Intelligent Bio Solutions Inc INBS

Intelligent Bio Solutions Inc. Reports Fiscal 2023 Fourth

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Fourth Quarter and Full Year Highlights:

• On June 28, 2023, the Company announced it had received guidance from the United States Food and Drug Administration (the “FDA”) regarding the regulatory classification of its Intelligent Fingerprinting Drug Screening Cartridge. The FDA provisionally determined that the cartridge falls within 21 CFR 862.3650, Opiate Test System, a Class II type device that requires the submission of a pre-market notification 510(k) and the FDA’s clearance prior to marketing, providing INBS with a clear regulatory pathway as part of the Company’s expansion strategy into the U.S.
• In June 2023, the Company concluded its study on the Correlation of Glucose and Cortisol between Oral Fluid and Blood Compartments. The study aimed to determine the degree of correlation between saliva and blood glucose and cortisol levels in subjects with and without diabetes. The results of the study indicate that saliva sampling and analysis has potential use in various applications, including as an aid in screening for diabetes in unhygienic environments where blood sampling is risky, and in point-of-care or at-home cortisol tests where characterizing early morning levels and daily variation is important. The Company intends to compile a white paper summarizing the findings as it determines the next phase of development.
• On May 2, 2023, the Company announced the recruitment of its Australian sales force and the addition of a new distribution hub and office facility to manage sales and operations, significantly expanding its ability to service customers throughout the Asia Pacific region.
• On March 15, 2023, the Company announced its selection of Human and Supplement Testing Australia (“HASTA”), Australia’s largest independent sports drug testing laboratory, as its preferred drug testing specialist in Australia to complete lab-based confirmation testing.
• On January 23, 2023, the Company published the results of Milestone 7, a phase of its biosensor platform development at the University of Newcastle, Australia, that included testing time-to-result (TTR), sensitivity, and reproducibility. The results showed a record 4x improvement in TTR, enabling the biosensor to return test results in under one minute.
• During the fiscal 2023 year, the Company continued to expand its customer base by entering into sales contracts with Haulier, Eastern Airways, Hozelock, Boughey Distribution, A&F Sprinklers and Dodman Limited.
• Earlier in the fiscal year, the Company completed the acquisition of Intelligent Fingerprinting Limited (IFP), a company registered in England and Wales (the IFP Acquisition). The IFP acquisition expanded the Company’s platform of rapid, non-invasive diagnostic testing technologies.

https://www.globenewswire.com/news-release/2023/08/24/2731038/0/en/Intelligent-Bio-Solutions-Inc-Reports-Fiscal-2023-Fourth-Quarter-and-Full-Year-Financial-Results-and-Operational-Highlights.html