DELRAY BEACH, Fla. & CHASKA, Minn. - (Business Wire) VeriChip Corporation (“VeriChip”) (NASDAQ: CHIP) 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 they are expanding their existing development partnership, beyond the glucose-sensing RFID implantable microchip to include other biological and environmental applications, both in combination with RFID technology and without. The partners recently executed a Memorandum of Understanding relating to the expansion. In November 2008, VeriChip purchased all intellectual property related to implantable human RFID and sensor technologies including, but not limited to, Patent No. 7,125,382 entitled “Embedded Bio-Sensor System” from Digital Angel Corporation. That patent is currently being utilized in connection with VeriChip’s and RECEPTORS’ efforts to jointly develop a glucose-sensing device. RECEPTORS recently received Patent No. 7,504,364 titled “Methods of Making Arrays and Artificial Receptors” and Patent No. 7,469,076 “Sensors Employing Combinatorial Artificial Receptors.” RECEPTORS’ patents are currently being applied to the development of diagnostic and sensor platforms for microbial pathogens and other biological threats.
Scott R. Silverman, Chairman of VeriChip, said, "When VeriChip purchased certain intellectual property from Digital Angel Corporation in November 2008, we already envisioned the evolution of our RFID technology from identification to biological applications. This vision began in January 2008, when we first partnered with RECEPTORS to develop a glucose-sensing RFID microchip. Now, with RECEPTORS’ new patents for Methods of Making Arrays and Artificial Receptors and Sensors Employing Combinatorial Artificial Receptors, we believe we can broadly expand these sensor applications to many biological agents and the environment.”
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, has developed the 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. To complement its healthcare division, VeriChip Corporation established VeriGreen Energy Corporation in March 2009 to focus and invest in the clean and alternative energy sector.
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, its ability to expand its development partnership with RECEPTORS LLC to include other biological and environmental applications, and the ability of the biological and environmental applications that are to be jointly developed and marketed by it and RECEPTORS LLC to detect, among other things, swine flu proteins and other proteins, 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 February 12, 2009, 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.
VeriChip Corporation
Allison Tomek, 561-805-8000
