Intelligent Bio Solutions Inc Stock Price, News & Analysis

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has successfully completed biocompatibility testing for its Intelligent Fingerprinting Drug Screening System, a important step in the FDA 510(k) regulatory clearance process. The study, conducted according to ISO 10993 standards, confirmed the safety of all system materials for medical device use. This milestone advances INBS closer to bringing its non-invasive drug testing technology to the U.S. market.

Key points:

• Biocompatibility testing included cytotoxicity, sensitization, and irritation tests
• FDA agreed that the proposed testing approach is adequate for future 510(k) submission
• INBS plans to submit the 510(k) package in Q4 2024
• The company aims to launch the product in the U.S. market in 2025

Intelligent Bio Solutions (Nasdaq: INBS) has expanded its footprint in the UK manufacturing sector by securing several key accounts. New clients include a major automotive components manufacturer, a packaging manufacturer, and a beverage manufacturer, improving workplace safety with INBS' Intelligent Fingerprinting Drug Screening System. This system offers a non-invasive, rapid, and accurate alternative to traditional testing methods.

The automotive components manufacturer, operating five sites with 1,200 employees, previously faced delays with third-party urine testing. The new system enhances operational efficiency by enabling instant, on-site testing. Similarly, the packaging and beverage manufacturers, with 900 and 350 employees respectively, have implemented drug testing protocols for the first time, prioritizing swift and reliable methods.

Doug Heath, VP of Global Sales at INBS, emphasized the importance of maintaining a safe work environment through effective and easy-to-implement solutions. The Health and Safety Executive (HSE) has reported high injury rates in the UK manufacturing sector, underscoring the need for INBS' innovative drug screening solutions.

Intelligent Bio Solutions (Nasdaq: INBS) has successfully completed the in-clinic portion of its pharmacokinetic (PK) study, a critical step in its 510(k) regulatory approval pathway for their fingerprint sweat drug screening technology. The study aims to validate that results from fingerprint sweat are comparable to traditional matrices such as blood, saliva, and urine. The dosing and sampling of the second cohort were concluded on June 27, 2024. The company is now analyzing the specimens using liquid chromatography/mass spectrometry (LC-MS) methods and expects to finalize the full PK study by the third quarter of 2024. This innovative technology promises a quick, hygienic, and easy-to-use method for detecting common drugs of abuse, including cocaine, cannabis, methamphetamine, and opiates.

Intelligent Bio Solutions (Nasdaq: INBS) announced a significant expansion in the UK retail sector by securing major account acquisitions. The company's Intelligent Fingerprinting Drug Screening System has been adopted by three prominent UK retailers, collectively employing over 55,000 people. These include a multinational clothing and accessories retailer, a major kitchen retailer, and a sports and leisure retailer. Two of these retailers have transitioned from traditional third-party saliva testing to INBS's fingerprint drug screening technology, which offers a more streamlined, hygienic, and non-invasive testing method. This transition addresses previous inefficiencies and aligns better with business policies. The innovative system tests for common drugs like cocaine, cannabis, methamphetamine, and opiates, delivering results within minutes. Doug Heath, VP of Global Sales at INBS, emphasized the growing demand for workplace drug testing beyond safety-critical industries, highlighting the inclusion of these retail giants into the company's expanding network.

Intelligent Bio Solutions (Nasdaq: INBS) has secured two significant customer accounts within the UK warehouse and logistics sector. These newly signed deals involve over 15,000 employees across 70 locations, which will implement INBS' Intelligent Fingerprinting Drug Screening System. The first account switched from saliva testing to INBS' solution due to previous inefficiencies, while the second account transitioned following recommendations from existing INBS clients. This expansion highlights growing trust in INBS' non-invasive, efficient, and cost-effective drug screening technology. The company’s unique system uses fingerprint sweat to test for common drugs, offering rapid results that enhance safety and operational efficiency.

Intelligent Bio Solutions (Nasdaq: INBS) is advancing its 510(k) FDA submission with a Pharmacokinetic (PK) study for its fingerprint drug screening technology. After completing subject screening, the company will start dosing and sampling subjects today, aiming to finish by June 2024. The study focuses on how opiates are metabolized, distributed, and excreted, particularly through human sweat. Results are expected by late July 2024. FDA clearance, targeted for 4Q 2024, would allow INBS to enter the US market by 1H 2025. The technology offers quick, non-invasive drug testing for substances like cocaine, cannabis, methamphetamine, and opiates.

Intelligent Bio Solutions (Nasdaq: INBS) has announced a strategic reorganization plan aiming to support its global growth initiatives, especially its planned entry into the U.S. market in 2025. The company will transition from a UK-based model to a global framework, leveraging its diverse international team to enhance efficiency and collaboration. This restructuring includes breaking down operational regions into silos to improve resource alignment and streamline operations. INBS is known for its innovative non-invasive drug testing solutions using fingerprint sweat, providing rapid results for common drugs of abuse.

Intelligent Bio Solutions (Nasdaq: INBS) announced the integration of its Intelligent Fingerprinting Drug Screening System by a major European transport and infrastructure provider within its UK operations. This strategic move aims to enhance employee safety and operational efficiency through rapid, non-invasive drug testing. Previously reliant on sporadic urine testing with a two-hour response time, the new system allows for quick, on-site random testing. The addition of this prominent client underscores the growing adoption of INBS' innovative technology in the transport sector. VANTEC Europe , an existing customer, has used the system since 2021, reporting positive outcomes. INBS' solution tests for common drugs, including cocaine, cannabis, methamphetamine, and opiates, providing results in minutes.

Intelligent Bio Solutions (Nasdaq: INBS) will participate in the Sidoti Small-Cap Conference on June 12-13, 2024. The medical technology company, known for its intelligent, rapid, non-invasive testing solutions, will have its management team present on June 12 at 4:00 p.m. Eastern Time. The event will be held virtually, and attendees can register via a provided webcast link. For more information or to arrange one-on-one meetings with the INBS management team, interested parties can contact Sidoti representatives or email KCSA Strategic Communications.