Full Press Release Details
Bio Solutions Receives Guidance from U.S. FDA on a Regulatory Pathway for Expansion into the United States for its Intelligent Fingerprinting
Drug Screening Cartridge
Company intends to submit 510(k) pre-market notification to the FDA -
YORK, June 28, 2023 - Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"),
a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced it has received guidance
from the U.S. Food and Drug Administration (the "FDA") regarding the regulatory classification of its Intelligent Fingerprinting
Drug Screening Cartridge. The FDA has provisionally determined that the cartridge falls within 21 CFR 862.3650, Opiate Test System, a
Class II type device that requires the submission of a pre-market notification 510(k) and the FDA's clearance prior to marketing.
The preliminary assessment, in response to the Company's March 2023 513(g) request for product classification, provides a clear
regulatory pathway for INBS as part of the Company's expansion strategy into the United States. The Company intends to submit a
510(k) pre-market notification for its proprietary Intelligent Fingerprinting Drug Screening Cartridge.
are pleased to receive the FDA's preliminary assessment for our Intelligent Fingerprinting Drug Screening Cartridge, which is a
key step in our expansion into the U.S. market," said Harry Simeonidis, President and CEO of Intelligent Bio Solutions. "With
its rapid collection time and portability, we believe our intelligent drug screening technology will redefine how U.S. workplaces approach
testing by setting a new standard for drug testing procedures that prioritizes the dignity of employees while simultaneously enhancing
operational efficiency for employers."
Intelligent Fingerprinting Drug Screening System is designed to detect the presence of specific drugs and/or their metabolites from fingerprint
sweat. The system features a small, tamper-evident drug screening cartridge onto which ten fingerprint sweat samples are collected in
less than a minute. The tamper-proof cartridges are designed to screen for multiple drug groups simultaneously, including combinations
of opioids, cocaine, methamphetamines, benzodiazepines, cannabis, methadone, and buprenorphine, in an approach that offers a dignified,
non-invasive, and rapid drug screening solution. The application of the technology in maintaining workplace safety has garnered positive
feedback from the Company's growing customer base of over 350 clients in other countries, successfully deterring substance abuse
at work and ensuring employee well-being and compliance with health and safety policies.
Intelligent Bio Solutions Inc.
Bio Solutions Inc. (the "Company") (Nasdaq: INBS) is a medical technology company delivering intelligent, rapid, non-invasive
testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing
through fingerprint sweat analysis, which has the potential for broader applications in additional fields. This hygienic, and cost-effective
system is designed to screen for recent use of drugs commonly found in the workplace, including opioids, cocaine, methamphetamine, and
cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers
in safety-critical industries. Additionally, the Company's biosensor platform has the potential to test for up to 130 indications,
ranging from glucose to immunological conditions and communicable diseases. The Company's current customer segments include construction,
manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
more information, visit http://www.ibs.inc/
of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties.
Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.'s ability to successfully
develop and commercialize drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure
regulatory approvals (including from the FDA), among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected
in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from
the results expressed or implied by such forward looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking
statements by terminology, including "believes," "estimates," "anticipates," "expects,"
"plans," "projects," "intends," "potential," "may," "could,"
"might," "will," "should," "approximately" or other words that convey uncertainty of
future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown
risks, uncertainties, and other factors, included in Intelligent Bio Solutions' public filings filed with the Securities and Exchange
Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes
no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its
date or to reflect the occurrence of unanticipated events.
Pinto, Managing Director
KCSA Strategic Communications
Comma Communications