Vancouver, British Columbia--(Newsfile Corp. - July 22, 2013) - New York based investment firm Taglich Brothers has initiated coverage on PositiveID Corporation (OTCQB: PSID). Analyst Howard Halpern gives the company a speculative buy rating, and a 12 month target price of $0.30, a premium of 200% to the $0.10 price the day the report was issued.
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The company develops molecular diagnostic systems for bio-threat detection and rapid medical testing through its California-based MicroFluidic Systems subsidiary.
PositiveID's M-BAND system, developed under contract with the U.S. Department of Homeland Security Science & Technology directorate, is a bio-aerosol monitor with fully integrated systems for sample collection, processing and detection modules that continuously analyze air samples for the detection of bacteria, viruses, and toxins. Results are reported via a secure wireless network in real time to give an accurate and up to date status for fielded instruments.
The company aims to rapidly complete development of a third generation handheld biological analysis device call Firefly. After the device is successfully field-tested, the company will sell single use, patented cassettes containing reagents. Firefly will provide real-time results in 30 minutes using the TaqMan PCR protocol. The company believes the target markets for Firefly include military field deployments, remote areas with limited or no access to healthcare, border locations and others.
PositiveID, the subcontractor to its licensing partner Boeing, will supply specifically designed assays and reagents every 30 days for Boeing's M-BAND automated pathogen detection unit. Taglich Brothers believes revenue potential for the company by 2020 is substantial, estimating that at least 875 M-BAND units could be deployed by 2020.
Analyst Howard Halpern stated, "By 2020, we project annual revenue reaching $31.5 million from monthly sales of reagents to 875 M-BAND units."
Slightly more speculative is how quickly the company's handheld Firefly bio-detection units will gain acceptance. By 2020, Taglich projects at least 1,000 units will be deployed in the U.S., generating at least $12 million in annual service revenue.
Taglich cautions that PositiveID shares are most suitable for highly-risk tolerant investors. The company currently trades at $0.11, below the $0.30 target price, and with 21.2 million shares outstanding, the company is capitalized at $2.3 million.
For more information about PositiveID, please visit the company's website www.positiveIDcorp.com or contact Allison Tomek at 561-805-8000 or email atomek@positiveIDcorp.com.
For more information about Taglich Brothers or to obtain a copy of their extensive research report, please visit the company's website www.taglichbrothers.com or call 631-757-1500.
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