DELRAY BEACH, Fla., Aug. 26, 2016 (GLOBE NEWSWIRE) -- PositiveID Corporation (OTCQB:PSID), a life sciences company focused on detection and diagnostics, announced today that it has completed its acquisition of Thermomedics Inc., the designer and marketer of the Caregiver® infrared, non-contact thermometer, which is FDA-cleared for clinical use.
Under a management services and control agreement, PositiveID assumed full operational control of Thermomedics in December 2015. PositiveID has now completed the acquisition of the capital stock of Thermomedics and terminated the Control Agreement.
Since assuming control of Thermomedics, the Company has expanded the distribution channel for Caregiver with several new healthcare products distributors, and has also revitalized sales and marketing efforts, with several significant opportunities in the pipeline.
Caregiver is a clinical grade, infrared thermometer for measurement of forehead temperature in adults, children, and infants, without contact. It delivers an oral-equivalent temperature directly from the forehead in one to two seconds. Since there is no skin contact and Caregiver does not require probe cover supplies, it reduces the risk of cross-contamination, which is an increasing concern, and saves healthcare facilities the cost of covers (as much as $0.05 to $0.10 per temperature), storage space, and waste disposal costs. It is estimated that Caregiver can offer savings of $250 or more per year per device in probe cover supplies alone.
William J. Caragol, Chairman and CEO of PositiveID, said, “While we have had full control and responsibility for all strategic, operational and financial decisions for Thermomedics since December, we are very pleased to have now officially completed the acquisition. This final step allows us to focus fully on bringing important sales opportunities to fruition, as we continue our work to capture a meaningful share of the fastest growing segment of the global thermometer market.”
The global market for temperature monitoring devices is forecast to reach $1 billion by 2020, with infrared thermometers experiencing the fastest growth driven in part by concerns over the spread of highly infectious diseases like Ebola, according to Global Industry Analysts, Inc.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company with an extensive patent portfolio. PositiveID develops biological detection and diagnostics systems, specializing in the development of microfluidic systems for the automated preparation of and performance of biological assays. PositiveID is also a leader in the mobile technology vehicle market, with a focus on the laboratory market and homeland security. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
