Jan. 25, 2012, 8:30 a.m. EST
VeriTeQ Acquisition Corporation's VeriChip Technology Is the Original Universal Patient Identifier to Address National Need for Rapid, Accurate Access to Critical Patient Data
Cleared by FDA in 2004, the VeriChip RFID Implantable Microchip Is Guaranteed to Always Be with a Patient to Securely Identify the Patient and Their Personal Medical Information
DELRAY BEACH, Fla., Jan 25, 2012 (BUSINESS WIRE) -- --Wall Street Journal Article HighlightsNeed for Patients to Have Unique ID Number for Medical Records
VeriTeQ Acquisition Corporation ("VeriTeQ"), a leader in implantable, radio frequency identification ("RFID") for humans and animals, and Connectyx Technologies Holdings Group, Inc. ("Connectyx") (CTYX.PK) announced today the companies offer best-of-breed solutions for emergency access to rapid, accurate patient data that address the need for universal patient identifiers (UPIs) and patient-controlled personal health records.
The purpose of a UPI is to uniquely and properly identify a patient for appropriate medical care. With its VeriChip, a radio frequency identification (RFID) implantable microchip, VeriTeQ provides the first and only solution for an opt-in UPI that is guaranteed to always be with a patient. The FDA-cleared VeriChip is a passive RFID microchip the size of a grain of rice that stores a 16-digit number and is implanted just underneath the skin. When a proprietary handheld reader is passed over the area where the microchip is implanted, the 16-digit number is displayed on the reader, and can then be used to access a secure, web-based personal health record.
Advocates of UPIs reason that the unique identification numbers can link patient information across multiple electronic medical records systems; enhance patient control and privacy over their information; improve the speed and quality of medical treatment; reduce medical errors by properly identifying patients and their medical data; decrease medical identity theft; and, ultimately, lower healthcare costs. In fact, preventable medical errors are a real problem in the U.S. In 2000, 2001 and 2002, an average of 195,000 people died due to potentially preventable, in-hospital medical errors according to a 2004 study of 37 million patient records released by HealthGrades. The VeriChip quickly and accurately identifies a patient and their health records, whether in a physician's office or an emergency situation, to help improve care and decrease healthcare costs.
For individuals who choose to opt out of VeriChip but endorse the value of patient-controlled personal health records, VeriTeQ will be able to offer alternate methods of emergency access to a personal health record through its planned merger with Connectyx Technologies. This week, VeriTeQ announced it signed a Letter of Intent to merge with Connectyx Technologies Holdings Group, Inc. and its wholly owned subsidiary, Connectyx Technologies Corp. the manufacturer and distributor of the MedFlash(R), an innovative Personal Health and Wellness Management System (ePHM) designed for maintaining personal health records.
MedFlash was launched in 2007 and has thousands of active members across the U.S. MedFlash is sold by leading membership organizations and retail outlets, including portions of national drug store and grocery store chains. MedFlash has multiple methods of emergency access to a member's personal health record, including a toll-free number, telemedicine, smart phone access, internet access, USB flash drive access, and Quick Response codes.
"For many years, it has been apparent that the archaic process of relying on paper-based healthcare records needed to evolve to the digital world to allow for faster access to patient data and more informed treatment decisions," stated Scott R. Silverman, Chairman and CEO of VeriTeQ. "Now, as different electronic medical records systems are put into place within physicians' offices and healthcare systems, we believe the call for a UPI is imperative."
Silverman continued, "Patients can also serve an important role in managing their healthcare through the use of personal health records. We provide them with the greatest security and peace of mind through our VeriChip, which is always guaranteed to be with a patient and provides the utmost in privacy. Through our planned merger with Connectyx, we will also provide flexibility to individuals through MedFlash, which enables people to choose which method of personal health record access is right for them."
According to a California Healthcare Foundation report, "Consumers and Health Information Technology: A National Survey," a majority of respondents said they are concerned with the privacy of their personal medical records. However, those already using personal health records are slightly less concerned. In fact, 63 percent of personal health record users are concerned generally about the privacy of their medical records, but fewer than half say they worry about the privacy of the information in their personal health record.
Upon consummation of VeriTeQ's merger with Connectyx, the company will be renamed VeriTeQ Corporation and will continue to trade on the OTC Pink market, under the new ticker symbol "VTEQ."
VeriTeQ develops and markets innovative, implantable RFID technologies for humans and animals including sensor applications. VeriChip is the first human-implantable passive RFID microchip cleared for medical use by the U.S. Food and Drug Administration. On January 12, 2012, VeriTeQ announced it acquired the VeriChip implantable microchip and related technologies, and Health Link personal health record from PositiveID Corporation /quotes/zigman/6472889/quotes/nls/psid PSID -8.54%
. PositiveID has retained a 10 percent ownership interest in VeriTeQ. For more information on VeriTeQ, please call 561-805-8011.
About Connectyx Technologies
Connectyx Technologies provides unique products for the healthcare market including MedFlash(R), the electronic Personal Health Manager (ePHM). The MedFlash(R) PHM is an easy to use Personal Health and Lifestyle Manager that is accessible using a powerful web portal suite. The MedFlash(R) PHM also features a 24/7/365 call center, a USB flash drive and our smartphone applications with Scan code capability. The MedFlash(R) PHM provides member benefits including instant access to your Emergency Medical Profile and Personal Health Record in the event of an accident or a medical emergency. Whether traveling, at work, or at home, First Responders have an invaluable advantage when they have access to this time critical information. Far more than just an emergency flash drive, the MedFlash(R) PHM can be accessed on any computer, securely and with complete privacy. There are also lifestyle and wellness features that provide significant health benefits to members and risk mitigation for employers and insurers alike. Connectyx products are developed with the needs of patients, families, doctors and First Responders in mind. For more information, please visit our websites at: www.connectyx.com , www.phrtoday.com and www.medflash.com
Safe Harbor Act: This communication includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this communication.
SOURCE: VeriTeQ Acquisition Corporation