Intelligent Bio Solutions closes $10 million private placement

Intelligent Bio Solutions Inc. (NASDAQ: INBS) announced the completion of a $10 million private placement with two healthcare-focused institutional investors. The medical technology company issued 2,298,850 shares of common stock and related warrants at a combined purchase price of $4.35 per share.

The transaction included Series K-1 and Series K-2 warrants to purchase up to 2,298,850 shares each of common stock. The warrants carry an exercise price of $4.10 per share and become exercisable immediately upon issuance. Both warrant series have a five-year term beginning when a registration statement for the underlying warrant shares becomes effective with the Securities and Exchange Commission.

The private placement was priced at-the-market under Nasdaq rules. Ladenburg Thalmann & Co. Inc. served as the exclusive placement agent for the offering.

"We welcome the continued support from our investors as we intend to use the proceeds of this private placement for working capital and general corporate purposes, including funding our 510(k) submission with the FDA for our non-invasive Intelligent Fingerprinting Drug Screening System and furthering our international market expansion," said Harry Simeonidis, President and CEO of INBS.

The company agreed to file a registration statement with the SEC covering the resale of shares within 10 calendar days of the agreement and to seek effectiveness within 45 days. The securities were sold in a private transaction not involving a public offering and have not been registered under the Securities Act of 1933.

Intelligent Bio Solutions develops non-invasive testing solutions, including a fingerprint-based drug screening system that analyzes sweat to detect recent use of workplace drugs including opiates, cocaine, methamphetamine, and cannabis.

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