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 has been granted an exclusive license to 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,” in their application to the development of the virus triage detection system for the H1N1 virus. The patents can also be applied to detection systems for other viruses and biological threats such as Methicillin-resistant Staphylococcus aureus (MRSA).
Last week, VeriChip announced its plans to fund its existing partnership with RECEPTORS to develop the virus triage detection system for the H1N1 virus. The companies have published a white paper entitled, "An Integrated Sensor System for the Detection of Bio-Threats from Pandemics to Emerging Diseases to Bioterrorism," which outlines the system's development and is available at www.verichipcorp.com.
Scott R. Silverman, Chairman and CEO of VeriChip, said, "In a short period of time following our announcement earlier this month that VeriChip has agreed to acquire Steel Vault Corporation (OTCBB: SVUL) and form PositiveID Corporation, we have been intently focused on maximizing our product portfolio and relationships in order to bring identification technologies and tools for consumers and businesses to market. Our strong balance sheet immediately positions us to invest in our partnership with RECEPTORS and we believe that receiving the exclusive license as it relates to this application of the '364 and '076 patents, which are the foundation of the virus triage detection system being developed with RECEPTORS, is a key step in the evolution of PositiveID."
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