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NEW YORK – Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology company specializing in rapid, non-invasive testing, has completed a private placement, securing approximately $10.1 million in funding. The transaction includes the sale of over 2.2 million shares of common stock or pre-funded warrants and an equal number of Series H-1 and Series H-2 warrants, with each share and related warrant priced at $4.55. did.
The new funding will be used for general corporate purposes, including advancing clinical trials and market expansion efforts for the company's intelligent fingerprinting drug screening system. Series H-1 and Series H-2 warrants are exercisable at $4.55 per share and have different exercise terms. The former is valid for 18 months after the issuance of the registration statement by the SEC, while the latter is valid for five years, although the period may be shortened after the FDA clearance announcement for the drug screening system.
Harry Simeonidis, President and CEO of INBS, highlighted the support from healthcare-focused investors and the company's plans to advance its clinical trials and market growth efforts. He expressed optimism about this investment.
The private placement was facilitated by Ladenburg Thalmann & Co. Inc., acting as sole placement agent. The securities in this private placement have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States except pursuant to a registration statement or exemption.
Intelligent Bio Solutions Inc. is known for its innovative approach to drug testing, which uses fingerprint sweat analysis to detect recent drug use. The technology provides a quick and hygienic solution and has potential applications in various industries such as construction, manufacturing, and logistics.
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