Psychemedics Corporation provides testing services for the detection of drugs of abuse through the analysis of hair samples. The company’s testing methods utilize a patented technology that focuses on liquefying hair and releasing drugs trapped in the hair without destroying the drugs. The company then performs a proprietary custom-designed enzyme immunoassay (EIA) on the precipitate, with confirmation testing by mass spectrometry. The company’s primary application of its patented technology is as a testing service that analyzes hair samples for the presence of certain drugs of abuse. Its customized proprietary EIA procedures to drug test hair samples differ from the more commonly-used immunoassay procedures employed to test urine samples. The company’s tests provide quantitative information that can indicate the approximate amount of drug ingested, as well as historical data, which can show a pattern of individual drug use over a longer period of time, thereby providing superior detection compared to other types of drug testing. This information is useful to employers for both applicant and employee testing, as well as to physicians, treatment professionals, law enforcement agencies, school administrators, and parents concerned about their children’s drug use. The company provides screening and confirmation by mass spectrometry using industry-accepted practices for cocaine, marijuana, PCP, amphetamines (including ecstasy) and opiates (including heroin, hydrocodone, hydromorphone, oxycodone and codeine). In 2012, the company developed its custom designed enzyme immunoassay (EIA) test to replace the RIAH test. In its 510k filing with the U.S. Food and Drug Administration (FDA), the company demonstrated to the FDA’s satisfaction, that the new EIA assay is substantially equivalent to the RIAH assay. Target Markets Workplace: The company focuses its primary marketing activities on the private sector, with particular emphasis on job applicant and employee testing. Schools: The company serves schools throughout the United States and in several foreign countries. It offers its school clients the five-drug screen with mass spectrometry confirmation that is used with the company’s workplace testing service. Parents: The company also offers a personal drug testing service, known as ‘PDT-90’, for parents concerned about drug use by their children. It allows parents to collect a small sample from their child in the privacy of the home, send it to the company’s laboratory and have it tested for drugs of abuse by the company. Research: The company is involved in ongoing studies involving use of drugs of abuse in various populations. Intellectual Property The company has been granted a total of eight U.S. patents. On December 27, 2011, a patent was issued to the Company that focuses on liquefying hair and releasing drugs trapped in the hair without destroying the drugs. The new patented method can be used with a range of immunoassay screen techniques, mass spectrometry methods, and chromatographic procedures. On December 11, 2012, the company received an additional patent that extended the range of the patent received in 2011 for the liquefying of hair. Research and Development The company is continuously engaged in research and development activities. As of December 31, 2012, $825,518 was expended for research and development. The company continues to perform research activities to develop new products and services and to improve existing products and services utilizing the company’s proprietary technology. The company also continues to evaluate methodologies to enhance its drug screening capabilities. Additional research using the company’s proprietary technology is being conducted by outside research organizations through government-funded studies. Regulation The company is licensed as a clinical laboratory by the state of California as well as certain other states. All tests are performed according to the laboratory standards established by the Department of Health and Human Services, through the Clinical Laboratories Improvement Amendments (CLIA), and various state licensing statutes. In November 2011, the company received ISO/IEC 17025 International Accreditation for a broad spectrum of laboratory testing including drugs of abuse and forensics in hair and urine specimens. By June 2012, the company had received 510k clearance to market all five of its assays utilizing EIA technology. History Psychemedics Corporation was founded in 1985.
psychemedics corp (PMD:NASDAQ CM)
125 Nagog Park
Acton, MA 01720
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