VeriChip Corporation, a wholly owned subsidiary of Applied Digital Solutions, Inc.(symbol: ADSX), has filed an S-1. The company is looking to raise $45,750,000. The proposed symbol is CHIP. The offering is being underwritten by Merriman Curhan Ford & Co. and Kaufman Bros., L.P. The deal has not been priced.
From the S-1:
Our Company
We develop, market and sell radio frequency identification, or RFID, systems used to identify, locate and protect people and assets. Our goal is to become the leading provider of RFID systems for people in the healthcare industry. We sell passive RFID systems for identification purposes and active RFID systems for location and identification purposes. We have recently begun to market our VeriMed patient identification system which is used to rapidly and accurately identify people who arrive in an emergency room and are unable to communicate. Our VeriMed patient identification system uses the first human-implantable passive RFID microchip, the VeriChip, cleared for medical use in October 2004 by the United States Food and Drug Administration, or FDA.
We believe that our patient identification solution is compelling for emergency room physicians as well as for patients who have cognitive impairment, chronic diseases or implanted medical devices. Using our scanners, an emergency room physician can rapidly obtain the patient’s name, primary care physician, emergency contact and other pertinent pre-approved data, such as personal health records. We expect that this rapid and accurate identification process will reduce the risk of a patient being misdiagnosed and the potential liability associated with medical errors.
Our active RFID systems have been installed in over 4,000 healthcare locations throughout North America. We intend to leverage our domain expertise in marketing and selling RFID systems to healthcare institutions to market and sell our VeriMed patient identification system to our existing customers as well as to new customers. As of December 15, 2005, 66 hospitals have agreed to implement our VeriMed patient identification system in their emergency rooms.
In addition to our VeriMed patient identification system, we market and sell other RFID systems for other applications in the healthcare industry as well as for security and industrial applications. These RFID systems include:
-- infant protection systems used to prevent mother-baby mismatching and infant abduction;
-- wander prevention systems used for protection and location of residents in long-term care facilities;
-- asset location and identification systems used to locate and identify medical equipment;
-- asset management systems that also incorporate bar code technology used to track mobile assets, equipment and inventory; and
-- other systems incorporating the implantable VeriChip used for security purposes such as access control, payment verification and military applications.
In addition to our RFID systems, we market and sell systems providing engineering, construction and mining professionals with an accurate and efficient means to monitor and document the effects of human-induced vibrations on neighboring structures in an area where blasting occurs.
The full S-1 can be found at:
sec.gov |
