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NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology firm specializing in non-invasive rapid testing solutions, has announced the pricing of its public offering of common stock. The company will offer 1,304,348 shares at $2.00 each, aiming to raise approximately $2.6 million before underwriting discounts, commissions, and expenses. The offering comes as the company, currently valued at $13.8 million, reported 23% revenue growth in the last twelve months. InvestingPro analysis indicates the company is quickly burning through cash, making this capital raise crucial for operations.
Ladenburg Thalmann & Co. Inc. is the sole bookrunner for the transaction, with the offering anticipated to close around February 21, 2025, pending standard closing conditions. Intelligent Bio Solutions has also granted the underwriter a 45-day option to purchase up to an additional 195,652 shares at the public offering price, minus underwriting discounts and commissions.
The net proceeds from the sale are earmarked for working capital and general corporate purposes. The offering is in accordance with a shelf registration statement filed on April 8, 2022, and declared effective by the SEC on April 20, 2022. Relevant documents, including a preliminary prospectus supplement and the accompanying prospectus, are available on the SEC’s website, and a final prospectus supplement will be filed with the SEC.
Intelligent Bio Solutions is known for its Intelligent Fingerprinting Drug Screening System, which utilizes fingerprint sweat analysis for rapid drug testing. The system is designed to be both hygienic and cost-effective, with applications across various industries including construction, manufacturing, and logistics, particularly in settings where safety is paramount.
The information regarding the public offering is based on a press release statement from Intelligent Bio Solutions Inc.
In other recent news, Intelligent Bio Solutions Inc. has announced a significant upgrade to its Intelligent Fingerprinting Drug Screening System, which will now support multiple languages, expanding its accessibility to over 4 billion people globally. This move aligns with the company’s strategic plan to enter the US market in 2025. Additionally, Intelligent Bio Solutions has submitted a 510(k) premarket notification to the FDA for this system, highlighting its 94.1% accuracy in drug detection. The company has already seen international adoption of the system, and entering the US market could offer substantial revenue growth opportunities.
Furthermore, Intelligent Bio Solutions has increased its outstanding shares to over 4.8 million, primarily due to transactions under an At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc. The company has raised approximately $250,802 through these stock sales, which will support ongoing research and development efforts. These developments are part of the company’s broader strategy to enhance its market presence and financial stability. Intelligent Bio Solutions continues to focus on regulatory approvals and commercializing its drug screening technology, aiming to capitalize on the growing demand in the workplace drug testing market.
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