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PositiveID Corporation Completes Initial Prototype of its iGlucose Product for Real-Time Diabetes Management
Delivery of the prototype is ahead of schedule; Company accelerates launch plans
businesswire
The iGlucose system consists of a small cradle that connects to any data-capable glucose meter to automatically communicate a diabetic's blood sugar readings to the iGlucose online database. (Photo: Business Wire). View Multimedia Gallery
The iGlucose system consists of a small cradle that connects to any data-capable glucose meter to automatically communicate a diabetic's blood sugar readings to the iGlucose online database. (Photo: Business Wire).
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Press Release Source: PositiveID Corporation On Monday May 17, 2010, 9:00 am EDT
DELRAY BEACH, Fla.--(BUSINESS WIRE)--PositiveID Corporation (“PositiveID” or the “Company”) (NASDAQ: PSID - News) announced today that it has completed development of the initial prototype of its iGlucose system, creating a small cradle that connects to any data-capable glucose meter to automatically communicate a diabetic’s blood sugar readings to the iGlucose online database. As a result of the early completion of the prototype, the Company is highly focused on commercialization efforts and is accelerating its launch plans. iGlucose provides next generation, real-time data to improve diabetes management and help ensure patient compliance, data accuracy and insurance reimbursement.
The iGlucose system is a stand-alone, self-contained unit that automatically queries a diabetic user’s data-capable glucometer for blood glucose data and sends that data via encrypted SMS text messaging to an online database. The iGlucose system functions without the use of a cell phone, wireless network, telephone line or personal computer. At the patient’s discretion, blood glucose data can also be forwarded to physicians and caregivers at predetermined intervals.
According to a November 2009 study by researchers at the University of Chicago published in the journal Diabetes Care, the number of diabetics in the U.S., which currently stands at 23.7 million, may almost double in 25 years, and the annual cost of treating them may triple to $336 billion.
Scott R. Silverman, Chairman and CEO of PositiveID, said, “We are pleased to complete the initial prototype of the iGlucose system ahead of schedule and we are intently focused on bringing this product to market. We believe iGlucose can play an important role in diabetic care, helping patients to take a proactive role in managing their disease on a macro level, which could not only improve the condition of their disease but also reduce costs to the healthcare system and insurers.”
About PositiveID Corporation
PositiveID Corporation develops and markets healthcare and information management products through its RFID-based diagnostic devices and identification technologies, and its proprietary disease management tools. PositiveID operates in two main divisions: HealthID and ID Security. For more information on PositiveID, please visit www.PositiveIDCorp.com.
Statements about PositiveID’s future expectations, including the likelihood that the Company can successfully bring the iGlucose system to market, the functionality of the iGlucose system and online database, the Company’s ability to accelerate its launch plans, the likelihood that the number of diabetics may almost double in 25 years and the annual cost of treating them may triple of $336 billion, the ability of the iGlucose system to play an important role in diabetic care, helping patients to take a proactive role in managing their disease to not only improve the condition of their disease but also reduce costs to the healthcare system and insurers, 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, fund and commercialize the iGlucose system, 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-Q filed on May 6, 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.
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