PositiveID Enters Into Agreement to Acquire Thermomedics Inc. and the Caregiver(R) Non-Contact Thermometer

DELRAY BEACH, Fla., Oct. 21, 2015 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, announced today that it has entered into an agreement to acquire the capital stock of Thermomedics, Inc. (“Thermomedics”), which manufactures and markets the FDA-cleared Caregiver® non-contact clinical-grade thermometer. This acquisition is a part of PositiveID’s overall growth strategy to add revenue-generating, complementary products with significant market penetration potential to its portfolio. PositiveID will continue to look at other opportunities to execute this growth strategy.
The Caregiver thermometer was developed by the inventors of tympanic thermometry and is the world’s first non-contact device with TouchFree™ technology. Caregiver is a clinical-grade, infrared thermometer for measurement of forehead temperature in adults, children, and infants, without contact. Since there is no skin contact and Caregiver does not require probe cover supplies, it reduces the risk of cross-contamination and saves the healthcare facility the cost of covers (as much as $0.05 to $0.15 per temperature), storage space, as well as waste disposal costs.
Due to its ability to provide TouchFree temperatures thereby helping to improve infection control efforts, Caregiver has been utilized recently by both government and commercial customers in the fight against the spread of Ebola.
The established distribution and customer channels for Caregiver are expected to provide synergies to PositiveID as it continues the development and testing of its Firefly Dx real-time pathogen detection system and prepares for commercialization. Thermomedics currently has agreements with the world’s leading healthcare product distributors.
“We believe that once completed, the acquisition of Thermomedics will bring an exciting product and management team to our portfolio as we continue toward commercialization of Firefly Dx,” stated William J. Caragol, Chairman and CEO of PositiveID. “Not only will Caregiver provide additional revenue for PositiveID, we believe it will also provide opportunities to fight against the spread of disease, while providing a pathway to customers and delivering proven manufacturing and FDA expertise.”

Sourced through Scoop.it from: money.cnn.com

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