PositiveID Corp. develops medical technologies for diabetes management, clinical diagnostics and bio-threat detection, seeking opportunities to expand into the clinical diagnostics market. In line with this plan, the company has acquired MicroFluidic Systems (MFSI), a company focused on the production of automated instruments for a broad spectrum of applications to detect and process biological samples.
Founded in 2001, MFSI has established a portfolio of intellectual property related to sample preparation and rapid medical testing applications that complement PositiveID’s portfolio of virus detection and diabetes management products.
MFSI has received more than $45 million in government contracts, most of which stem from the Department of Homeland Security.
“MFSI has had a successful history for the last decade in winning government contracts for our pathogen detection systems. As we look to expand into the clinical diagnostic market, we believe that being a part of PositiveID enables us to move more quickly and nimbly to play in this large and potentially lucrative space. We plan to begin marketing our assays for the commercial healthcare market immediately as PositiveID multiplexed bio-threat assays,” Dr. M. Allen Northrup, president and CEO of MFSI, stated in the press release.
MFSI has two main products: its M-BAND (Microfluidics-based Bioagent Autonomous Networked Detector) and Dragonfly solutions.
The M-Band pathogen detection system is a highly sensitive, early alert warning system that monitors for a biological attack by continuously analyzing air samples for the detection of bacteria, viruses and toxins with results in as little as two hours.
MFSI’s Dragonfly product consists of small microfluidic cartridges for biological sample processing and detection for clinical sample processing and detection, and biodefense applications. The cartridges provide results in minutes for a range of applications, including human papilloma virus, antibiotic-resistant bacteria (such as MRSA), forensic applications, E. coli, and other bio-threat agents.
“We believe MFSI, a company with a rich history of government contracts and a strong pipeline of future opportunities, provides us a platform to significantly grow our company and intellectual property portfolio,” Scott R. Silverman, Chairman and CEO of PositiveID, stated in the press release. “The addition of MFSI’s M-BAND and Dragonfly products enables us to grow into new markets such as homeland security, as well as improve and expand our applications for the clinical market.”
The deal is valued at $1.2 million, $950,000 of which was paid in PositiveID common stock; the remainder was paid in cash. Total potential consideration for the acquisition is $8.2 million through 2014 based on revenue and earnings targets over the four-year period.
For more information visit www.PositiveIDCorp.com
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