Intelligent Bio Solutions, Inc. (NASDAQ: INBS) operates as a life sciences company, which is focused on the development of non-invasive, real-time diagnostic solutions. Shares of the diagnostics company skyrocketed 281% during trading on Monday, January 23, 2023. Over the past three months, Intelligent Bio Solutions has seen average daily volume of 54,420 shares. However, volume of 146.28 million shares or dollar volume of around $150.67 million, exchanged hands during the day’s trading.
Shares of Intelligent Bio Solutions surged after the company announced the completion of a key milestone in the development of its biosensor platform. The biosensor platform is the world’s first designed to support the real-time diagnostic testing of saliva based on Organic Thin Film Transistor (OTFT) technology. The OTFT is a small, printable strip that provides a quick diagnosis to patients and their medical providers.
“Milestone 7” results captured and reviewed at the University of Newcastle, Australia, which included testing time-to-result (TTR), sensitivity, and reproducibility. The resulted demonstrated a record four-times improvement in TTR, which allows the biosensor to provide test results in under one minute.
Outside of the major TTR improvements, Milestone 7 also led to the development of a new ink and device architecture that helps reduce manufacturing and printing times; ultimately improving productivity and limiting costs. In addition, Intelligent Bio Solutions made improvements in the limit of detection, which is seen as a key factor in being able to measure glucose in saliva. “Before these recent improvements, the biosensor platform was achieving 0.90 mg/dlii. Setting a more aggressive target initially improved this to 0.54 mg/dl, before later achieving a further reduction to 0.36 mg/dl on average with the lowest result being 0.22 mg/dl,” according to Intelligent Bio Solutions.
“We are thrilled to have reached another key development milestone for our biosensor platform, particularly demonstrating a substantial TTR reduction from 120 to 30 seconds, far below our original target of over 1 minute per test,” said Harry Simeonidis, Chief Executive Officer at Intelligent Bio Solutions. “Based on these successful results, the biosensor development team has now proceeded to its next testing phase, which will include testing human saliva.”
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