PositiveID Corp (OTCMKTS:PSID) has issued a corporate update for its shareholders, mostly related to its state of the art pathogen detection system, the Firefly Dx. Even though the stock has been experiencing constant decline for the past few sessions, but many analysts believe that the company’s new product has the potential to drive the stock up exponentially. This is mainly due to the fact that the detection system is handheld and takes only a few minutes to process the results.
The Firefly Dx makes use of polymerase chain reaction chemistry, to process molecular diagnostic results. The technology has been developed with the help of the M-band system, originally developed for the US Department of Homeland Security to detect airborne threats. The department funded $30 million in the research and development of the project. The handheld prototype of the Firefly Dx system is currently in phase-2. The device has been developed for a number of applications, which are not limited to patient diagnostics. The device can be used for pathogen detections in agriculture, domestic applications and pathogenic outbreaks.
The prototype is now set to be tested on a number of applications and is expected to return results in 20-minutes. PSID has filed two pending patent applications for the Firefly Dx, with one of them being for the thermal cycling procedure used in the product. The device is capable of detecting up to four pathogens at a time. PSID also confirmed that they have developed a procedure to identify influenza through the Firefly Dx. The company already has a marketing agreement in place with Directview Holdings. Additionally, the company has already initiated efforts to reach a sales agreement with the Department of Homeland Security. Currently, the company expects to generate revenues between $3 million and $6 million for the current fiscal year.
PositiveID Corp (OTCMKTS:PSID) traded 7.6 million shares during the July 7 session, to record an increase of 9.31% in its share value and reach a close at $0.0317.