Princebuild adopts INBS' fingerprint drug screening technology for improved workplace safety and compliance, enhancing testing efficiency and employee privacy.
Quiver AI Summary
Intelligent Bio Solutions Inc. (INBS) has announced that Princebuild, a prominent UK construction firm, will implement its Intelligent Fingerprinting Drug Screening System to enhance workplace safety and compliance. By switching from saliva to fingerprint testing, Princebuild aims for a more efficient and respectful approach to drug screening that prioritizes employee privacy. The system, which allows for rapid and accurate testing while detecting multiple substances, aligns with Princebuild's commitment to fostering a safe work environment without intrusive measures. This adoption reflects a broader trend among construction companies towards modernized drug-testing solutions, as INBS continues to expand its innovative non-invasive testing technology globally. Following a recent FDA submission, INBS is preparing to enter the U.S. market in 2025, capitalizing on growing demand for drug screening products across various industries.
Potential Positives
- Princebuild's adoption of INBS' Intelligent Fingerprinting Drug Screening System signifies a strategic transition to a more efficient, non-invasive testing solution, enhancing workplace safety and employee privacy.
- The partnership with notable construction firms, including Princebuild, underscores INBS' growing acceptance and credibility in the construction industry, enhancing its reputation and market presence.
- INBS' technology offers rapid results and the ability to detect multiple substances, positioning the company as a leader in innovative drug testing solutions, appealing to diverse industries.
- The planned entry into the U.S. market in the first half of 2025, following a recent FDA 510(k) submission, represents a significant growth opportunity for INBS in a rapidly expanding drug screening products market.
Potential Negatives
- The press release emphasizes that the collaboration with Princebuild is a strategic decision due to the need for improved efficiency and respect for employee privacy, which could imply previous methods (saliva testing) may have been less effective or raised privacy concerns.
- The mention of FDA 510(k) submission and entry into the US market planned for 2025 suggests there may be uncertainty about regulatory approvals and market acceptance, indicating potential risks in commercialization.
- Forward-looking statements include inherent risks and uncertainties about the company's ability to develop and commercialize products, which may lead to skepticism from investors regarding future performance.
FAQ
What is the Intelligent Fingerprinting Drug Screening System?
The Intelligent Fingerprinting Drug Screening System is a non-invasive testing solution that analyzes fingerprint sweat for drug use.
Why did Princebuild switch from saliva to fingerprint drug testing?
Princebuild switched to fingerprint testing to enhance efficiency, accuracy, and employee privacy in their drug screening process.
What industries use Intelligent Bio Solutions' testing technology?
Industries utilizing the technology include construction, mining, manufacturing, transport and logistics, and law enforcement among others.
How quickly can results be obtained from the system?
Results from the Intelligent Fingerprinting Drug Screening System can be obtained in under ten minutes after sample collection.
When does Intelligent Bio Solutions plan to enter the US market?
Intelligent Bio Solutions plans to enter the US market in the first half of 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$INBS Hedge Fund Activity
We have seen 4 institutional investors add shares of $INBS stock to their portfolio, and 3 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ALYESKA INVESTMENT GROUP, L.P. added 206,199 shares (+inf%) to their portfolio in Q3 2024
- ADAR1 CAPITAL MANAGEMENT, LLC removed 102,861 shares (-95.0%) from their portfolio in Q3 2024
- ALTIUM CAPITAL MANAGEMENT LP removed 83,906 shares (-100.0%) from their portfolio in Q3 2024
- UBS GROUP AG removed 6,769 shares (-81.4%) from their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 3,647 shares (+19.1%) to their portfolio in Q3 2024
- TOWER RESEARCH CAPITAL LLC (TRC) added 409 shares (+62.5%) to their portfolio in Q3 2024
- ROYAL BANK OF CANADA added 55 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced that Princebuild, a leading construction firm with seven sites and operations spanning six key divisions, has adopted INBS’ Intelligent Fingerprinting Drug Screening System. Princebuild has made a strategic decision to move from saliva testing to fingerprint drug screening in order to implement a more streamlined, in-house solution that prioritizes efficiency, accuracy, and respect for employee privacy.
Princebuild, an established construction company in Peterborough, Cambridgeshire, UK and its surrounding areas, has integrated INBS' fingerprint sweat-based technology to enhance safety and compliance across its workforce. The system's simplicity, ease of use, and shorter detection window will enable Princebuild to conduct fast, reliable testing while respecting employees' personal lifestyles.
"By adopting Intelligent Bio Solutions fingerprint sweat-based system, we have transformed our approach to workplace testing," said Cheryl Browne, Human Resources Support Manager at Princebuild. "We wanted a method that ensured safety in our workplace without feeling like we were policing our employees' lifestyles. The simplicity and efficiency of this solution aligns with our company values."
Princebuild joins other leading construction companies that utilize INBS’ innovative drug-testing technology, including Mount Anvil, Hayfield Homes, Stonbury, MBP Structures, and PJ Hegarty & Sons U.K. Ltd. These companies employ INBS’ technology to proactively address substance misuse in the workplace by focusing on ensuring employees are fit for duty at the time of testing.
INBS’ Intelligent Fingerprinting Drug Screening System allows organizations to implement an accurate and efficient testing protocol that meets the needs of the modern workforce. With its ability to detect multiple substances simultaneously and provide rapid results, the system eliminates many challenges associated with traditional testing methods, allowing businesses like Princebuild to focus on cultivating safer, more productive workplaces.
The Company has over 400 accounts across 19 countries. Its Drug Testing Solution is currently being utilized across multiple industries, including construction, mining, manufacturing and engineering, transport and logistics, drug treatment, law enforcement, and forensics. With recent FDA 510(k) submission in December of 2024 and entry into the US market planned for the first half of calendar year 2025, INBS is capitalizing on the rapidly growing drug screening products market.
About Princebuild
Princebuild Limited has cared for, maintained, and built properties since 1971. The company specializes in delivering diverse construction services through six key divisions: construction, small works, insurance, maintenance, building services, and commercial interiors. Over the years, Princebuild has expanded its operations to serve the entire East of England and provides national coverage for larger projects.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, 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. Designed as a hygienic and cost-effective system, the test screens for the recent use of drugs commonly found in the workplace, including opiates, 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. The Company's current customer segments outside the US include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
For more information, visit:
http://www.ibs.inc/
Forward-Looking Statements:
Some 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 its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, 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.
Company Contact:
Intelligent Bio Solutions Inc.
info@ibs.inc
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Investor & Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
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