Intelligent Bio Solutions Inc. (NASDAQ: INBS) shares enjoy marginal gains Thursday, as the medical technology company announced that Titan Cranes and Rigging Pty Ltd. has adopted the Company's unique Intelligent Fingerprinting Drug Screening System.
Since 2001, Titan has secured its spot as Australasia’s leading specialist material handling company, providing state-of-the-art lifting equipment and labor to the country’s largest construction projects. Australia’s construction industry is a key economic driver and employer for approximately 9.6% of workers. The industry generates over $360 billion in annual revenue, producing about 9% of Australia’s gross domestic profit.
Titan has adopted INBS’ system across its operations as a new screening solution for its 350-plus employees.
The Intelligent Fingerprinting Drug Screening System is a fast and accurate testing solution that utilizes fingerprint sweat to screen for specific drugs of abuse and provide results within minutes. A small tamper-proof cartridge collects the sweat samples, which are then analyzed by a reader to determine if an employee is fit for duty. The Company’s comprehensive solution also includes a lab-based confirmation service for non-negative on-site test results.
CEO Harry Simeonidis said, “Our drug screening product’s reputation is growing globally as a sound and reliable screening solution. We’re pleased to see our system being implemented by Titan as a non-invasive, clean, fast screening test, providing quick on-site results and supporting operational efficiency.
INBS shares picked up a penny, or 3.7%, to 27 cents.
