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NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology company with a market capitalization of $6.93 million, announced Monday that it will upgrade its Intelligent Fingerprinting Drug Screening System to support multiple languages, aiming to make the technology accessible to over 4 billion people worldwide. According to InvestingPro data, the company has demonstrated strong momentum with an 8.97% return in the past week. The upgrade is a strategic move to broaden the system’s global reach and is in line with the company’s plans to enter the US market in 2025.
The system, which currently serves customers in 19 countries, is designed for rapid, non-invasive drug testing through fingerprint sweat analysis. The multilingual capabilities will cater to diverse linguistic needs across North and South America, Europe, Asia Pacific, and the Middle East. The company’s expansion efforts are supported by impressive revenue growth of 55.29% over the last twelve months, as reported by InvestingPro. This enhancement is expected to improve efficiency in safety-critical industries, such as construction and transport, by facilitating easier use in multilingual work environments.
Harry Simeonidis, President & CEO of Intelligent Bio Solutions, emphasized the importance of accessibility and adaptability of their solutions for a diverse customer base. The multilingual update is seen as a key step in meeting the growing demand for workplace drug testing solutions, a market projected to reach approximately $8 billion by 2030, according to a Grand View Research report.
The company’s non-invasive screening solution detects substances of abuse, including opiates, cocaine, methamphetamine, and cannabis, and provides results in under ten minutes. The upcoming language upgrade will build on the company’s recent FDA 510(k) submission in December 2024 and is part of its strategic international expansion.
Intelligent Bio Solutions’ announcement is based on a press release statement, and the company’s forward-looking statements involve risks and uncertainties, including the ability to secure regulatory approvals and successfully commercialize its drug and diagnostic tests. The company does not undertake any obligation to update forward-looking statements contained in the press release.
In other recent news, Intelligent Bio Solutions Inc. reported a significant increase in its total number of outstanding shares, primarily due to transactions with Ladenburg Thalmann & Co. Inc. and ClearThink Capital Partners (WA:CPAP) LLC. The company also reported an 80% increase in revenue for the fiscal third quarter and a 193% rise for the nine months ending on March 31, 2024, mainly due to a surge in product sales. In addition, Intelligent Bio Solutions raised approximately $250,802 through stock sales facilitated by Ladenburg Thalmann & Co. Inc.
The company has made substantial progress in its FDA 510(k) submission process for its non-invasive drug screening system, with promising initial results from a Pharmacokinetic study. It has also entered into a strategic partnership with B2i Digital to enhance its investor relations and spotlight its patented technology. Pyrotek Pty Ltd has been secured as a new client, planning to implement the company’s drug testing solution across its Australian operations.
Furthermore, Intelligent Bio Solutions announced a $3 million stock offering with Ladenburg Thalmann & Co. Inc., aimed at funding working capital and other corporate purposes. The company also awarded a significant number of fully vested shares to its top executives as part of its 2024 compensation analysis and evaluation. These are some of the recent developments from Intelligent Bio Solutions Inc.
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