were found injured or unconscious. The product, modeled after a similar microchip used in pets, evolved from there. The company received U.S. Food and Drug Administration (FDA) clearance for the microchip in October 2004.
PositiveID's HealthID division aims to provide health solutions for consumers, businesses and animals, including blood glucose monitoring, rapid virus detection, and other diabetes management products.
The VeriMed system is a method of electronic patient identification, and consists of an FDA-cleared, RFID human-implantable microchip that links to a web-based PHR. This allows doctors immediate access to information of even non-responsive patients, and can help hospital personnel treat a non-communicative patient in the event of an emergency. The microchip does not contain any medical records; rather, it contains a 16-digit number that, when scanned with a proprietary hand-held reader from a distance of a few inches, connects to an online database.
The database houses the patient's identification information and PHR, which can only be accessed by medical professionals with the proper login and password information.
Currently, PositiveID does not actively market the VeriMed system.
In February 2010, PositiveID acquired the intellectual property rights and assets of Easy Check Medical Diagnostics, LLC, to expand its portfolio of non-invasive glucose-level testing products and diabetes management tools that are currently under development.
The Easy Check breath glucose test is a non-invasive glucose detection system that measures acetone levels in a person's exhaled breath. The association between acetone levels in the breath and glucose is well documented, but previous data on the acetone/glucose correlation has been insufficient for reliable statistics. Easy Check's breath glucose detection system combines a proprietary chemical mixture with breath exhalate, which is intended to create a new molecular compound that can be measured with technology that is currently patent-pending. If successful, this product could eliminate a patient's need to prick his or her finger multiple times per day to get a blood sugar reading.
The iGlucose system uses wireless SMS technology to automatically communicate a diabetic's glucose readings to the iGlucose online database. iGlucose is intended to provide real-time data to improve diabetes management and help ensure patient compliance, data accuracy and insurance reimbursement.
PositiveID also owns a patent related to an embedded bio-sensor system. One potential application of this bio-sensor system is an implantable, bio-sensing RFID microchip that measures glucose levels in the body in real time.
In late 2007, PositiveID entered into a development agreement with RECEPTORS LLC, an expert in the field of proteomics and the development of artificial receptors, to develop a prototype-level glucose sensor to use in conjunction with an implantable bio-sensing RFID microchip to measure glucose levels in the body.
Pandemic virus detection
PositiveID, in conjunction with RECEPTORS LLC, is also developing a rapid virus detection system for the H1N1 virus and other pandemic illnesses. The point-of-care virus triage detection system is intended to initially provide two levels of identification within minutes. Once developed, these two levels of identification would be derived from material taken from the patient's nasopharyngeal swab and communicated through a low-cost reader.
The first level informs the user of whether the test sample is flu or non-flu; if the sample is flu-positive, the second level of detection identifies the sub-type of flu virus in question (e.g., H1N1, avian, etc.) It will also act to alert the user to the presence of pandemic threat viruses.
PositiveID's ID Security business provides products to help secure the vital personal information of patients, consumers and businesses.
Health Link is a web-based PHR system that enables users to store, access, and manage personal health information from a single online location. Health Link allows users to upload, store and download health information such as medical history, allergies, medications, X-Rays, scans, copies of notes from doctors visits, and contact information for doctors, insurance companies and family members. The data stored in a Health Link PHR can be used when patients routinely visit doctors and share records with a medical team in the event of an emergency.