A biological detection and diagnostics solutions developer on Tuesday released its 2014 year-end update on opportunities in the market for its medical diagnostics and homeland security technologies.
PositivieID (PSID) is a growing company that has $30 million worth of contract funding from the U.S. Department of Homeland Security. The company is developing a product called the Microfluidic Bio-agent Autonomous Networked Detector (M-BAND) that can detect airborne pathogens.
"As 2014 draws to a close, we are providing this updated report to highlight our significant accomplishments for the year, and also give an outlook to our stockholders and the investor community on future market opportunities for 2015 and beyond," said William J. Caragol, PositiveID's chairman and CEO.
The report indicated PSID started generating revenue this year, and increased its projected revenue for 2014 and 2015 to $3.6 million.
“M-BAND is positioned to capitalize on the next generation of BioWatch, the U.S. government’s $3 billion program to detect the release of pathogens into the air as part of a defense against potential terrorist attacks on major American cities,” according to the report.
The company's product is one of two that is capable of completing the current requirements of BioWatch for detecting pathogens, and the only product that has completed field testing both in the United States and internationally, the report said.
Current detection time takes anywhere from 36 to 48 hours, but the M-BAND's fully automated system takes about three to six hours.
The report also reported other contracts signed by PSID in 2014 including a $1 million contract with United Technologies Aerospace Systems, which looks to detect biological threats.