Intelligent Bio Solutions Inc - INBS STOCK NEWS

Intelligent Bio Solutions Inc. (Nasdaq: INBS) announced the filing of a 513(g) submission with the FDA for its Intelligent Fingerprinting Drug Screening Cartridge. This submission aims to identify the most suitable regulatory pathway as part of the company’s U.S. expansion strategy. The cartridge detects four drugs from fingerprint sweat in under ten minutes, emphasizing a quick and non-invasive testing process.

CEO Harry Simeonidis highlighted that this development is crucial in combating drug abuse and enhancing workplace safety.

Intelligent Bio Solutions reported robust financial results for the second quarter ended December 31, 2022, with total revenue and government support income exceeding 100% year-over-year. Government support income rose 52% to $269,625, mainly from qualifying expenditures for Milestone 7. The company completed Milestone 7, achieving a four-fold improvement in time-to-result for its biosensor platform. Cash and equivalents totaled $2.9 million, and net loss decreased to $0.42 million from $3.46 million in the prior year. Strategic partnerships were announced with companies like Boughey Distribution and Hozelock for implementing non-invasive drug testing solutions, indicating promising growth potential.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) announced a 1-for-20 reverse stock split effective February 9, 2023. This decision, approved by stockholders on February 8, aims to boost the stock price to comply with Nasdaq's listing requirements. Post-split, every 20 shares will convert into one share, and the adjusted stock will trade under a new CUSIP number starting February 10. The reverse split will not change stockholder equity percentages, except for rounding up any fractional shares. Intelligent Bio Solutions develops non-invasive diagnostic tests, primarily benefiting industries requiring drug testing.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) announced that Boughey Distribution, a top UK logistics provider, has opted for its non-invasive, rapid fingerprint drug testing to replace traditional urine tests. This technology allows Boughey to conduct in-house random screenings, enhancing convenience and hygiene. The testing system analyzes fingerprint sweat to detect recent drug use, yielding results in just 10 minutes. The implementation aims to bolster health and safety within Boughey’s operations, as emphasized by their HR Head, Mark Batch.

The switch underscores the growing preference for fingerprint-based testing among logistics firms.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) announced a partnership with Hozelock to implement a non-invasive fingerprint sweat-based drug testing system aimed at enhancing employee safety. This technology allows for rapid testing of recent drug use, including opioids and cannabis, enabling efficient HR management during seasonal staffing fluctuations. The system promotes a supportive drug policy endorsed by the Unite trade union, emphasizing dignity and privacy for employees. Results from tests can be obtained quickly, making it a convenient solution for safety-critical industries.

Intelligent Bio Solutions Inc. (INBS) has achieved a significant breakthrough in its biosensor platform, marking a 4x improvement in time-to-result (TTR), reducing it from 120 seconds to just 30 seconds. This milestone was validated at the University of Newcastle, Australia, where the platform was developed for non-invasive saliva-based diagnostics.

The enhancements include a new device architecture and ink that improves performance and reduces manufacturing costs. Additionally, the platform's limit of glucose detection has improved from 0.90 mg/dl to an impressive 0.36 mg/dl, opening pathways for diagnostic tests for hormones and cancers.

On December 22, 2022, Intelligent Bio Solutions (Nasdaq: INBS) announced the closure of a Regulation S private placement, raising expected gross proceeds of $220,585. The offering involved 176,462 shares of Series D Convertible Preferred Stock and 529,386 warrants, priced at $1.25 per unit, including one share of Preferred Stock convertible into three common shares and three warrants with an exercise price of $0.29. Proceeds will support general working capital needs. This transaction reflects the company's ongoing focus on developing non-invasive diagnostic testing solutions.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced the cancellation of its FY21 Annual Meeting originally set for June 16, 2022, due to lack of quorum. Instead, the company plans to hold its FY22 Annual Meeting virtually on or about February 8, 2023. This change comes as the company continues to develop its innovative Biosensor Platform and aims to address regulatory requirements to introduce diagnostic tests for chronic diseases. Shareholders are advised to refer to the SEC's Current Report for further details.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has acquired Intelligent Fingerprinting Limited, enhancing its drug screening technology portfolio. As of September 30, 2022, the company reported a preliminary net loss of $1.21 million, improving from a $1.43 million loss during the same period last year, aided by government support income. The company is advancing its Biosensor development with two clinical studies for saliva glucose testing and is constructing a new manufacturing facility in Australia. A conference call is scheduled for today at 4:30 p.m. ET.