NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) — Intelligent Biological Solutions Inc. (“INBS” or the “Company”) ENBS, a medical technology company providing smart, rapid and non-invasive testing solutions, today announced the closing of its previously announced private placement with a Nasdaq-ruled market price of 2,223,333 common shares (or pre-funded warrants on its place). ), Series H-1 Warrants to purchase up to a total of 2,223,333 common shares and Series H-2 Warrants to purchase up to a total of 2,223,333 common shares, at a combined purchase price of $4.55 per common share (or pre-funded warrant) and warrants Series H-1 associates and Series H-2 warrants. The gross proceeds to INBS from the private placement were approximately $10.1 million, before deducting placement agent fees and other offering expenses payable by the Company. The Series H-1 warrants and Series H-2 warrants have an exercise price of $4.55 per common share and are exercisable immediately upon issuance. The Series H-1 warrants have a term of eighteen months from the date the United States Securities and Exchange Commission (“SEC”) declares effective a registration statement recording all shares of warrants underlying the Series H-1 warrants. The Series H-2 warrants have an exercise period equal to five years, which will be reduced to 20 calendar days after any date on which the Company makes a public announcement of 510k authorization by the Food and Drug Administration of the US (FDA) of the Company's Smart Certificates. Fingerprint drug detection system.
Harry Simeonidis, President and CEO of INBS, commented: “We welcome new healthcare-focused investors and intend to use the proceeds from this private placement for general corporate purposes, including advancing planned clinical trials for our system. “non-invasive fingerprint smart drug detection system as described in previous announcements and market expansion.”
Ladenburg Thalmann & Co. Inc. acted as exclusive placement agent for the private placement.
The offer and sale of the foregoing securities was made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the state laws of applicable values. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to an agreement with investors, the Company will file an initial registration statement with the SEC covering the resale of the shares of common stock issued to investors (including shares of common stock issued upon exercise of warrants) no later than 10 calendar days. following the date of the agreement and will make every effort to have the registration statement declared effective as soon as possible thereafter and, in any case, no later than 45 days after the date of such agreement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.
About Intelligent Bio Solutions Inc.
Intelligent Biological Solutions Inc. ENBS is a medical technology company that offers innovative, rapid and non-invasive testing solutions. The company believes its smart fingerprint drug detection system will revolutionize portable testing using fingerprint sweat analysis, which has potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test detects recent use of drugs commonly found in the workplace, including opioids, cocaine, methamphetamine and cannabis. With sample collection in seconds and results in less than ten minutes, this technology would be a valuable tool for employers in safety-critical industries. Additionally, the company's biosensor platform has the potential to test for up to 130 indications, ranging from glucose to immunological conditions and communicable diseases. The Company's current customer segments include construction, manufacturing and engineering, transportation and logistics companies, drug treatment organizations and forensics.
For more information visit: http://www.ibs.inc/
Forward-looking statements:
Certain statements contained in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. , which involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, Intelligent Bio Solutions Inc.'s anticipated use of the proceeds from the private placement, developing and commercializing its drugs and diagnostic tests, deriving commercial benefits from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date they are made, expectations may prove to be materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential.” may”, “could”, “could”, “will”, “should”, “approximately” or other words that convey uncertainty about future events or results to identify these forward-looking statements. These statements are only predictions and involve risks, uncertainties and other known and unknown factors, included in Intelligent Bio Solutions' public filings with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unforeseen events.
Company contact:
Intelligent Biological Solutions Inc.
info@ibs.inc
LinkedIn | Twitter
Contact with investors and media:
Valter Pinto, general director
KCSA Strategic Communications
Telephone: (212) 896-1254
INBS@kcsa.com
