Business
Intelligent Bio Solutions Inc. Reports First Quarter Ending September 30, 2022, Preliminary Financial Results and Recent Business Highlights
- Acquired Intelligent Fingerprinting Limited and its proprietary drugs of abuse screening technology - - Announced new additions to Board of Directors and
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"- Acquired Intelligent Fingerprinting Limited and its proprietary drugs of abuse screening technology - - Announced new additions to Board of Directors and name change to Intelligent Bio Solutions Inc. - - Company to host conference call & webcast today at 4:30 p.m. ET - NEW YORK, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (“Intelligent Bio Solutions” or the “Company”) (Nasdaq: INBS), a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions, today announced its preliminary financial results for the first financial quarter ended September 30, 2022 and provided a business update. Management will host a webcast and conference call at 4:30 p.m. ET today. “As reflected in our name change to Intelligent Bio Solutions, this last quarter represents a sea change in the growth and evolution of the Company with the highly synergistic acquisition of Intelligent Fingerprinting Limited (“IFP”) with its proprietary and already well-established technology for on-site drugs of abuse testing,” stated Harry Simeonidis as Chief Executive Officer of Intelligent Bio Solutions. “Combining the two businesses presents an exceptional opportunity to benefit from each other’s unique expertise and functional strengths. IFP brings a proven ability to commercialize and grow novel diagnostic products, which fits exceptionally well with our extensive regulatory experience. Similarly, IFP’s successful establishment of a manufacturing facility in the UK will be invaluable as we ramp up operations at our new facility in Newcastle, Australia. R&D teams are already integrating and exploring the depth and breadth of saliva- and sweat-based testing for a broad array of potential additional test substrates, including hormones, infectious diseases, oncology, and fertility among others.” First Quarter Highlights, Recent Operational Developments Strategic Partnerships & Pipeline Development Concurrent with our name change to Intelligent Bio Solutions, we announced the full acquisition of IFP, expanding the Company’s portfolio to now include its Biosensor saliva test and IFP’s rapid, non-invasive, sweat-based fingerprint diagnostic platform for conveniently detecting drugs of abuse on-site, while also adding to and accelerating revenue growth.Intelligent Bio Solutions continues to advance towards the nex...