VeriTeQ Acquisition Corporation Acquires Implantable, FDA-Cleared VeriChip Technology
VeriTeQ will focus on three main areas: patient identification and personal health record (PHR) access through the VeriChip implantable microchip and Health Link web-based PHR; implantable sensor applications; and identification of medical devices within the body. VeriTeQ will also focus on identification and sensor applications for animals.
VeriChip is the first and only FDA-cleared RFID implantable microchip for humans and patient identification. In addition to acquiring VeriChip, the Company has also licensed a patent for an "Embedded Bio-Sensor System" to be used in conjunction with an implantable microchip, which will enable it to develop sensor applications for use within the body.
VeriTeQ's acquisition also includes the rights to a Development and Supply Agreement with Medical Components, Inc. ("Medcomp"), a leading manufacturer of vascular access catheters. Under the terms of the agreement, Medcomp will embed the VeriChip microchip in its vascular ports to facilitate identification of the port in a patient and proper medication dispensing. The initial term of the agreement is five years, totaling more than $3.0 million over the life of the agreement, assuming Medcomp's receipt of FDA approval of the vascular port containing the microchip.
Silverman stated, "I have always been a believer in the broad range of potential applications stemming from implantable RFID technology. With the growth of mobile health platforms, implantable RFID microchips can provide an important link for patients, their medical records, vital signs and other important data."