Intelligent Bio Solutions Inc. Announces Board Changes By Investing.com

Intelligent Bio Solutions Inc. (NASDAQ:INBS) has reported a recent change to its Board of Directors following the passing of board member Lawrence Fisher on June 5, 2024. The company disclosed the news in a Form 8-K filing with the Securities and Exchange Commission today.

Mr. Fisher, who had been a member of the Board since August 2020, served on both the Audit Committee and Compensation Committee. His distinguished career spanned over four decades as a securities lawyer in New York City. Intelligent Bio Solutions Inc. expressed condolences to Mr. Fisher’s family and acknowledged his significant contributions to the firm.

In response to Mr. Fisher’s passing, the Board, recommended by the Nominating and Corporate Governance Committee, has decided to reduce its size from five to four members. Additionally, Steven Boyages and Jason Isenberg have been appointed to the Audit Committee and Compensation Committee, respectively, to fill the vacancies left by Mr. Fisher.

The company clarified that the information provided in the filing is furnished and not deemed “filed” for purposes of the Securities Exchange Act of 1934, nor is it incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, unless specified.

In other recent news, Intelligent Bio Solutions Inc. has reported an 80% increase in revenue for its fiscal third quarter, and a 193% increase for the nine months ending March 31, 2024. This growth primarily stems from a surge in product sales. The company has also secured a new partnership with a major European transport provider to implement its Intelligent Fingerprinting Drug Screening System in the United Kingdom, marking an expansion in the transport and infrastructure sectors.

In addition, INBS has expanded its UK customer network within the retail sector, introducing its fingerprint-based drug screening system to three major British retailers. This move is designed to streamline the testing process, offering a more hygienic and less invasive method that aligns with business policies and increases testing efficiency.

Furthermore, the company secured approximately $10.1 million in funding through a private placement transaction, allocated for advancing clinical trials and market expansion efforts. INBS also showcased its drug screening technology at The Health & Safety Event 2024 in the United Kingdom, indicating high interest from industry leaders. This comes alongside the grant of a new European patent for its DSR-Plus Cartridge Reader, enhancing its intellectual property portfolio across 17 European countries. These are the recent developments from Intelligent Bio Solutions Inc.

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