PositiveID initiates acquisition of Thermomedics

PositiveID initiates acquisition of Thermomedics.
PositiveID initiates acquisition of Thermomedics. | Courtesy of Thermomedics, Inc.

PositiveID Corp. has made a stock purchase agreement that would bring Thermomedics, Inc. under its ownership, the company announced on Tuesday.

Thermomedics is the company behind the Caregiver infrared thermometer that is capable of measuring temperature without contact for clinical purposes. The company also has agreements with many health care product distribution partners. Through this acquisition, PositiveID anticipates that these channels will be opened up to the company’s other offerings including the Firefly Dx Polymerase Chain Reaction (PCR) detection device currently in development.

"We are very excited about the evolving business opportunities for Caregiver, which we expect to contribute revenue to the company in 2016," William Caragol, chairman and CEO of PositiveID, said. "Further, the additional qualitative synergies of an experienced management team with proven regulatory, sales, distribution and manufacturing expertise we believe will be of great value when we reach commercialization of Firefly Dx."

Through this agreement, PositiveID will be tasked with strategic, operational and financial activity associated with Thermomedics and will be taking on the latter’s financial obligations.

According to PositiveID, the directors and officers of the company have been replaced, but Gary O’Hara and Ron Benincasa, Thermomedics' chief technology officer and vice president of sales and marketing, respectively, will be leading Caregiver business operations.

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