NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology company specializing in rapid, non-invasive testing, has completed a private placement, securing approximately $10.1 million in funding. The transaction included the sale of over 2.2 million shares of common stock or pre-funded warrants, and equal numbers of Series H-1 and Series H-2 warrants, with each share and associated warrants priced at $4.55.
The newly acquired funds are earmarked for general corporate purposes, which include advancing clinical trials for the company's Intelligent Fingerprinting Drug Screening System and market expansion efforts. The Series H-1 and Series H-2 warrants, exercisable at $4.55 per share, have different terms of exercise. The former are valid for eighteen months post-effectiveness of a registration statement by the SEC, while the latter have a five-year term, which may be reduced following an FDA clearance announcement for the drug screening system.
Harry Simeonidis, President and CEO of INBS, expressed optimism about the investment, highlighting the support from healthcare-focused investors and the company's plans to progress with clinical trials and market growth initiatives.
The private placement was facilitated by Ladenburg Thalmann & Co. Inc., which served as the sole placement agent. The securities in this private placement were not registered under the Securities Act of 1933 or state securities laws, and thus were not offered or sold publicly within the United States except under a registration statement or an exemption.
Intelligent Bio Solutions Inc. is known for its innovative approach to drug testing, utilizing fingerprint sweat analysis to detect the recent use of drugs. The technology offers a quick and hygienic solution, potentially applicable in various industries such as construction, manufacturing, and logistics.
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