Replies to post #2508 on PositiveID Corporation (fka PSID)

[Sparky635]

Interesting

[liv4ree]

I have copied and pasted this.
Pay special attention to the bold print under Bio-Sensors.

HealthID

PositiveID's HealthID division develops innovative health solutions for consumers, businesses and animals. From blood glucose monitoring and other diabetes management products to rapid virus detection, PositiveID is charting new ground with its exciting array of new medical technologies.

Diabetes Management

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 under development. With the Easy Check acquisition came two development products: the Easy Check breath glucose test , a non-invasive glucose detection system that measures acetone levels in a patient's exhaled breath; and the iGlucose system, which uses wireless SMS messaging to automatically communicate a diabetic's glucose readings to the iGlucose online database.

Bio-sensors

In addition to our intellectual property surrounding the implantable RFID microchip for patient identification, we own patents related to an embedded bio-sensor system. One potential application of this bio-sensor system is an implantable, bio-sensing RFID microchip to measure glucose levels in the body in real time.

MicroFluidic Systems

PositiveID's MicroFluidic Systems division, which operates as its MicroFluidic Systems ("MFS") subsidiary, develops sample preparation and biological detection systems. MFS began developing complex microfluidic systems to perform sample processing and purification for the Defense Advanced Projects Agency (DARPA). It then developed a similar system, including a thermal cycler for PCR analysis for the US Army's Edgewood Chemical and Biological Command (ECBC).

[greaseyfingers]

Doesn't anyone have an inelligent-response to FiscalCliffHanger post#2508


Maybe everybody has seen it already, but here's a piece of government's analysis on BioWatch program.

In October 2008, after determining that before it could be fully deployed as an interim solution, APDS would need nearly as much time in testing as the BAND-based technology, DHS decided
that both technologies should be tested simultaneously. In the same period, language in
the committee print accompanying the DHS appropriation act called for a competitive bid
process for the first testing phase of the Gen-3 acquisition. Staff of House Comm. On
Appropriations, 110th Cong. 656 (Comm. Print 2009). Five vendors responded to the
request for proposal and DHS awarded contracts to two—the vendor that manufactured
BAND (now known as M-BAND) and the vendor that used the APDS-based system (now
known as the Next Generation Automated Detection System, or NG-ADS). At this point,
both became Gen-3 candidate technologies, but only NG-ADS completed the first round of
testing.

If interested the whole document can be found here: www.gao.gov/products/GAO-12-810

IMHO it seems PSID is not so "well positioned" after all.

Moreover, 10-Q states:

"On August 28, 2012, we entered into an Asset Purchase Agreement with VeriTeQ (the "VeriTeQ Asset Purchase Agreement"), whereby VeriTeQ purchased all of the intellectual property, including patents and patents pending, related to our embedded biosensor portfolio of intellectual property. There were no proceeds received in connection with this sale and the intellectual property had a book value of nil. Under the VeriTeQ Asset Purchase Agreement, we are to receive royalties in the amount of ten percent (10%) on all gross revenues arising out of or relating to VeriTeQ's sale of products, whether by license or otherwise, specifically relating to the embedded biosensor intellectual property, to be calculated quarterly with royalty payments due within 30 days of each quarter end."

IMHO this basically means that former CFO's own company is picking up the same business elsewhere. And its not very hard to do as far as the whole business of PSID is basically IP only. And IP rights, as we all very well know, can be transferred with a single signature.

If interested the whole document can be found here: www.marketwatch.com/story/10-q-positiveid-corp-2012-11-16

And finally, the biggest red flag to me is when a company can not pay its own lawyers any more. And PSID is way past that already. How can you negotiate new funding when you don't have proper council any more....

I do hope I'm vastly mistaken translating the above mentioned bits and pieces.