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NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ: INBS), a medical technology firm specializing in rapid, non-invasive testing solutions with a market capitalization of $9.29 million, has been awarded a U.S. patent for its drug screening technology. The company has shown promising revenue growth of 23% over the last twelve months, according to InvestingPro data. The patent, U.S. Patent No: 12259385, covers the proprietary lateral flow test strip used in the company’s Intelligent Fingerprinting Drug Screening Cartridge. This latest addition brings the company’s total active U.S. patents to six, solidifying the protection of its technology as it gears up to enter the U.S. market in 2025.
The patented technology is central to INBS’s drug testing system, which identifies drugs through fingerprint sweat analysis. The non-invasive method is designed to streamline drug testing processes, particularly in safety-sensitive industries, by providing quick sample collection and results within minutes. It screens for commonly abused substances such as opiates, cocaine, methamphetamine, and cannabis. While the stock has experienced significant volatility, trading at $1.76 between its 52-week range of $1.00 to $4.64, InvestingPro analysis suggests the company is currently undervalued.
Harry Simeonidis, President and CEO of Intelligent Bio Solutions, stated that the mature intellectual property landscape for lateral flow devices in the U.S. underscores the significance of their patent achievement. The company views the U.S. as a crucial market and believes that robust intellectual property protection is key to strengthening its competitive edge. While InvestingPro data shows the company is currently burning through cash, it maintains a healthy balance sheet with more cash than debt, suggesting financial flexibility for its expansion plans. (Discover 8 more exclusive InvestingPro Tips for INBS)
INBS has submitted a recent FDA 510(k) application in December 2024, positioning itself to capitalize on the growing global drug screening market. The company’s current customer base spans various industries outside the U.S., including construction, transport, and drug treatment organizations.
This development is based on a press release statement from Intelligent Bio Solutions Inc. and reflects the company’s ongoing efforts to innovate in the field of drug testing. The company’s Intelligent Fingerprinting Drug Screening System aims to offer a hygienic, cost-effective alternative for workplace drug screening, aligning with the needs of employers to maintain safe working environments.
In other recent news, Intelligent Bio Solutions Inc. has announced several significant developments. The company is set to secure a new U.S. patent, enhancing the protection of its lateral flow technology, which is crucial for its Intelligent Fingerprinting Drug Testing Solution. Furthermore, Intelligent Bio Solutions has filed a 510(k) submission with the FDA, marking a key step in its strategy to enter the U.S. market in 2025. Additionally, the company plans to offer additional common stock worth up to approximately $1.38 million as part of its At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc.
In another financial move, Intelligent Bio Solutions has priced a public offering of common stock at $2.00 per share, aiming to raise around $2.6 million. The proceeds from these offerings are intended for general corporate purposes, including working capital and product development. Moreover, the company announced an upgrade to its drug screening system to support multiple languages, broadening its accessibility worldwide. As of January 2025, Intelligent Bio Solutions reported an increase in its total number of outstanding shares to over 4.8 million, attributed to recent stock transactions. These developments reflect Intelligent Bio Solutions’ ongoing efforts to expand its market presence and enhance its product offerings.
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