VeriChip Corporation`s Healthcare Division Expands Existing Development Partnership with RECEPTORS LLC to Include New Biological and Environmental Sensor Applications

Tue Apr 28, 2009 8:30am EDT
 
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Expansion of Partnership Is A Direct Result of Recent Swine Flu Outbreak and
RECEPTORS` Recently Issued "Methods of Making Arrays and Artificial Receptors"
Patent No. 7,504,364 and "Sensors Employing Combinatorial Artificial Receptors"
Patent No. 7,469,076

Partners believe that unique intellectual property can lead to chemical
isolation and detection of certain biological threats including, but not limited
to, Swine Flu
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 



Copyright Business Wire 2009

 

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