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 received 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," to use in conjunction with
VeriChip's Patent No. 7,125,382 entitled "Embedded Bio-Sensor
System," to develop an in vivo glucose-sensing RFID microchip.
According to the American Diabetes Association, there are 23.6
million people in the United States, or 8 percent of the
population, who have diabetes. Furthermore, the total prevalence of
diabetes increased 13.5 percent from 2005 to 2007. The successful
development and commercialization of VeriChip's glucose-sensing
microchip could negate the need for diabetics to draw blood samples
multiple times each day to read their blood glucose levels.
Instead, VeriChip believes that patients implanted with the
glucose-sensing microchip, if successfully developed, could get a
rapid reading of their blood sugar with a simple wave of a handheld
scanner.
Last week, VeriChip announced its plans to fund Phase II
development of its existing partnership with RECEPTORS to develop
the glucose-sensing RFID microchip. The goal of Phase II is to
optimize the sensing system’s glucose response in the presence of
blood and interstitial fluid matrix components and demonstrate the
integration of the sensing system components into a stable and
reproducible glucose sensor. VeriChip previously announced in
November 2008 that RECEPTORS completed Phase I of the project,
which demonstrated the proof-of-concept foundation of the
glucose-sensing system. The companies have published a white paper
entitled, "Development of an Implantable Glucose Sensor," which
outlines the product’s development and is available at
www.verichipcorp.com.
Scott R. Silverman, Chairman and CEO of VeriChip, said, "We are
pleased to expand our relationship with RECEPTORS and our
intellectual property position as we focus on the development of
the glucose-sensing microchip and the virus triage detection system
for the H1N1 virus."
VeriChip's Patent No. 7,125,382 for an "Embedded Bio-Sensor
System" covers a bio-sensor system that utilizes radio frequency
identification technology and that includes a remote transponder in
wireless communication with an implantable passively-powered
on-chip transponder. The bio-sensor system is specifically adapted
to provide a substantially stable and precise sensor reference
voltage to a sensor assembly that is included with the on-chip
transponder. The remote transponder is also configured to remotely
receive data representative of a physiological parameter of the
patient as well as identification data and may enable readout of
one or more of the physiological parameters that are measured,
processed and transmitted by the on-chip transponder upon request
by the remote transponder. The precision and stability of the
sensor reference voltage is enhanced by the specific circuit
architecture of the glucose sensor to allow for relatively accurate
measurement of the physiological parameter such as measurement of
glucose concentration by a glucose sensor without the use of a
microprocessor.
About RECEPTORS LLC
RECEPTORS LLC develops SMART MATERIALS products for laboratory,
clinical, industrial hygiene and healthcare use that selectively
capture and measure chemical, biochemical and cellular targets from
complex biological, environmental or industrial samples. The
Company's patented AFFINITY by DESIGN™ platform has broad
applicability, ranging from the isolation of disease pathway
proteins for drug discovery and production of therapeutic
antibodies, to the capture of bacteria and viruses for disinfection
and diagnostic purposes. RECEPTORS LLC is a private company based
in suburban Minneapolis, Minnesota. For further information please
visit http://www.receptorsllc.com.
About VeriChip Corporation
VeriChip Corporation, headquartered in Delray Beach, Florida,
has developed the VeriMed™ Health Link System for rapidly and
accurately identifying people who arrive in an emergency room and
are unable to communicate. This system uses the first
human-implantable passive RFID microchip and corresponding personal
health record, cleared for medical use in October 2004 by the
United States Food and Drug Administration.
On September 8, 2009, Steel Vault Corporation (OTCBB:SVUL)
announced it agreed to be acquired by VeriChip Corporation to form
PositiveID Corporation. PositiveID will provide identification
technologies and tools to protect consumers and businesses. The
companies expect the merger to close in the fourth quarter of
2009.
For more information on VeriChip, please call 1-800-970-2447, or
e-mail info@verichipcorp.com. Additional information can be found
online at www.verichipcorp.com.
