Psychemedics Corporation

CA, United States

Psychemedics Corporation

CA, United States
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News Article | September 26, 2017
Site: www.prnewswire.com

The abuse of prescription Benzodiazepines has grown at an alarming rate in the United States, contributing to thousands of emergency room visits and overdose deaths each year. It is important to note that Benzodiazepines can prove deadly when combined with other depressants, including alcohol.  This significantly increases the danger of Benzodiazepine abuse. Psychemedics' non-invasive testing procedure uses a small sample of hair that is easily collected and shipped to Psychemedics' College of American Pathologists (CAP) and ISO-IEC 17025:2005 certified laboratory.  Unlike urinalysis or oral fluid testing which typically detects drug use for only the previous one to three days, Psychemedics hair analysis can detect use over the previous few months. Psychemedics is the first hair testing laboratory to have its test for Benzodiazepines cleared by the FDA. Continued advancement in the science of hair testing is critical to Psychemedics, and the development of this new test provides the market with a unique and reliable test that identifies and measures the use of Benzodiazepines over a period of time.  The Benzodiazepines test follows Psychemedics' recent announcement of the addition of the first hair test for synthetic cannabinoids for the workplace. Raymond C. Kubacki, Chairman and CEO stated: "Sadly, the abuse of prescription drugs is now rampant in the United States.  We are extremely concerned about this problem, and are doing everything in our power to address it.  Today, we are pleased to establish another first: the first hair testing laboratory to have its Benzodiazepines test cleared by the FDA.  As the scientific leader in drug testing, we at Psychemedics continue to advance the science and use our top flight scientific team and R&D resources to develop new tests that will deter people from abusing prescription drugs." Psychemedics Corporation is the world's largest provider of hair testing for drugs of abuse and has been successfully operating for over 30 years. Thousands of corporations rely on the patented Psychemedics drug testing services. Psychemedics' clients include over 10% of the Fortune 500, some of the largest police departments in America, Federal Reserve Banks, and schools. For more information, visit the Psychemedics Corporation 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 technological changes, technological advantages, regulatory matters, implementation of new testing procedures and processes, research and development, future business and marketing strategies) 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 implementation of new testing procedures and methodologies including training, personnel changes, changes in supplier relationships, customer contract provisions and customer relationships, 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.


LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Psychemedics Corporation (“Psychemedics” or the “Company”) (NASDAQ: PMD) securities between February 28, 2014 and January 30, 2017, inclusive (the “Class Period”). Psychemedics investors have until April 3, 2017 to file a lead plaintiff motion. Investors suffering losses on their Psychemedics investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) through its affiliate Psychemedics Brasil Exames Toxicologicos Ltda., Psychemedics engaged in anticompetitive conduct to maintain a monopoly over the Brazilian market in violation of the law; (2) effectively, Psychemedics lacked effective internal controls over financial reporting; and (3) consequently, Psychemedics' public statements were materially false and misleading at all relevant times. On January 31, 2017, news reports revealed that Psychemedics engaged in unlawful anticompetitive conduct in Brazil in order to stifle the business of its competitor Omega Laboratories, Inc. USA. Psychemedics allegedly used “cartel practices” to “form a drug testing monopoly which included unenforceable and exclusive contracts with collection sites, all with a view to limit the entry and operation of new companies in the market.” On this news, shares of Psychemedics fell $6.75 per share, or over 26%, to close at $18.87 per share on January 31, 2017. If you purchased shares of Psychemedics during the Class Period you may move the Court no later than April 3, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Psychemedics Corporation (“Psychemedics” or the “Company”) (NASDAQ: PMD) securities between February 28, 2014, and January 30, 2017, inclusive (the “Class Period”). Psychemedics investors have until April 3, 2017 to file a lead plaintiff motion. Investors suffering losses on their Psychemedics investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) through its affiliate Psychemedics Brasil Exames Toxicologicos Ltda., Psychemedics engaged in anticompetitive conduct to maintain a monopoly over the Brazilian market in violation of the law; (2) effectively, Psychemedics lacked effective internal controls over financial reporting; and (3) consequently, Psychemedics' public statements were materially false and misleading at all relevant times. On January 31, 2017, news reports revealed that Psychemedics engaged in unlawful anticompetitive conduct in Brazil in order to stifle the business of its competitor Omega Laboratories, Inc. USA. Psychemedics allegedly used “cartel practices” to form a drug testing monopoly, which included unenforceable and exclusive contracts with collection sites, “all with a view to limit the entry and operation of new companies in the market.” On this news, shares of Psychemedics have fallen over 40% during intraday trading on January 31, 2017. If you purchased shares of Psychemedics during the Class Period you may move the Court no later than April 3, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


