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PositiveID Inks Deal for $2.4M in Financing

NEW YORK (GenomeWeb) – PositiveID today announced an agreement with an unidentified institutional investor for $2.4 million in financing. 

Under the terms of the deal, PositiveID will issue a series of 4 percent original issue discount senior secured convertible promissory notes to the investor during a six-month period in a series of six notes. The investor has the right to convert the notes into PositiveID's common shares at a fixed conversion price of $.028 per share, the Delray Beach, Florida-based firm said. 

Proceeds will go toward the development and testing of its Firefly Dx PCR prototype pathogen detection platform and for general working capital. 

Calling the funding "critically important" to the advancement of Firefly DX, PositiveID Chairman and CEO William Caragol said in a statement that the firm plans "to build upon the significant progress we have made and focus on the next phase of our development with the goal of producing a field-testable unit for the large point-of-need detection market." 

Firefly Dx is being developed for rapid and accurate point-of-need diagnostics and is targeted to hospitals, first responders, and other providers. Its applications include lab quality testing; pathogenic organism detection; agricultural and food screening in both domestic sectors and developing countries; and detection of biological agents associated with weapons of mass destruction.  

Earlier this month, PositiveID and GenArraytion reached a deal for the evaluation of GenArraytion's assays on the Firefly DX system.

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