VeriChip Corporation Granted Exclusive License for Patents Used in Virus Triage Detection System for H1N1 Virus
21 Septiembre 2009 - 8:00AM
Business Wire
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 been granted 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,” in their application to the
development of the virus triage detection system for the H1N1
virus. The patents can also be applied to detection systems for
other viruses and biological threats such as Methicillin-resistant
Staphylococcus aureus (MRSA).
Last week, VeriChip announced its plans to fund its existing
partnership with RECEPTORS to develop the virus triage detection
system for the H1N1 virus. The companies have published a white
paper entitled, "An Integrated Sensor System for the Detection of
Bio-Threats from Pandemics to Emerging Diseases to Bioterrorism,"
which outlines the system's development and is available at
www.verichipcorp.com.
Scott R. Silverman, Chairman and CEO of VeriChip, said, "In a
short period of time following our announcement earlier this month
that VeriChip has agreed to acquire Steel Vault Corporation (OTCBB:
SVUL) and form PositiveID Corporation, we have been intently
focused on maximizing our product portfolio and relationships in
order to bring identification technologies and tools for consumers
and businesses to market. Our strong balance sheet immediately
positions us to invest in our partnership with RECEPTORS and we
believe that receiving the exclusive license as it relates to this
application of the '364 and '076 patents, which are the foundation
of the virus triage detection system being developed with
RECEPTORS, is a key step in the evolution of PositiveID."
About RECEPTORS LLC
RECEPTORS LLC is a private company based in Chaska, Minnesota.
RECEPTORS' mission is to advance the diagnosis and treatment of
disease and to enhance the health, safety, and quality of the
global environment through the development and application of
artificial receptor products for both research and industry. To
achieve this mission, RECEPTORS focuses its individual and
collective efforts, its commitment to excellence, and the power of
its technology to develop innovative solutions that meet the unique
needs of its customers and stakeholders. 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, VeriChip announced it agreed to acquire
Steel Vault 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 its
ability to develop a triage detection system for detection of the
H1N1 virus, the ability of the virus triage detection system to
help process patient samples, its ability to fund its existing
partnership with Receptors, its ability to maximize its product
portfolio and relationships in order to bring identification
technologies and tools for consumers and businesses to market, the
receipt of the exclusive license as it relates to this application
of the '364 and '076 patents and its role in the evolution of
PositiveID, 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. 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.
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