PSYCHEMEDICS CORPORATION COMPLETES
2,000,000 CORPORATE DRUG TESTSCambridge, Massachusetts, June 30, 1999 -- Psychemedics Corporation (AMEX:PMD) today announced it had completed over 2,000,000 corporate drugtests using the Company's patented and proprietary hair test for detecting drugs of abuse.
Raymond C. Kubacki, President and Chief Executive Officer said, "This is another milestone for our Company. It not only demonstrates that our superior drug testing method is finding broad and enthusiastic reception in the marketplace, but that our technology and science has been subjected to the rigors and scrutiny of years of research and over 2 million tests in the field! Recently, a study in a new publication, Drug Testing Technology: Assessment of Field Applications (CRC Press 1999) concluded that there is no race bias with hair testing dispelling the last of the lingering "myths" spread by supporters of competing testing methods and the familiar anti drug testing organizations opposed, in principle, to all drug testing."
Kubacki concluded, "Thousands of corporations, many in the Fortune 500, are currently relying on our hair test for the detection of drugs of abuse. Our patented technology and science has proven sound and we have demonstrated our worldwide leadership in the testing of drugs of abuse with hair."
Psychemedics Corporation paid a quarterly dividend of $.04 per share on June 29, 1999.
NEW STUDY SHOWS NO RACE BIAS WITH HAIR TESTING
Cambridge, Massachusetts, June 14, 1999 -- Psychemedics Corporation (AMEX:PMD) today reported that a new publication, Drug Testing Technology: Assessment of Field Applications (CRC Press 1999) compares and evaluates various methods used to determine illicit drug use. Included in the publication is "An Analysis of the Racial Bias Controversy in the Use of Hair Assays" by Tom Mieczkowski, PH.D. and Richard Newel, MA, which thoroughly debunks the earlier conjecture that hair analysis was "potentially" color or racially biased.The study further reports on flaws in both the methodology and data interpretation in the earlier conclusions of the proponents of the "bias" theories. Dr. Mieczkowski concludes from the analysis of numerous data sets that any effect of hair color or race would be negligible as a factor in the outcome of a hair test. In fact, in a side-by-side comparison of hair, urine and self-reporting, the racial differential in positive rates, compared to self-reporting, was greater in urine than hair analysis.
Raymond C. Kubacki, President and C.E.O. of Psychemedics Corporation that is the laboratory performing the majority of hair testing worldwide said "We are pleased to see the growing body of credible scientific literature reporting on hair testing. We believe that reports of hair color as a biological race marker were perpetuated by opponents of drug testing. Further, there should be no tolerance for the reckless distribution of misinformation purely to discredit a credible and proven technology which can be a valuable tool in the war against drugs."
Kubacki continued, "We currently serve over 1600 corporations, many in the Fortune 500, four of the largest police departments, five Federal Reserve Banks, hospitals, universities and others. They have done extensive due diligence on our patented hair test for drugs of abuse and find our method accurate and extremely effective in identifying drug users. While some persistent critics, inaccurately described as "independent", have attempted to slow the acceptance of hair testing, it is nonetheless rapidly becoming the "Gold Standard" when absolute detection of drug abusers is critical. This new study should finally dispel any of the lingering "myths" spread by supporters of competing testing methods and/or anti drug testing organizations."
Psychemedics Corporation serves the fast growing drug testing market. The patented test offered by Psychemedics is unique in that it uses hair, instead of urine, as the test substance. The Psychemedics testing method is obviously less invasive, and also affords dramatically higher detection rates. One reason is the wider window of detection; a urine test typically reveals drug use during the previous three or four days while Psychemedics' hair test detects usage for a previous period of approximately 90 days. Additionally, there are several well-publicized and easily available means of eluding positive urine test results including simple short-term abstinence. These common methods of beating a urine test are not available to a drug user subjected to the Psychemedics hair test.
Psychemedics Corporation recently announced a quarterly dividend of $.04 per share payable to shareholders of record on June 15, 1999.
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