Intelligent Bio Solutions Inc. has announced a $10 million private placement to enhance its capacity for developing non-invasive testing solutions, securing funding from institutional investors.

Information on the Target

Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a pioneering medical technology firm focused on delivering intelligent, rapid, and non-invasive testing solutions. The Company aims to transform portable testing with its Intelligent Fingerprinting Drug Screening System, a device that analyzes fingerprint sweat to detect recent drug usage. This technology is envisioned to be hygienic, cost-effective, and highly efficient, yielding results in under ten minutes. Intelligent Bio's services are particularly pertinent in safety-critical industries such as construction, manufacturing, engineering, transport, logistics, and drug rehabilitation.

Industry Overview in the Target’s Specific Country

The medical technology industry in the United States is continuously evolving, driven by technological advancements and increasing demand for efficient healthcare solutions. In recent years, there has been a significant shift toward non-invasive testing methods, which align well with rising consumer and industry preferences for rapid results and minimal discomfort.

The increasing incidence of substance abuse in various occupations has propelled companies to seek effective drug screening solutions. This demand has spurred growth opportunities for firms like Intelligent Bio Solutions, as regulat