Intelligent Bio Solutions Inc. (NASDAQ: INBS), a medical technology company, offers rapid, intelligent, and non-invasive testing solutions. On May 29, the company announced its success in recruiting and starting the screening of subjects for its pharmacokinetic (PK) study. This study is a crucial step in Intelligent Bio Solutions' FDA 510(k) regulatory clearance process. The dedicated team worked diligently to ensure the study's design met FDA standards.
On Thursday, May 30, 2024, INBS closed up 5.68% on lower-than-normal volume, triggering a Stochastic Buy Signal, a bullish indicator suggesting the stock is oversold and may present a buying opportunity. Additionally, Intelligent Bio Solutions Inc. (NASDAQ: INBS) was highlighted among Health Care Stocks in Thursday's After-Market Session Movers by Benzinga, along with OneMedNet Corp (NASDAQ: ONMD), Abeona Therapeutics Inc. (NASDAQ: ABEO), BiomX Inc. (NYSE: PHGE), MyMD Pharmaceuticals Inc. (NASDAQ: MYMD), and Adaptimmune Therapeutics (NASDAQ: ADAP) among others, Read more.
The PK study aims to offer a detailed understanding of opiate metabolism, distribution, and excretion, particularly in human sweat. Human fingerprint sweat specimens will be collected and analyzed as part of the study. The results will be compared with those from urine, blood, and saliva specimens. The company's Intelligent Drug Screening System leads in non-invasive drug screening solutions. Intelligent Bio Solutions expects the PK study to be completed in June.
On May 23, Intelligent Bio Solutions announced key performance indicators from its UK operations, highlighting significant growth in the drug screening sector. For the nine months ending March 31, 2024, the company reported $2.38 million in revenue, a 193% year-over-year increase, with 93% from UK operations. High-margin cartridges accounted for 49% of total revenue. Intelligent Bio Solutions provided fast, intelligent, and non-invasive drug testing to over 400 UK customers across 15 industries, acquiring 111 new accounts in the 12 months ending March 31, 2024. B2B referrals significantly drove this growth.
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