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VeriChip Corporation and
RECEPTORS LLC Successfully Complete Phase I Development of
In Vivo Glucose Sensing RFID Microchip
RECEPTORS LLC Develops the
Glucose Selective Binding Environment and Glucose Competitive
Signaling Components that are the Proof-of-Concept Foundation of the
Glucose-Sensing System
DELRAY BEACH, FL, and
CHASKA, MN – November 19, 2008 –
VeriChip Corporation (“VeriChip”)
(NASDAQ: CHIP), a provider of RFID systems for healthcare and
patient-related needs, and its development partner RECEPTORS LLC, a
technology company whose AFFINITY by DESIGN™ chemistry platform can
be applied to the development of selective binding products,
announced today that a significant milestone has been achieved
toward the development of an in vivo glucose-sensing
RFID microchip. Upon successful completion of
the in vivo glucose-sensing RFID development program,
this self-contained, implantable bio-sensing device will, for the
first time, have the ability to measure glucose levels in the human
body through an external scanner, thereby eliminating the need for
diabetics to prick their fingers multiple times per day.
The key to the development of the
implantable glucose sensor is the self-contained, in vivo
capable glucose-sensing system. RECEPTORS’
sensing system design is discussed by RECEPTORS’ President and Chief
Science Officer, Dr. Carlson, in the “Self-Contained Implantable
RFID Glucose-Sensing Microchip” white paper that is available on
RECEPTORS’ and VeriChip’s websites. The design
of the glucose-sensing system incorporates two critical components.
RECEPTORS recently completed Phase I proof-of-concept program
successfully prepared prototype examples for both the
glucose-selective binding environment and the glucose-competitive
signaling component. These critical components
were used to demonstrate the bench top format application of the
glucose-sensing system to the detection of glucose levels. This
demonstration is the proof-of-concept foundation of the
glucose-sensing system.
Scott R. Silverman, Chairman of
VeriChip, said, "We are not only focused on current opportunities
for patient identification within our VeriMed Health Link business,
but also on the future applications of RFID in healthcare. The
glucose sensor is a promising example, combining a unique
application of the technology and an extremely valuable market.
While there is much more to do, development of the binding
environment was a big step towards reaching that future."
In December 2007, VeriChip and
RECEPTORS unveiled plans to build a prototype self-contained
implantable bio-sensing device included in an RFID microchip.
Following VeriChip’s purchase of all intellectual property related
to the human implantable RFID glucose-sensing microchip from Digital
Angel Corporation in November 2008, VeriChip is now RECEPTORS’
exclusive partner.
In the next phase of this program, the
optimization of the sensing system components, development of the
sensing to electronics signal transduction system and incorporation
of the devices biocompatible shield will be developed.
About RECEPTORS LLC
RECEPTORS LLC is a private company
based in Chaska,
Minnesota. RECEPTORS'
mission is to advance the diagnosis and treatment of disease and to
enhance the health, safety, and quality of the global environment
through the development and application of artificial receptor
products for both research and industry. To achieve this mission,
RECEPTORS' focuses its individual and collective efforts, its
commitment to excellence, and the power of its technology to develop
innovative solutions that meet the unique needs of its customers and
stakeholders. For further information please
visit
http://www.receptorsllc.com.
About VeriChip
VeriChip Corporation, headquartered in
Delray Beach, Florida,
markets its VeriMed™ Health Link 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, cleared for medical use in October 2004 by the
United States Food and Drug Administration.
For more information on VeriChip,
please call 1-800-970-2447, or e-mail info@verichipcorp.com.
Additional information can be found online at
www.verichipcorp.com.
Statements about
VeriChip’s future expectations, including its ability to develop and
market a glucose-sensing microchip in conjunction with its
development partner RECEPTORS LLC, and all other statements in this
press release other than historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Litigation Reform Act of 1995.
Such forward-looking statements involve risks and uncertainties and
are subject to change at any time, and VeriChip’s actual results
could differ materially from expected results.
Additional information about these and other factors
that could affect the Company’s business is set forth in the
Company’s various filings with the Securities and Exchange
Commission, including those set forth in the Company’s 10-K filed on
March 28, 2008, as amended, under the caption “Risk Factors.” The
Company undertakes no obligation to update or release any revisions
to these forward-looking statements to reflect events or
circumstances after the date of this statement or to reflect the
occurrence of unanticipated events, except as required by law.
Contact:
Allison Tomek
561-805-8000
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