VeriChip Corporation ("VeriChip") (NASDAQ: CHIP) announced today that it has entered into a strategic partnership with the Diabetes Research Institute ("DRI") to combine efforts on the further development of the glucose-sensing radio frequency identification (RFID) microchip in conjunction with VeriChip's development partner, RECEPTORS LLC. VeriChip and DRI also intend to create a prospective, randomized, comparative clinical study that will seek to address the lack of appropriate, concise, and up-to-date patient health information available to both practitioners caring for diabetic patients and the patients themselves through the utilization of VeriChip's interoperable personal health record, Health Link, and an electronic medical record system.
Robert Pearlman, President and CEO of the DRI Foundation, said, "We are pleased to partner with VeriChip on this important initiative to develop a glucose-sensing RFID microchip, which could potentially improve patient care and compliance among individuals with diabetes. Furthermore, we believe access to a personal health record is vital for all patients, but particularly those with chronic illnesses. Our relationship with VeriChip will enable us to provide that access to our patients and study the utility of Health Link and the role it plays within a larger electronic medical record system."
The DRI is a recognized world leader in cure-focused research. The most comprehensive diabetes research facility of its kind, the DRI is credited with changing the international research paradigm, ensuring that promising findings in the lab can be translated to patients in the fastest, safest and most efficient way possible. Through this translational process, the DRI bridges programs in the rapidly evolving fields of pancreatic stem cell development, tissue engineering, transplant immunology, cell transdifferentiation, molecular biology and regenerative medicine, among others, to approach the cure with a true multidisciplinary strategy.
VeriChip previously announced in November 2008 that RECEPTORS completed Phase I of the development of the glucose-sensing RFID microchip, which demonstrated the proof-of-concept foundation of the glucose-sensing system. The companies expect Phase II will demonstrate a glucose concentration response in the presence of blood and interstitial fluid matrix components. The companies published a white paper entitled, "Development of an Implantable Glucose Sensor," which outlines the product’s development and is available at www.verichipcorp.com.
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