PositiveID Surges 50%, Gaining Traction In Global Growth Market Of Diabetes Monitoring
PositiveID Corporation (NASDAQ:PSID) gained 28.20% up to $1.50 with volume surging on no news. PSID is trading above its 200 day moving average of $1.03, and edging closer to its all time high of $1.65. PositiveID Corporation previously conducted business as VeriChip Corporation but changed its name to PositiveID Corporation on November 11th 2009. The medical application of the company’s proprietary RFID chip was recently profiled by Forbes, and The Journal of American Chemical Society, touting the technology’s potential to revolutionize the diabetes testing market, worldwide. The diabetes testing market is currently estimated to be valued at about $8 billion; the ever-increasing occurrence of diabetes is resulting in higher volumes of diagnostic tests, which is driving strong growth at an annual rate of about 7 percent.
Headquartered in Delray Beach, Florida, PositiveID Corporation develops, markets, and sells RFID systems to identify, locate, and protect people and assets in the healthcare market around the world. The company has business activities in three markets: Healthcare Security, which is an infant protection system; Implantable serves the VeriMed system, in which human RFID microchips are implanted for patient identification and security purposes; the Industrial application sells vibration monitoring tools for engineering, construction, and mining professionals to measure the effects of human induced vibrations from explosives; and Asset Management systems used by industrial companies to manage and track their mobile equipment and tools. The ultimate applications of RFID chips are much broader than healthcare and can eventually be used in all forms of identification including banking. In March 2009, PositiveID established a subsidiary, VeriGreen Energy Corporation, to focus and supply the clean and alternative energy sector.
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