Intelligent Bio Solutions Inc. (INBS) announced the closing of a private placement with healthcare focused institutional investors, raising approximately $10.0 million. The proceeds will be used for working capital, FDA submission for the Intelligent Fingerprinting Drug Screening System, and international market expansion. The placement included shares of common stock, pre-funded warrants, and Series K-1 and K-2 warrants. The warrants have an exercise price of $4.10 per share and a term of five years. INBS believes their fingerprint sweat analysis technology will revolutionize portable testing for drug screening in workplace environments.

Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the private placement. The offer and sale of securities were made in a transaction not involving a public offering. The securities have not been registered under the Securities Act of 1933, and may not be offered or sold in the United States without registration or an applicable exemption. The Company agreed to file a registration statement with the SEC for resale of the shares issued in the private placement within 10 days.

Intelligent Bio Solutions Inc. is a medical technology company specializing in non-invasive testing solutions, particularly the Intelligent Fingerprinting Drug Screening System. The system offers quick results for drugs commonly found in the workplace, with applications in safety-critical industries. The Company’s current customer segments include construction, manufacturing, transport, drug treatment organizations, and more. Forward-looking statements in the release detail the Company’s goals for commercialization and regulatory approvals.

Read more at GlobeNewswire: Intelligent Bio Solutions Announces Closing of $10.0