India, Sept. 1 -- Intelligent Bio Solutions Inc. (INBS), a medical technology company, on Tuesday announced a private placement of approximately $5 million with a single existing institutional investor, while reporting 98.2% accuracy in a multi-site clinical study of its Intelligent Fingerprinting Drug Screening System.
Under the financing, Intelligent Bio Solutions will issue 2.04 million shares, or pre-funded warrants in lieu thereof, along with Series N-1 and N-2 warrants. The combined purchase price is $2.455 per share and associated warrants.
Additionally, the Series N-1 and N-2 warrants have an exercise price of $2.33 per share of common stock. The Series N-1 warrants will be exercisable immediately upon issuance, while the Series N...