VeriChip Corporation ("VeriChip") 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 that VeriChip plans to fund its existing development partnership with RECEPTORS to launch Phase II development of an in vivo glucose-sensing RFID microchip. In Phase II of this program, which is expected to be completed in the second quarter of 2010, the critical binding environment and competitor agent components of the glucose sensor will be optimized for system stability, sensitivity and specificity.
VeriChip previously announced in November 2008 that RECEPTORS completed Phase I of the project and successfully prepared prototype examples for both the glucose-selective binding environment and the glucose-competitive signaling component. These critical components were used to demonstrate the bench-top format application of the glucose-sensing system to the detection of glucose levels. This demonstration is the proof-of-concept foundation of the glucose-sensing system.
Also in November 2008, VeriChip's Chairman and CEO, Scott R. Silverman, purchased 5.4 million shares of VeriChip common stock from former controlling stockholder Digital Angel Corporation. Simultaneously, in a separate transaction, VeriChip purchased from Digital Angel all patents related to an embedded bio-sensor system for use in humans and the assignment of any rights of Digital Angel under a development agreement associated with the development of the implantable glucose-sensing microchip. These two events positioned the Company to move forward with the development of the in vivo glucose-sensing RFID microchip.
The goal of Phase II is to optimize the sensing system for its 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.
Robert E. Carlson, Ph.D., President and Chief Science Officer at RECEPTORS LLC, said, "The development of a viable in vivo glucose-sensing device has been hampered by both the instability of the component reagents and the difficulty of integrating the diverse system requirements of long-term stability, simplicity, biocompatibility, etc. into a millimeter scale device. Phase II will build on the proof-of-concept success of Phase I to produce the foundation upon which we will build the implantable glucose sensor."
The partners published a white paper in December 2007 entitled, "Development of an Implantable Glucose Sensor," which is available at www.verichipcorp.com.
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 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 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 visit at www.verichipcorp.com.