On January 14, 2015, the company announced that it had completed the design of the second-phase (bench-top) prototype - the first major milestone in the development of the Firefly Dx second phase prototype. We view this as a significant operations update; PositiveID has begun to build the second-phase prototype, which should be complete during the first half of 2015. We were also pleased to see the company announce it had entered into a strategic financing of $4mn that should enabled the company to bring its Firefly technology to field testing and commercialization. Finally, the company reiterated its revenue guidance for the remainder of 2014E and 2015E in a range of $4mn to $10mn, in line with our outlook.