NEW YORK--(BUSINESS WIRE)--The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the District of Massachusetts on behalf of investors who purchased Psychemedics Corporation (NASDAQ: PMD) securities between February 28, 2014 and January 30, 2017. Click here to learn about the case: http://www.wongesq.com/pslra/psychemedics-corporation. There is no cost or obligation to you. According to the complaint, throughout the Class Period, Psychemedics issued materially false and/or misleading statements and/or failed to disclose that Psychemedics’ Brazilian distributor, Psychemedics Brazil, was engaged in illegal anti-competitive practices and may be subject to further investigation by Brazil’s Administrative Council for Economic Defense as a result of this conduct. On January 31, 2017, Psychemedics issued a press release announcing that a Brazilian court had found Psychemedics Brazil in violation of anti-competition laws and is liable for millions in losses. If you suffered a loss in Psychemedics you have until April 3, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email vw@wongesq.com, by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra/psychemedics-corporation. Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.


Patent
Psychemedics Corporation | Date: 2014-08-28

Methods for assessing the condition of keratinized structures, including hair, in particular methods to determine the condition of keratinized structures in relation to suitability for analysis of analytes of interest in a test sample, are presented. The methods comprise contacting the keratinized structure with a non-proteolytic reducing agent and an optional proteolytic agent. The methods further include inspection of the hair sample, or measurement of free protein eluted from the keratinized structure, after reduction and optional proteolysis to determine condition prior to analyte identification and quantitation by known techniques such as immunoassays.


Patent
Psychemedics Corporation | Date: 2015-03-20

Methods for assessing the condition of keratinized structures, including hair, in particular methods to determine the condition of keratinized structures in relation to suitability for analysis of analytes of interest in a test sample, are presented. The methods comprise contacting the keratinized structure with a non-proteolytic reducing agent and an optional proteolytic agent. The methods further include inspection of the hair sample, or measurement of free protein eluted from the keratinized structure, after reduction and optional proteolysis to determine condition prior to analyte identification and quantitation by known techniques such as immunoassays.


Patent
Psychemedics Corporation | Date: 2013-06-28

Compositions and methods for detecting the presence and/or amount of one or more analytes, including analytes such as drugs of abuse in a hair wash sample are provided. The compositions include two or more analytes associated with a solid phase, e.g., a particle or a multiwell plate. The compositions and methods also allow the simultaneous, tandem, or serial determination of the presence and/or amount of two or more analytes of interest in a hair wash sample.


Methods that permit the rapid release of one or more analytes from head or body hair or other keratinized structures of an individual (who may previously have ingested one or more of the analytes) are provided. The methods can include contacting the keratinized structure with a reducing agent but not with a proteolytic agent. The methods can further include identification and quantification of the one or more analytes by known analytical techniques such as immunoassays. The described methods do not damage the analyte and do not cause harmful effects on a subsequently-used analyte detection probe (e.g., an antibody).


Patent
Psychemedics Corporation | Date: 2013-08-07

Compositions and methods for detecting the presence and/or amount of one or more analytes, including analytes such as drugs of abuse, are provided. The compositions include two or more analytes associated with a solid phase, e.g., a particle or a multiwell plate. The compositions and methods also allow the simultaneous, tandem, or serial determination of the presence and/or amount of two or more analytes of interest in a sample.


Methods that permit the rapid release of one or more analytes from head or body hair or other keratinized structures of an individual (who may previously have ingested one or more of the analytes) are provided. The methods can include contacting the keratinized structure with a reducing agent but not with a proteolytic agent. The methods can further include identification and quantification of the one or more analytes by known analytical techniques such as immunoassays. The described methods do not damage the analyte and do not cause harmful effects on a subsequently-used analyte detection probe (e.g., an antibody).

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