VeriChip on the block
This article was originally published in The Gray Sheet
Executive Summary
Firm is seeking potential buyers for its VeriMed health link business, which makes a human-implantable passive radio frequency identification device (RFID). FDA cleared the rice-grain size chip system in October 2004 for medical applications (1"The Gray Sheet" July 24, 2006, p. 12). The technology allows rapid and accurate identification of people who arrive unconscious or otherwise unable to communicate in an emergency room. On May 15, the Delray Beach, Fla.-based company announced a $45 million cash deal to sell its primary operating unit Xmark, which makes non-implantable RFID technology to more easily identify and locate people and assets, to construction and personal security equipment maker Stanley. VeriChip has retained investment banker Kaufman Bros. to assist in the possible sale of the remainder of the company
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