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NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a micro-cap healthcare technology company with a market value of $12.61 million, has deployed more than 50 of its Intelligent Fingerprinting Drug Screening Readers through its partnership with SMARTOX, facilitating over 7,000 screening tests including 1,500 in 2024 alone, the company announced Wednesday. The stock has shown strong momentum, gaining over 15% in the past week according to InvestingPro data.
SMARTOX, a Texas-based provider of drug and alcohol screening services, has implemented the technology across corrections, drug courts, rehabilitation centers, and other forensic environments in the United States.
The fingerprint-based drug screening system offers an alternative to traditional invasive testing methods such as urine or saliva collection, providing results in under ten minutes using fingerprint sweat.
"We have partnered with SMARTOX to expand access to our fingerprint drug screening system across key forensic settings such as criminal justice," said Doug Heath, Vice President of Global Sales at Intelligent Bio Solutions.
Duffy Nabors, Vice President of Sales and Marketing at SMARTOX, noted that clients report the system "improves efficiency, enhances user dignity, and simplifies operations."
INBS is currently pursuing FDA clearance for its opiate test system for codeine, which would allow expansion into broader U.S. markets including workplace drug testing. While the company’s technology is currently limited to forensic use in the United States, analysts project significant sales growth this year, with revenue expected to increase by 273%. However, InvestingPro data indicates the company is rapidly burning through cash, a crucial factor for investors to monitor during this expansion phase.
The non-invasive screening system tests for common drugs including opiates, cocaine, methamphetamine, and cannabis, according to the press release statement.
Founded in 2012, SMARTOX serves clients across the U.S. and international markets including Europe, Latin America, New Zealand, and Australia through its distribution network.
In other recent news, Intelligent Bio Solutions Inc. has secured a new U.S. patent for its drug screening technology, marking a significant addition to its intellectual property portfolio. This patent strengthens the company’s proprietary lateral flow test strip used in its Intelligent Fingerprinting Drug Screening Cartridge. The company has also submitted a 510(k) application to the FDA, indicating its strategic move to enter the U.S. market by 2025. Furthermore, Intelligent Bio Solutions announced an offering of additional common stock valued at up to $1,376,530.39, as part of its At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc. The proceeds from this stock offering are intended to support general corporate purposes, including working capital and product development. These developments underscore the company’s efforts to expand its market presence and protect its innovative drug testing solutions.
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