Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical device company, has raised approximately $250,802 through an At The Market Offering (ATM) as of November 19, 2024, according to a recent 8-K filing with the U.S. Securities and Exchange Commission.
The company, which specializes in surgical and medical instruments and apparatus, disclosed that the net proceeds came after commissions of about $7,756 paid to Ladenburg Thalmann & Co. Inc., the financial institution that facilitated the stock sales.
The ATM Agreement, dated September 18, 2024, has seen the company sell 17,167 shares of common stock from September 18, 2024, through September 30, 2024, raising approximately $34,511 net of commissions. Following this, between October 1, 2024, and November 19, 2024, Intelligent Bio Solutions sold an additional 137,115 shares, resulting in approximately $216,291 net of commissions.
In a separate announcement, Intelligent Bio Solutions released a video on November 20, 2024, detailing the initial results from its Pharmacokinetic (PK) study, which is a necessary step for a FDA 510(k) submission. The company has made this video available on its website in the news and media section, providing stakeholders and interested parties with insights into its latest developments.
The capital raised through the ATM offering is expected to contribute to the company's ongoing research and development efforts, as well as general corporate purposes. The 8-K filing also serves as a formal record of the company's recent financial activities, ensuring transparency for investors and regulatory bodies.
Spiro Sakiris, the Chief Financial Officer of Intelligent Bio Solutions, signed off on the filing dated November 20, 2024. The company, previously known as GBS Inc. and Glucose Biosensor Systems (Greater China) Holdings, Inc., is headquartered in New York and is incorporated in Delaware.
The information in this article is based on the 8-K filing by Intelligent Bio Solutions Inc. with the SEC and is intended to provide investors with key facts about the company's recent financial activities.
In other recent news, Intelligent Bio Solutions Inc. has reported significant revenue growth, primarily due to a surge in product sales. The medical technology firm has noted an 80% increase in revenue for the fiscal third quarter and a 193% rise for the nine months ending March 31, 2024.
The company has also completed a key phase in its FDA 510(k) submission process for its sweat-based drug testing method, marking a significant step towards FDA clearance.
Intelligent Bio Solutions has entered into a strategic partnership with B2i Digital to enhance its investor relations and spotlight its patented technology. The company has also announced a $3 million stock offering with Ladenburg Thalmann & Co. Inc., aimed at funding working capital and other corporate purposes.
In addition, the company has awarded a significant number of fully vested shares to its top executives, including CEO Harry Simeonidis and CFO Spiro Sakiris, as part of its 2024 compensation analysis and evaluation.
The company has secured Pyrotek Pty Ltd as a new client, which plans to implement the company's drug testing solution across its Australian operations. Intelligent Bio Solutions has also expanded its distribution network in Saudi Arabia, projecting a rise in global sales by 15% year-on-year. These are the recent developments from Intelligent Bio Solutions Inc.
InvestingPro Insights
Recent InvestingPro data provides additional context to Intelligent Bio Solutions Inc.'s (NASDAQ:INBS) financial situation. The company's market capitalization stands at a modest $5.93 million, reflecting its current position in the medical device sector. Despite the recent capital raise through the ATM offering, InvestingPro Tips indicate that INBS is "quickly burning through cash" and is "not profitable over the last twelve months," which aligns with the company's need for additional funding.
The stock's performance has been volatile, with InvestingPro data showing a strong 22.12% return over the last three months, contrasting with a significant 61.69% decline over the past year. This volatility is further emphasized by an InvestingPro Tip noting that "stock price movements are quite volatile."
Analysts anticipate sales growth in the current year, which could be linked to the company's ongoing research and development efforts, including the Pharmacokinetic study mentioned in the article. However, with a Price to Book ratio of 0.97, the stock is trading close to its book value, potentially indicating investor caution.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for INBS, providing a deeper understanding of the company's financial health and market position.
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