Intelligent Bio Solutions Subsidiary Broadens Intellectual Property Portfolio with Grant of New European Patent with Unitary Effect for Innovative Intelligent Fingerprinting DSR-Plus Cartridge Reader
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Securing a patent in multiple European countries is a strategic move for Intelligent Bio Solutions Inc. This step not only protects the company's proprietary technology but also facilitates market penetration and potential revenue growth. The DSR-Plus Cartridge Reader's unique method of drug screening could disrupt the traditional drug testing market by offering a more efficient and non-invasive alternative. The technology's application in workplaces and safety-critical industries could lead to widespread adoption, given the increasing emphasis on workplace safety and regulatory compliance.
From a market perspective, the expansion of the intellectual property portfolio may enhance investor confidence in the company's potential for growth and innovation. The patent could also act as a barrier to entry for competitors, potentially increasing Intelligent Bio Solutions Inc.'s market share in the drug testing industry. The move aligns with the company's growth strategy and could positively impact its valuation over time.
The grant of a unitary patent signifies a robust legal protection for the DSR-Plus Cartridge Reader technology across multiple European jurisdictions. This legal framework reduces the complexity and cost associated with protecting intellectual property in Europe, as it eliminates the need to validate the patent in each individual country. For Intelligent Bio Solutions Inc., this could result in significant cost savings in both the short and long term and it simplifies the enforcement of patent rights across the European market.
Moreover, the legal security provided by the patent could be an essential factor in attracting partnerships, licensing agreements, or even acquisition interest from larger players in the medical technology field. This could open up additional revenue streams beyond direct sales, such as royalties from licensing deals.
Intelligent Bio Solutions Inc.'s announcement regarding the European patent might be seen as a positive indicator for the company's future earnings potential. Intellectual property is a critical asset that can contribute to a company's competitive advantage and is often reflected in its market valuation. The ability to protect and commercialize the DSR-Plus Cartridge Reader in a major market like Europe could lead to increased sales and market share. Investors will likely monitor the company's ability to capitalize on this opportunity and translate it into revenue growth.
It's also important to consider the costs associated with expanding into new markets, including regulatory compliance, marketing and distribution. These factors will influence the company's financial performance and should be weighed against the potential benefits of the European patent. The market will look for signs of effective execution of the company's expansion strategy in subsequent financial reports and updates.
NEW YORK, April 11, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (“INBS” or the “Company”) (Nasdaq: INBS), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced the broadening of the intellectual property portfolio of its wholly owned subsidiary, Intelligent Fingerprinting Limited, with the grant of a new European patent with unitary effect for its ground-breaking DSR-Plus Cartridge Reader. This latest achievement follows the successful protection of the same technology in the United Kingdom and marks another significant milestone in the Company’s expansion and protection of its intellectual property.
The European patent further confirms the uniqueness and innovation of the technology behind the DSR-Plus Cartridge Reader. The DSR-Plus Cartridge Reader, known for its proprietary technology in drug screening through fingerprint sweat analysis, provides a non-invasive and rapid method designed to accurately detect drug use. This technology is particularly valuable in workplaces and safety-critical industries, offering a discreet and hygienic testing solution.
With the European patent secured, the Company leveraged the new streamlined unitary patent scheme to bring the patent into effect in 17 European countries. This strategic move underscores the Company’s commitment to expanding its global footprint and offering advanced solutions to a broader market.
Harry Simeonidis, President and CEO at Intelligent Bio Solutions, commented, “The grant of the European patent is a testament to the ingenuity and hard work of our team. It fortifies our intellectual property portfolio and paves the way for our expansion into the European market. We are excited about the prospects of bringing our innovative technology to more organizations and contributing to safer and healthier workplaces across Europe.”
The DSR-Plus Cartridge Reader, designed for simplicity and efficiency, collects sweat samples from fingerprints in under a minute and delivers results in less than ten minutes. This innovative approach is revolutionizing drug screening practices, offering a dignified and effective alternative to conventional methods.
Visit INBS’ website for more information about Intelligent Fingerprinting and the DSR-Plus Cartridge Reader.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. Additionally, the Company's biosensor platform has the potential to test for up to 130 indications, ranging from glucose to immunological conditions and communicable diseases. The Company's current customer segments include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
For more information, visit: http://www.ibs.inc/
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.’s ability to successfully develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions’ public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions Inc.
info@ibs.inc
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Investor & Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
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