NEW YORK, March 08, 2023 (GLOBE NEWSWIRE) — Intelligent Bio Solutions Inc. (Nasdaq: INBS), a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions, today announced the pricing of its previously announced underwritten public offering of 569,560 shares of common stock and warrants to purchase up to 170,868 shares of its common stock at a combined public offering price of $3.90 per share of common stock and accompanying warrants, for initial gross proceeds of approximately $2.2 million, before underwriting discounts and commissions and offering expenses. The warrants have an exercise price of $3.90 per share, are exercisable immediately and will expire five years following the date of issuance.
Ladenburg Thalmann & Co. Inc. is acting as the sole bookrunning manager for the offering.
All of the securities to be sold in the offering will be sold by the Company. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 85,430 shares of its common stock and warrants to purchase up to 25,629 shares of its common stock at the public offering price less the underwriting discounts and commissions. The offering is expected to close on or about March 10, 2023, subject to customary closing conditions.
The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. is a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions to customers globally. With its world-first biosensor platform, Intelligent Bio Solutions is developing and launching diagnostic tests urgently needed to help people living with chronic disease. In addition, through its recent acquisition of Intelligent Fingerprinting Limited, the Company is the world leader in the advancement of portable drugs of abuse testing through the analysis of fingerprint sweat. The system is a platform technology with potential applications in many areas of diagnostics, and its advantages include being non-invasive, hygienic, fast, and cost-effective. The top-selling product screens for recent use of the most commonly taken drugs in workplace settings; opioids, cocaine, methamphetamine, and marijuana. Sample collection takes just seconds, with results in ten minutes. Customers include employers in safety-critical industries such as construction, transport and logistics firms, drug treatment organizations, and UK coroners. A laboratory confirmation service is also available.
For more information, visit http://www.ibs.inc/