PositiveID (OTC:PSID) said yesterday it acquired non-contact thermometer manufacturer Thermomedics for $750,000 up front and another possible $750,000 in 2016 and 2017 dependent upon reaching certain milestones.
Thermomedics produces the Caregiver non-contact clinical-grade infrared thermometer, which is FDA cleared for measuring forehead temperature in adults, children and infants. No skin contact is required to use the device, which Delray Beach, Fla.-based PositiveID said reduces the risk of cross-contamination.
PositiveID is paying $250,000 in cash and $500,000 in the form of shares of preferred stock, according to an SEC filing.
“We believe that once completed, the acquisition of Thermomedics will bring an exciting product and management team to our portfolio as we continue toward commercialization of Firefly Dx. Not only will Caregiver provide additional revenue for PositiveID, we believe it will also provide opportunities to fight against the spread of disease, while providing a pathway to customers and delivering proven manufacturing and FDA expertise,” PositiveID CEO William Caragol said in a press release.
PositiveID said the acquisition of established distribution and customer channels for the Caregiver thermometer would aid the company in the development and testing of its Firefly Dx pathogen detection system.
The company said it expects the deal to close in the 4th quarter of this year.
