VeriChip Corporation (“VeriChip”) (NASDAQ: CHIP), a provider of RFID systems for healthcare and patient-related needs, and Digital Angel Corporation (“Digital Angel”) (AMEX: DOC), owner of Patent No. 7,125,382 for an embedded bio-sensor system, announced they have entered into a memorandum of understanding with RECEPTORS LLC, an expert in the field of proteomics and the development of artificial receptors to develop a prototype renewable glucose sensor to use in conjunction with an implantable bio-sensing RFID microchip to measure glucose levels in the human body. VeriChip will manage the partnership project, with the assistance of Digital Angel, aimed at accelerating the development of an embedded glucose bio-sensing system for humans. RECEPTORS will be responsible for demonstrating a self-contained glucose-sensing system in Phase I of the project. VeriChip anticipates a functioning prototype within six to twelve months.
Scott R. Silverman, Chairman and Chief Executive Officer of VeriChip, said, “The partnership with RECEPTORS will expand and accelerate our development efforts to create a prototype product and subsequently initiate clinical trials. We believe an implantable, glucose-sensing microchip could materially improve the lives of people with diabetes by negating their need to withdraw blood multiple times each day. With more than 230 million people around the world living with diabetes, this is a potentially significant market opportunity that could change diabetes treatment.
“Over time, we anticipate that VeriChip’s medical device division will grow through implantable RF and other technologies. We look at this glucose sensor development project as a first step in evolving our business from implantable RF identification devices to devices that can treat, diagnose and aid in patient care,” continued Silverman.
Checking blood glucose levels regularly is critical to properly managing diabetes. The conventional method – a finger prick – is invasive, painful and often inaccurate. The implantable bio-sensor chip would have a passive transponder, a sensor and integrated circuitry that could allow anyone implanted with the microchip to painlessly scan it to determine their blood glucose concentration. The RFID microchip would then quickly and accurately transmit the glucose data back to a wireless scanner that displays the glucose level. The RFID microchip would be powered by the scanner signal, avoiding the need for a battery in the microchip.
In October 2006, Digital Angel announced the U.S. Patent and Trademark Office had granted Digital Angel patent No. 7,125,382, titled “Embedded Bio-Sensor System.” Although it is unknown when commercialization of this glucose-sensing microchip may occur, VeriChip Corporation intends to market it as Digital Angel’s exclusive licensee in the area of human implantable identification products. Digital Angel has also developed a temperature-sensing microchip, Bio-Thermo(TM), which is already available for use in horses and companion pets.
About RECEPTORS LLC
RECEPTORS’ technology originates from its CARA(TM) AFFINITY BY DESIGN(TM) Discovery Platform, which allows the company to optimize artificial receptors to any application. Its product suite focuses on the development of an integrated proteomics “toolkit”, with an emphasis on high-performance protein isolation and biomarker discovery. RECEPTORS LLC is privately held. For more information on RECEPTORS, please call 1-952-448-4337, or email email@example.com.
VeriChip, headquartered in Delray Beach, Florida, develops, markets and sells radio frequency identification, or RFID, systems used to identify, locate and protect people and assets. VeriChip’s goal is to become the leading provider of RFID systems for people in the healthcare industry. The Company recently began marketing its VeriMed(TM) Patient Identification System, a passive RFID system for rapidly and accurately identifying people who arrive in an emergency room and are unable to communicate. This system uses the first human-implantable passive RFID microchip, the implantable VeriChip(TM), cleared for medical use in October 2004 by the United States Food and Drug Administration. VeriChip is majority-owned by Applied Digital Solutions, Inc. (Nasdaq: ADSX), which also owns a majority position in Digital Angel Corporation (Amex: DOC). For more information on VeriChip, please call 1-800-970-2447, or email firstname.lastname@example.org.
About Digital Angel Corporation
Digital Angel Corporation develops and deploys sensor and communications technologies that enable rapid and accurate identification, location tracking, and condition monitoring of high-value assets. Applications for the Company’s products include identification and monitoring of humans, pets, fish, poultry and livestock through its patented implantable microchips; location tracking and message monitoring of vehicles and aircraft in remote locations through systems that integrate GPS and geosynchronous satellite communications; and monitoring of asset conditions such as temperature and movement, through advanced miniature sensors. Digital Angel Corporation is majority-owned by Applied Digital Solutions, Inc. (NASDAQ: ADSX), which also owns a majority position in VeriChip Corporation (NASDAQ: CHIP).