Profile: Psychemedics Corp (PMD.OQ)

PMD.OQ on NASDAQ Stock Exchange Capital Market

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Psychemedics Corporation provides testing services for the detection of abused substances through the analysis of hair samples. The Company’s testing methods utilize a technology to enzymatically dissolve hair samples and then perform radioimmunoyassays on the hair sampled, with confirmation testing by mass spectrometry. The Company’s primary application of its technology is as a testing service that analyzes hair samples for the presence of certain drugs of abuse. The Company’s tests provide quantitative information that can indicate the approximate amount of drug ingested, as well as historical data, which can show a pattern of individual drug use over a longer period of time providing superior detection compared to other types of drug testing. The Company provides commercial testing and confirmation by mass spectrometry using industry-accepted practices for cocaine, marijuana, phencyclidine (PCP), methamphetamine (including Ecstasy, which is difficult to detect in urine due to sporadic use patterns and rapid clearance from the body) and opiates (including heroin, hydrocodone, hydromorphone and oxycodone). Testing services are performed at the Company’s laboratory in Culver City, California.

The Company’s drugs of abuse testing procedure involve direct analysis of liquefied hair samples by radioimmunoassay procedures utilizing effective reagents and antibodies. The antibodies detect the presence of a specific drug or drug metabolite in the liquefied hair sample by reacting with the drug present in the sample solution, as well as an added radioactive analog of the drug. This information is useful to employers for both applicant and employee testing, as well as to physicians, treatment professionals, law enforcement agencies, school administrators, parents concerned about its children’s drug use and other individuals or entities engaged in any business where drug use or potential drug use is an issue. As of December 31, 2011, the Company served hundreds of schools throughout the United States and in several foreign countries. The Company offers its school clients the same five-drug screen with mass spectrometry confirmation that is used with the Company’s workplace testing service. The Company also offers a personal drug testing service, known as PDT-9, for parents concerned about drug use by their children. It allows parents to collect a small sample from their child in the privacy of the home, send it to the Company’s laboratory and have it tested for drugs of abuse by the Company. The PDT-90 testing service uses the same method that is used with the Company’s workplace testing service.

The Company competes with Laboratory Corporation of America and Quest Diagnostics.

Company Address

Psychemedics Corp

Suite 200, 125 Nagog Park
ACTON   MA   01720
P: +1978.2068220
F: +1302.6365454

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