DELRAY BEACH, Fla., Dec. 08, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a life sciences company with an extensive patent portfolio, announced today that it has entered into a First Amendment to the Stock Purchase Agreement to acquire Thermomedics, Inc., which markets the FDA-cleared Caregiver® non-contact thermometer, and entered into a Management Services and Control Agreement, whereby the seller of Thermomedics has fully transferred control of Thermomedics to PositiveID.
In conjunction with these agreements, PositiveID has replaced all of the directors and officers of Thermomedics, Inc. Gary O’Hara, Chief Technology Officer of Thermomedics, and Ron Benincasa, Vice President of Sales and Marketing of Thermomedics, will continue as the leaders of the Caregiver business.
Caregiver is a clinical grade, infrared thermometer for measurement of forehead temperature in adults, children, and infants, without contact. Since there is no skin contact and Caregiver does not require probe cover supplies, it reduces the risk of cross-contamination and saves healthcare facilities the cost of covers (which are as much as $0.05 to $0.15 per temperature), storage space, and waste disposal costs. Caregiver is the world’s first non-contact device with TouchFree™ technology and was developed by the inventors of tympanic thermometry.
Thermomedics currently has agreements with the world’s leading healthcare product distributors. The established distribution and customer channels, including the federal government, for Caregiver are expected to provide synergies to PositiveID as it continues the development and testing of its Firefly Dx real-time pathogen detection system and prepares for commercialization.
“We are very excited about the evolving business opportunities for Caregiver, which we expect to contribute revenue to the Company in 2016,” stated William J. Caragol, Chairman and CEO of PositiveID. “Further, the additional qualitative synergies of an experienced management team with proven regulatory, sales, distribution and manufacturing expertise we believe will be of great value when we reach commercialization of Firefly Dx.”
The global market for temperature monitoring devices is forecast to reach $1 billion by 2020, with infrared thermometers experiencing the fastest growth driven in part by concerns over the spread of highly infectious diseases like Ebola, according to Global Industry Analysts, Inc.
Pursuant to the Management Services and Control Agreement, PositiveID has sole responsibility for all strategic, operational and financial decisions of Thermomedics and will be fully responsible for its financial obligations. PositiveID will also benefit from any and all revenue generated by Thermomedics. The Company expects the closing of the Stock Purchase Agreement to occur in the first quarter of 2016.
Further details of the First Amendment to the Stock Purchase Agreement and the Management Services and Control Agreement are described in a Form 8-K filed with the SEC by PositiveID on December 7, 2015.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company that develops biological detection systems for point-of-need testing and America’s homeland defense industry. PositiveID is focused on the development of microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats and analyze biological samples. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
