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NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology company known for its non-invasive testing solutions and currently valued at $11.45 million, announced today its anticipation of being granted a sixth U.S. patent. The company’s stock has shown remarkable momentum this year, with a 55% gain year-to-date, according to InvestingPro data. This patent is expected to bolster the protection of the company’s lateral flow technology, which is integral to its Intelligent Fingerprinting Drug Testing Solution.
The addition to INBS’s intellectual property portfolio is aimed at safeguarding its fingerprint sweat-based drug screening technology. According to Harry Simeonidis, President and CEO of Intelligent Bio Solutions, the protection of their proprietary technology is vital for the company’s expansion plans in the U.S. drug screening market. InvestingPro analysis shows the company maintains a strong balance sheet with more cash than debt, though it faces challenges with rapid cash burn.
INBS’s technology offers a non-invasive alternative to traditional drug screening methods, which could be particularly beneficial for industries prioritizing workplace safety and compliance. The company’s approach uses fingerprint sweat analysis to screen for drugs commonly found in workplace settings, such as opiates, cocaine, methamphetamine, and cannabis.
The company has recently submitted a 510(k) to the FDA, marking a significant step in their strategy to enter the U.S. market in 2025. INBS currently serves various sectors outside the U.S., including construction, manufacturing, transport, drug treatment organizations, and coroners. The company has demonstrated strong revenue growth of 23% in the last twelve months, despite operating at a loss, as revealed by InvestingPro financial metrics.
The official issuance of the patent will be announced at a later date, as per the company’s statement. This news comes as part of Intelligent Bio Solutions’ efforts to transform portable testing through innovative methods and expand its global market presence.
It’s important to note that this press release contains forward-looking statements, which are subject to risks and uncertainties. These statements should not be regarded as guarantees of future performance or results of Intelligent Bio Solutions Inc. Investors should note that while analysts project sales growth for the current year, the company’s stock price movements remain highly volatile, with a beta of 4.64.
The information in this article is based on a press release statement from Intelligent Bio Solutions Inc.
In other recent news, Intelligent Bio Solutions Inc. announced the pricing of a public stock offering, where it plans to offer 1,304,348 shares at $2.00 each, aiming to raise approximately $2.6 million before expenses. Ladenburg Thalmann & Co. Inc. is the sole bookrunner for this transaction. Additionally, the company has filed a prospectus supplement to offer additional common stock worth up to $1,376,530.39 as part of its At The Market Offering Agreement. The proceeds from these offerings are intended for general corporate purposes, including working capital and product development.
In a strategic move, Intelligent Bio Solutions is upgrading its Intelligent Fingerprinting Drug Screening System to support multiple languages, broadening its global reach. This upgrade aligns with the company’s plans to enter the US market in 2025 and is expected to enhance efficiency in safety-critical industries. Furthermore, the company reported an increase in its total number of outstanding shares to over 4.8 million, attributed to recent transactions under the At The Market Offering Agreement and an advisory agreement with ClearThink Capital Partners LLC. These developments reflect the company’s ongoing efforts to expand its market presence and product capabilities.
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