Last week we mentioned that the long-awaited IPO of VeriChip, the maker of implantable RFID chips, was finally set to go off, despite the company's poor business prospects. In fact, saying the company has poor business prospects might be a bit of an understatement. According to regulatory filings, the company has a grand total of 222 patients, giving it a total of $100,000 in revenue. Yes, it seems that there aren't many people out there who are eager to implant themselves with an RFID chip. And this is just the beginning of the company's woes. The company's technology comes from an exclusive license with its parent company, Digital Angel, but if it doesn't do a certain level of business, it could lose this license. In light of these problems, as well as its history of squabbling with the FDA, it's no surprise that the stock is trading below its already reduced offering price.
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