PositiveID Corp (OTCMKTS:PSID) reported the first quarter achievements primarily related with the development and the testing of Firefly Dx. It is not a lab based but a handheld and real-time PCR-pathogen detection tool.

The highlights

PositiveID announced that it concluded the design of the Phase II prototype of Firefly Dx. It can be termed as the first major achieved in the development of the Phase II prototype. It stated developing the Phase II prototype of Firefly Dx and prepared M-BAND tools for field deployment and testing. PositiveID issued revenue guidance of $3 million to $6 million for FY2015.

The updates

PositiveID concluded the development of its Firefly Dx PCR chip, and initiated testing assays to assess the design of obtaining PCR results in less than twenty minutes. It even filed for a new patent in the U.S. fir Firefly Dx which constitutes a cyclical method of thermal cycling necessary to finish real-time PCR and provide immediate results in less than 20 minutes. The company also completed as additional evaluation of its Phase II Firefly Dx.

The expert view

William J. Caragol, the Chairman of PositiveID Corp (OTCMKTS:PSID), said that as PositiveID continues to progress with the development and evaluation of Firefly Dx, the management is pleased with the progress to date. There is an opportunity to offer an innovative system that could change the way biological samples are analyzed, while providing significant value to the company’s stockholders.

The system

PositiveID has designed Firefly DX to get real-time, accurate diagnostic findings by using a handheld device. It can be used instantly at the point of need. The existing systems are dependent on lab-based equipments and needs long hours or days to come up with the results.

In last trading session, the stock price of PositiveID jumped more than 9% to close the trading session at $0.0198 on the share volume of 5.49 million.