The artificial intelligence sector has managed to revolutionize industries in recent years and it is no different in the biotech sector. There are now a number of companies in the biotech sector that are deploying the power of artificial intelligence for making path-breaking new discoveries. Investors who may be interested in this niche could consider taking a look at these four stocks.
Intelligent Bio Solutions Inc (NASDAQ:INBS) – Medical devices company Intelligent Bio Solutions Inc is involved in the delivery of intelligent non-invasive and rapid testing solutions.
On May 16 the company announced that it was planning to add the potent synthetic opioid substance fentanyl and fentanyl-laced illegal drugs to the panel of substances its Intelligent Fingerprinting Drug Screening System would be able to detect through sweat analysis. It was a significant development considering the number of deaths that are caused each year from opioid overdoses and fentanyl is the drug responsible for most of those deaths.
Immunoprecise Antibodies Ltd (NASDAQ:IPA) one of the major innovative companies in the biotech space. It is enaged in artificial intelligence-powered Biotherapeutic research and technologies. Recently, the company said that its subsidiary BioStrand® successfully had solved the Information Integration Dilemma by developing a unique technology design that enables their patented HYFT Technology to encapsulate and unify diverse data modalities
Ra Medical Systems Inc (NYSEAMERICAN: RMED) – Last Friday Ra Medical Systems Inc announced its financial results for the first fiscal quarter that ended on March 31, 2023. The company managed to generate revenues of $85,000 for the quarter which was a vast improvement on the revenues of $9000 in the prior year period.
The boost in revenues was a direct consequence of the merger in January this year which led to higher sales of the VIVO system. The selling, general, and administrative expenses for the first quarter came in at $10.2 million and it was much higher than the $2.3 million spent in the prior year period.
Nowigence Inc (OTC:NOWG) – Last week, Nowigence Inc was in sharp focus after the company announced that its impactful and innovative content creation platform Lille.ai had finally been launched. It is a highly innovative platform that can convert text into tweet threads and vice versa. Marketing professionals, influencers and advertisers among others have found the tool to be highly effective. The company already started the onboarding process and provided an introductory price as well.
Enzolytics Inc (OTC:ENZC) – This morning the company is in the news following a major new announcement that also led to a strong rally in its stock, which went up by as much as 15%. The company provided updates with regard to the sale of Biogenysis Inc and Virogenetics Inc to Sagaliam Acquisition Corp, which is a special-purpose acquisition company.
In order to complete the transaction, negotiations have already started between BN Holdings Trust and the current sponsor of Sagaliam to complete negotiations and eventually complete the regulatory filings. However, it should be noted that presently there is no deadline for the completion of the transaction.