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NEW YORK - Intelligent Bio Solutions Inc. (Nasdaq:INBS) announced Wednesday a new global distribution agreement with Texas-based SMARTOX to distribute its SmarTest Patch drug detection product in international markets outside the United States and Canada. The company, currently valued at $13.1 million, has shown strong momentum with a 45% price return over the past six months, according to InvestingPro data.
The agreement builds upon the existing relationship between the companies, as SMARTOX already distributes INBS’s Intelligent Fingerprinting Drug Testing Solution in the U.S. forensic market.
The SmarTest Patch provides continuous sweat-based drug detection over extended periods, complementing INBS’s existing fingerprint-based testing technology. This addition strengthens the company’s non-invasive drug testing portfolio, particularly targeting justice and rehabilitation sectors.
"This partnership with SMARTOX is a natural progression of our relationship and enables us to extend a highly complementary technology to our existing markets," said Harry Simeonidis, President and CEO at Intelligent Bio Solutions.
INBS currently serves over 450 active accounts across 24 countries in health, justice, and workplace sectors. The company continues pursuing FDA clearance for its fingerprint sweat-based drug testing technology for broader U.S. applications beyond forensic settings.
The global drug testing market is projected to reach approximately $18.6 billion by 2030, according to data cited in the company’s press release.
SMARTOX, founded in 2012, provides drug and alcohol testing products and services across healthcare, justice, corporate, and education sectors in both U.S. and international markets.
The information in this article is based on a company press release.
In other recent news, Intelligent Bio Solutions Inc. announced the addition of the SmarTest Patch to its lineup of non-invasive drug testing solutions. This new wearable device allows for continuous drug detection through sweat over a 7 to 10-day period, complementing the company’s existing fingerprint drug testing solution. Additionally, Intelligent Bio Solutions has expanded its fingerprint-based drug screening technology in Scandinavia through a partnership with distributor Spjotgard, enhancing adoption across Sweden, Norway, and Denmark. In the United States, more than 50 Intelligent Fingerprinting Drug Screening Readers have been deployed in collaboration with SMARTOX, facilitating over 7,000 screening tests. The company is also pursuing FDA clearance for its opiate test system to potentially broaden its U.S. market reach. Moreover, Intelligent Bio Solutions has amended executive contracts, revising non-compete obligations and enhancing severance benefits for its top executives. The Board of Directors approved salary increases for both the President and CEO, Harry Simeondis, and CFO, Spiro Sakiris. These developments illustrate the company’s ongoing efforts to expand its market presence and enhance its product offerings.
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