With its recent announcement that it had completed design of its FireflyDx second-phase prototype, PositiveID received a positive stock analysis today.
The FireflyDX is a real-time handheld polymerase chain reaction pathogen detection system being developed by the company.
Although PositiveID's stock is down by approximately 22 percent so far this year, news of the prototype's design completion brought a positive review by Small Cap IR.
The company, which saw its stock begin to climb in October amid the Ebola scare in the U.S., reported revenue of approximately $325,000 in the third quarter of 2014. It was the first time PositiveID had generated revenue since its launch in 2011.
Fourth quarter revenue is expected to be released soon.
PositiveID also announced earlier this month it had begun building the Firefly Dx prototype and expects to complete the prototype within the first half of 2015. The company has also secured $4 million in financing that would allow the Firefly technology to be field tested and commercialized.
The Small Cap IR report said there has been a surge in the bio-detection market since 2001 when there was a national scare over Anthrax. The market continued to climb in 2004 when ricin letters were sent to government officials, in 2003 when SARS was in the news and during the 2009 H1N1 health crises.
Small Cap IR said it would expect the market for bio-detection to continue to increase in the future.