Statements about VeriChip’s future expectations, including that
the Phase II development of in vivo glucose-sensing RFID microchip
will optimize the sensing system’s glucose response in the presence
of blood and interstitial fluid matrix components and demonstrate
the integration of the components into a stable and reproducible
glucose sensor, the ability of the glucose-sensing microchip being
developed with partner RECEPTORS LLC to eliminate the need for
millions of diabetics to prick their fingers multiple times per day
and get a rapid reading of their blood sugar with a simple wave of
a handheld scanner, its plans to fund the Phase II development of
the in vivo glucose-sensing microchip, the ability of RECEPTORS LLC
to complete the Phase II goal, management’s ability to focus on the
development of the glucose-sensing microchip and the virus triage
detection system for the H1N1 virus, the expectation that the
merger will close in the fourth quarter of 2009, and all other
statements in this press release other than historical facts are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and as that term is defined in the Private Litigation
Reform Act of 1995. Such forward-looking statements involve risks
and uncertainties and are subject to change at any time, and
VeriChip’s actual results could differ materially from expected
results. These risks and uncertainties include the Company’s
ability to successfully develop and commercialize the microchip,
the market acceptance of the microchip, the Company’s and
RECEPTORS’ ability to develop a microchip, the validity, scope and
enforceability of the Company’s patents and those related to the
microchip, the protection afforded by the Company’s patents and
those related to the microchip, the Company’s ability to complete
the development phases in certain time frames, government
regulations relating to the microchip, the Company’s ability to
fund the continued development of the microchip, the timing and
success of submission, acceptance and approval of required
regulatory filings; as well as certain other risks. Additional
information about these and other factors that could affect the
Company’s business is set forth in the Company’s various filings
with the Securities and Exchange Commission, including those set
forth in the Company’s 10-K filed on February 12, 2009, under the
caption “Risk Factors.” The Company undertakes no obligation to
update or release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this statement
or to reflect the occurrence of unanticipated events, except as
required by law.
Additional Information and Where to Find It
On September 8, 2009, VeriChip and Steel Vault issued a joint
press release announcing the signing of an Agreement and Plan of
Reorganization, among VeriChip, Steel Vault and VeriChip
Acquisition Corp., a Delaware corporation and wholly-owned
subsidiary of VeriChip (the “Acquisition Subsidiary”), pursuant to
which the Acquisition Subsidiary will be merged with and into Steel
Vault, with Steel Vault surviving and becoming a wholly-owned
subsidiary of VeriChip (the “Merger”). Upon the consummation of the
Merger, each outstanding share of Steel Vault’s common stock will
be converted into 0.5 shares of VeriChip common stock.
In connection with the Merger, VeriChip filed with the
Securities and Exchange Commission (“SEC”) a Registration Statement
on Form S-4 that will contain a Joint Proxy Statement/Prospectus of
VeriChip and Steel Vault. Investors and security holders are urged
to read the Registration Statement and the Joint Proxy
Statement/Prospectus carefully because they contain important
information about VeriChip, Steel Vault and the proposed
transaction. The Joint Proxy Statement/Prospectus and other
relevant materials (when they become available), and any other
documents filed with the SEC, may be obtained free of charge at the
SEC’s web site (www.sec.gov). In addition, investors and security
holders may obtain a free copy of other documents filed by VeriChip
or Steel Vault by directing a written request, as appropriate, to
VeriChip at 1690 South Congress Avenue, Suite 200 Delray Beach,
Florida 33445, Attention: Investor Relations, or to Steel Vault at
1690 South Congress Avenue, Suite 200 Delray Beach, Florida 33445,
Attention: Investor Relations. Investors and security holders are
urged to read the Joint Proxy Statement/Prospectus and the other
relevant materials before making any voting or investment decision
with respect to the proposed transaction.
VeriChip, Steel Vault and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies in connection with the proposed
transaction.
Information regarding the interests of these directors and
executive officers in the proposed transaction will be included in
the Joint Proxy Statement/Prospectus referred to above. Additional
information regarding the directors and executive officers of
VeriChip is also included in VeriChip's Form 10-K, which was filed
with the SEC on February 12, 2009. Additional information regarding
the directors and executive officers of Steel Vault is also
included in Steel Vault's proxy statement (Form DEF 14A) for
the 2009 annual meeting of Steel Vault's stockholders, which was
filed with the SEC on February 9, 2009, as amended. These documents
are available free of charge at the SEC’s website (www.sec.gov) and
by contacting Investor Relations at the addresses above.
Verichip (MM) (NASDAQ:CHIP)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Verichip (MM) (NASDAQ:CHIP)
Historical Stock Chart
Von Jun 2023 bis Jun 2024