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The healthcare technology sector is presently under significant scrutiny from investors, which is justified by the level of innovation occurring within the industry. Numerous companies warrant examination at this time, and Intelligent Bio Solutions Inc. (NASDAQ: INBS) is among them.

Earlier in February 2024, Intelligent Bio Solutions Inc. (NASDAQ: INBS) experienced a notable uptick, with its stock climbing to nearly $7 per share, peaking at $11.70 during intraday trading. However, this surge was followed by a downturn prompted by increased short selling activity. On Tuesday, February 27, 2024, INBS saw a 16.23% increase in its closing price to $4.87 due to short covering, albeit on lower-than-average trading volume. There’s speculation circulating that investors may want to consider adding this stock to their BUY LIST, anticipating a potential significant rebound to surpass its recent intraday high of $11.70 in February 2024.

Renowned for its rapid, non-invasive, and intelligent testing solutions, the medical technology company made headlines on February 28th following its announcement of a collaboration with Cliantha Research, a full-service Clinical Research Organization (CRO). This partnership entails participation in a pharmacokinetic (PK) study, forming part of the FDA 510(K) clinical study program at Intelligent Bio Solutions. The PK study, conducted under a regulatory and IRB/EX-approved protocol, aims to recruit up to 40 healthy adults. Ultimately, it will compare opiate levels in fingerprint sweat with those in oral fluid, blood, and urine post-drug administration.

The Intelligent Fingerprint Drug Screening System, developed by Intelligent Bio Solutions, will be utilized to analyze fingerprint sweat specimens. The initiation of the clinical study represents a significant milestone for the company as it progresses along its 510(K) pathway. Harry Simeonidis, President and CEO of Intelligent Bio Solutions, also commented on this advancement.  He highlighted the company’s satisfaction regarding the collaboration with Cliantha and the upcoming advancement along its 510(K) pathway. He emphasized that Intelligent Bio Solutions had devised a comprehensive plan it aimed to execute and underscored the substantial tasks awaiting the company and its team.