The deal, valued at up to $2 million, could be worth up to $5 per patient per year for Smart Glucose Meter, according to a regulatory filing.
That’s based on patients testing their glucose 3 times daily, meaning they would us more than 1,000 strips a year, according to the filing, which pegged per strip revenues at 0.0025¢ to 0.005¢. There are an estimated 25.8 million diabetics in the U.S. alone, according to the American Diabetes Assn.
"In 2011, in conjunction with our acquisition of Microfluidic Systems, PositiveID began a corporate realignment to focus on patented molecular diagnostic technologies for bio-threat detection and rapid medical testing. This was done in order to position the Company to target the current and significant market opportunities in these sectors and take advantage of the detection and cost advantages we believe our technology provides," PositiveID chairman & CEO William Caragol said in prepared remarks. "To date, we have achieved real results as part of this restructuring, including the sale of our implantable microchip IP and related assets, a significant reduction of our cash burn, and now the license of our iGlucose wireless diabetes management technology, which we believe is another important milestone in this process."
PositiveID still offers its Easy Check device for testing acetone levels in exhaled breath, an indicator of excessive blood glucose, according to its website.