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American Medical Directors Association Foundation to Initiate Study of VeriMed Patient Identification System

Posted on: Tuesday, 8 January 2008, 09:01 CST

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.

Source: Business Wire

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