ACTON, Mass., March 12, 2012 /PRNewswire/ -- Psychemedics Corporation (NASDAQ: PMD) announced that this year marks the 25 year anniversary celebration of the corporation, the world's leading drug testing company using hair for the detection of drugs of abuse. Psychemedics, which started commercial operations in 1987, pioneered the use of hair testing for drugs of abuse and has grown to become the global leader in the industry.
Psychemedics made history by developing the first commercially feasible hair test for drugs of abuse, and has been successfully serving clients for twenty-five years. After ten years of prior research on thousands of subjects proved that drugs deposited in the hair can be measured, Psychemedics developed patents and a proprietary method of getting the drugs out of the hair. Psychemedics' proprietary technology is now trusted by Fortune 500 companies, major police forces, schools, parents, and organizations all over the world.
Earlier this year the company announced that it received its seventh patent dedicated to liquefying hair to release drug analytes. Like the first patent, this new patent is fundamental to all hair analysis drug testing and helps set Psychemedics apart from all other hair testing technologies. It is the only hair testing lab to continue to invest in patentable technologies to improve the science of hair testing and is dedicated to improving the drug testing industry. The corporation continues to expand its international presence and now receives drug samples from six continents.
Psychemedics' record of innovation includes being the:
1st lab to develop and patent the most effective process for liquification of hair to release drugs of abuse
1st lab to develop a system of wash procedures to remove and account for external contamination
1st lab to utilize tandem mass spectrometry (MS/MS) in workplace testing and to utilize the more accurate GC/MS/MS or LC/MS/MS on positive results for marijuana, cocaine, opiates and methamphetamine
1st lab to test for enantiomers of methamphetamine (D & L isomer) in hair to distinguish illegal drugs from Vicks Inhaler
1st lab to develop testing of Ecstasy (MDMA) in hair
1st lab to obtain FDA clearance of hair assays for drugs of abuse, and the only lab to have clearance on all 5 drug classes (and the subcategories within them), not limited to head hair
1st lab to receive College of American Pathologists (CAP) accreditation for drug testing including hair
Recognizing the extraordinary growth and exceptional commitment Psychemedics has made to the industry, Psychemedics Chairman and CEO Ray Kubacki acknowledged all those who have helped pave the way in making Psychemedics a world class organization.
"The key to our success has been a strong, steady commitment to developing and marketing the highest quality drug testing technology available anywhere in the world. To our customers, associates, partners, and everyone who has contributed to our success, thank you."
While the Company is proud to celebrate its history and significant achievements over the past 25 years, it looks to the future for even greater success.
"Beyond celebrating Psychemedics' longevity and tremendous accomplishments, we are equally excited about the company's future. We have achieved a lot in the past 25 years, but we are just getting started," said Kubacki.
About Psychemedics – Psychemedics (NASDAQ: PMD) is the world's leading drug testing company using hair for the detection of drugs of abuse. Psychemedics has been successfully operating for 25 years and thousands of corporations worldwide currently rely on Psychemedics' proprietary hair analysis technology for their pre-employment and employee drug screening. Psychemedics' clients include over 10% of the Fortune 500, some of the largest police departments in America, six Federal Reserve Banks, and schools. For more information, visit the Psychemedics website at www.psychemedics.com.
Cautionary Statement for purposes of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995: From time to time, information provided by Psychemedics may contain forward-looking information that involves risks and uncertainties. In particular, statements contained in this release that are not historical facts (including but not limited to statements concerning growth, earnings, profit margins, earnings per share, revenues, dividends, future business, new accounts, customer base, market share, test volume sales and marketing strategies, technological advantages and intellectual property protection) may be "forward looking" statements. Actual results may differ from those stated in any forward-looking statements. Factors that may cause such differences include but are not limited to risks associated with the expansion of the Company's sales and marketing network, development of markets for new products and services offered, the economic health of principal customers of the Company, government regulation, including but not limited to FDA regulations, competition and general economic conditions and other factors disclosed in the Company's filings with the Securities and Exchange Commission.