VeriChip to fund its existing partnership with RECEPTORS

Sep 17 2009

VeriChip Corporation (“VeriChip”) (NASDAQ: CHIP) and its development partner RECEPTORS LLC, a technology company whose AFFINITY by DESIGN™ chemistry platform can be applied to the development of selective binding products, announced today that VeriChip plans to fund its existing partnership with RECEPTORS to continue the development of a triage detection system for detection of the H1N1 virus. As previously announced in April 2009, the partners executed a Memorandum of Understanding relating to the expansion of their development partnership and published a white paper entitled, "An Integrated Sensor System for the Detection of Bio-Threats from Pandemics to Emerging Diseases to Bioterrorism," which is available at www.verichipcorp.com.

Following VeriChip's announcement on September 8, 2009, that it has agreed to acquire Steel Vault Corporation (OTCBB: SVUL) and form PositiveID Corporation, a provider of identification technologies and tools for consumers and businesses, the companies will now fund the first phase of the triage detection system development. The companies plan to release more specific details of the functionality and the timing of the triage detection system next week.

Scott R. Silverman, Chairman and CEO of VeriChip, stated, "Since the strengthening of our balance sheet upon the receipt of almost $4.5 million at the end of July, we have focused on how to effectively use our working capital. The first decision was to acquire Steel Vault and form PositiveID to converge personal health records and secure personal financial information. The second is this – the funding and strengthening of our partnership with RECEPTORS to develop a first-of-its-kind H1N1 and other virus early detection system. As PositiveID continues to take form, we look to expand the breadth and depth of our identification technology and tool offerings and capabilities."

RECEPTORS' Patent No. 7,504,364 titled “Methods of Making Arrays and Artificial Receptors” and Patent No. 7,469,076 “Sensors Employing Combinatorial Artificial Receptors” are currently being applied to the development of diagnostic and sensor platforms for microbial pathogens and other biological threats.

http://www.verichipcorp.com/