PositiveID Corporation ("PositiveID" or the "Company") (NASDAQ: PSID) announced today that it has completed development of the initial prototype of its iGlucose system, creating a small cradle that connects to any data-capable glucose meter to automatically communicate a diabetic's blood sugar readings to the iGlucose online database. As a result of the early completion of the prototype, the Company is highly focused on commercialization efforts and is accelerating its launch plans. iGlucose provides next generation, real-time data to improve diabetes management and help ensure patient compliance, data accuracy and insurance reimbursement.
The iGlucose system is a stand-alone, self-contained unit that automatically queries a diabetic user's data-capable glucometer for blood glucose data and sends that data via encrypted SMS text messaging to an online database. The iGlucose system functions without the use of a cell phone, wireless network, telephone line or personal computer. At the patient's discretion, blood glucose data can also be forwarded to physicians and caregivers at predetermined intervals.
According to a November 2009 study by researchers at the University of Chicago published in the journal Diabetes Care, the number of diabetics in the U.S., which currently stands at 23.7 million, may almost double in 25 years, and the annual cost of treating them may triple to $336 billion.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "We are pleased to complete the initial prototype of the iGlucose system ahead of schedule and we are intently focused on bringing this product to market. We believe iGlucose can play an important role in diabetic care, helping patients to take a proactive role in managing their disease on a macro level, which could not only improve the condition of their disease but also reduce costs to the healthcare system and insurers."
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