Intelligent Bio Solutions adds SmarTest Patch to non-invasive drug testing lineup

NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a micro-cap healthcare company with a market value of $11.95 million, announced on Tuesday the addition of the SmarTest Patch to its portfolio of non-invasive drug testing solutions. The stock, which has gained over 32% in the past six months according to InvestingPro data, appears undervalued based on Fair Value analysis.

The wearable device, developed by SMARTOX, enables continuous drug detection through sweat over a 7 to 10-day period. The water-resistant, tamper-evident patch can detect substances including cocaine, opiates, methamphetamines, marijuana and fentanyl.

The SmarTest Patch complements the company’s existing Intelligent Fingerprinting Drug Testing Solution, which offers a shorter detection window. The combination allows INBS to address varied customer requirements across different timeframes while maintaining a non-invasive approach.

"The SmarTest Patch opens up new opportunities for us in markets where longer detection windows are critical, particularly in justice and rehabilitation settings," said Doug Heath, Vice President of Global Sales at Intelligent Bio Solutions.

The company stated the new product will enhance its commercial offerings for customers outside the U.S., providing tools for both short and long-term detection needs.

Intelligent Bio Solutions, which trades on the Nasdaq under the ticker INBS, focuses on rapid, non-invasive testing solutions. Its current customer segments outside the U.S. include construction, manufacturing, engineering, transport, logistics, mining, drug treatment organizations, and coroners.

The information in this article is based on a company press release statement.

In other recent news, Intelligent Bio Solutions Inc. announced amendments to the employment agreements of its top executives, including salary increases and enhanced severance benefits. The President and CEO, Harry Simeondis, and CFO, Spiro Sakiris, received salary raises to AUD$580,000 and AUD$430,000, respectively. Additionally, the company expanded its fingerprint-based drug screening technology in Scandinavia through a partnership with Spjotgard. This collaboration aims to increase the adoption of non-invasive drug screening across Sweden, Norway, and Denmark, with growing interest in Finland. In the United States, Intelligent Bio Solutions has deployed over 50 of its drug screening systems in partnership with SMARTOX, facilitating more than 7,000 tests. The company is also pursuing FDA clearance for its opiate test system for codeine, which would allow expansion into broader U.S. markets. The drug screening system provides results in under ten minutes and is primarily used in forensic settings. These developments highlight Intelligent Bio Solutions’ strategic efforts to enhance its executive team and expand its technology’s reach both domestically and internationally.

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