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American Medical Directors
Association Foundation to Initiate Study of VeriMed Patient
Identification System
Study goal to demonstrate
improved patient outcomes due to better access to important medical
information
DELRAY BEACH, FL – January
8, 2008 – VeriChip Corporation (“VeriChip” or the “Company”)
(Nasdaq: CHIP), a provider of RFID systems for healthcare and
patient-related needs, announced today that the American Medical
Directors Association (AMDA) will initiate a study of the Company’s
VeriMed™ Patient Identification System. The
Institutional Review Board (IRB)-approved study is expected to begin
February 1.
This IRB-approved study by the AMDA
Foundation responds to the growing physician demand for the VeriMed
Patient Identification System. Upon completion of the study, the
Company intends to use the results to seek reimbursement approval
from insurance companies and the Centers for Medicare & Medicaid
Services (CMS).
Scott R. Silverman, Chairman and Chief
Executive Officer of VeriChip, said, “This AMDA Foundation study is
extremely important; we believe a positive outcome will bring us one
step closer to insurance and CMS reimbursement, which we see as a
turning point in the future growth of our company.”
The study is a prospective, randomized,
comparative clinical study to assess whether implementation of the
VeriMed Patient Identification System can improve patient outcomes
and medical information acquisition and documentation in transfers
from long-term care facilities, including both skilled nursing
facilities and assisted living facilities, to hospital emergency
departments. The study will involve a total of 10 facilities and 100
participants and will last one year, or until the 100th
hospitalization, whichever occurs later.
About the AMDA Foundation
The AMDA Foundation, an independent
not-for-profit organization, serves as the research arm of AMDA. The
Foundation's mission is: “The AMDA Foundation advances excellence in
patient care through research and its translation into long term
care practice to support the members and mission of the American
Medical Directors Association (AMDA)." The Foundation also takes an
active role in outreach to residents, fellows and young career
physicians with an interest in long term care. Visit the AMDA
Foundation at
www.amdafoundation.org.
About VeriChip
VeriChip Corporation, headquartered in
Delray Beach, Florida, develops, markets and sells radio frequency
identification, or RFID, systems used to identify, locate and
protect people and assets. VeriChip's goal is to become the leading
provider of RFID systems for people in the healthcare industry. The
Company recently began marketing its VeriMed(TM) Patient
Identification System, a passive RFID 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, the implantable VeriChip(TM),
cleared for medical use in October 2004 by the United States Food
and Drug Administration.
For more information on VeriChip, please
call 1-800-970-2447, or email info@verichipcorp.com. Additional
information can be found online at
http://www.verichipcorp.com.
Statements about the Company's
future expectations, including future revenues and earnings, 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 the Company's actual results could differ materially from
expected results. The Company undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events
or circumstances.
###
CONTACTS:
Dan Schustack
CEOcast
212-732-4300
Allison Tomek
VeriChip Corporation
(561) 805-8008
atomek@adsx.com
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