Intelligent Bio Solutions Inc. - INBS STOCK NEWS

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has chosen Human and Supplement Testing Australia (HASTA) as its preferred lab for drug testing, focusing on the Intelligent Fingerprinting System that effectively detects drug use through fingerprint sweat. This system tests for four key substances, including opiates and THC, in under ten minutes. CEO Harry Simeonidis emphasized the significance of this partnership for expanding their testing service in Australia, supporting workplace safety. HASTA is recognized as Australia's largest independent sports drug testing lab, ensuring high-quality testing standards.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) announced the closing of its public offering of 654,990 shares of common stock and warrants for 196,497 additional shares, priced at $3.90 per share. The offering generated approximately $2.55 million in gross proceeds after the underwriter's full exercise of its option for additional shares. The offering was conducted under a shelf registration statement effective since April 2022. This capital raise aims to support the company's development of non-invasive diagnostic testing solutions, particularly through its recent acquisition of Intelligent Fingerprinting Limited.

Intelligent Bio Solutions (Nasdaq: INBS) announced the pricing of a public offering of 569,560 shares and warrants for 170,868 shares at $3.90 per share, aiming for gross proceeds of approximately $2.2 million. The warrants are exercisable immediately at the same price and will expire in five years. The offering, managed by Ladenburg Thalmann, includes a 45-day option for the underwriter to purchase additional shares and warrants. The net proceeds are intended for working capital and corporate purposes. The offering is based on a shelf registration effective since April 2022.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) announced an underwritten public offering of its common stock and warrants to purchase common stock. The offering is subject to market conditions, and there is no guarantee regarding its completion or the terms. Ladenburg Thalmann & Co. Inc. is the sole bookrunning manager for the offering. This offering is made under a shelf registration statement filed with the SEC, effective since April 20, 2022. A preliminary prospectus supplement will be available on the SEC's website. The press release clarifies that it does not constitute an offer to sell or purchase securities in jurisdictions where such offers would be unlawful.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) announced it has regained compliance with Nasdaq Listing Rule 5450(a)(1) regarding the Minimum Bid Price Requirement. This follows a notification received on February 27, 2023, confirming compliance was re-established after maintaining a minimum bid price of $1.00 for at least 10 consecutive trading days, effective February 24, 2023. The Company had previously been notified on March 17, 2022, of non-compliance due to a failure to maintain the minimum bid price for 30 consecutive business days.

The matter is now considered closed by Nasdaq.

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.