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News  ›  GlobeNewswire Inc.

Intelligent Bio Solutions Announces Closing of $10.0 Million Private Placement Priced At-the-Market Under Nasdaq Rules

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Intelligent Bio Solutions Announces Closing of $10.0 Million Private Placement Priced At-the-Market Under Nasdaq Rules

Intelligent Bio Solutions Inc. (INBS) closed a $10.0 million private placement with two healthcare-focused institutional investors, issuing 2,298,850 shares of common stock at $4.35 per share along with Series K-1 and K-2 warrants. The company plans to use proceeds for working capital, FDA 510(k) submission for its Intelligent Fingerprinting Drug Screening System, and international market expansion.

Insights
INBS   positive

The company successfully closed a $10 million funding round with institutional investors, demonstrating investor confidence. The capital will support FDA regulatory approval and international expansion, which are positive catalysts for future growth and commercialization of their drug screening technology.