VeriChip to Develop and Supply RFID Tags for Medical Components Inc.

March 20, 2009 – 2:07 am

From the wire:

VeriChip Corp., a provider of radio frequency identification (RFID) systems for healthcare and patient-related needs based in Florida, USA, announced today that it has entered into a development and supply agreement with Medical Components Inc. (Medcomp), a global manufacturer of vascular access catheters. VeriChip will develop and manufacture a RFID microchip for implantation into Medcomp’s vascular access medical devices on an exclusive basis. The initial term of the agreement is five years totaling more than US$3 million over the life of the agreement, assuming successful completion of the development of the new, smaller microchip and Medcomp’s receipt of approval from US FDA of the vascular port containing the microchip. VeriChip will receive a product development fee for the new, smaller RFID microchip, the development of which is expected to be completed within 90 days. Additionally, Medcomp will buy scanners from VeriChip for use by healthcare professionals throughout the United States in order to identify a patient’s vascular port for correct medication dosage.

VeriChip Chairman Scott R. Silverman said, “This agreement with Medcomp is a validation of our technology for healthcare applications above and beyond our core market of patient identification. Not only will we be selling a smaller version of our microchip, but we also expect to offer the VeriMed Health Link patient identification service at a reduced rate to all patients who receive a Medcomp vascular port.”

Timothy Schweikert, President of Medcomp, said, “We believe this agreement with VeriChip will help to further differentiate our product from our competitors, expanding our market advantage. By affirmatively identifying the particular type of vascular access device a patient has prior to treatment, we are increasingly ensuring patient safety. Because both our vascular catheter and VeriChip’s RFID microchip are already FDA-cleared devices, we anticipate a smooth submission and approval process with FDA.

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