NEW YORK – Intelligent Bio Solutions Inc. (NASDAQ:INBS), a company specializing in surgical and medical instruments, has announced changes to the compensation of its top executives. On Monday, the company's board approved substantial salary increases for Chief Executive Officer Harry Simeonidis and Chief Financial Officer Spiro Sakiris.
The announcement, made through a filing with the U.S. Securities and Exchange Commission, indicates that Simeonidis's annual base salary will rise from $270,600 to $369,600, while Sakiris will see an increase from $237,600 to $270,600. These adjustments are effective from April 1, 2024, and reflect a significant boost in compensation for the executives.
The salary adjustments were recommended by the Compensation Committee of the Board of Directors and subsequently approved by the full board. It's worth noting that the salaries for Simeonidis and Sakiris are paid in Australian dollars, and the figures in the report have been converted to U.S. dollars at the exchange rate of 1 Australian dollar to 0.66 U.S. dollars.
This move comes as the Delaware-incorporated company, with its executive offices located in New York, continues its operations in the medical instruments sector under the leadership of these executives. Intelligent Bio Solutions, formerly known as GBS Inc. and Glucose Biosensor Systems (Greater China) Holdings, Inc., has seen several name changes in its history, with the most recent change occurring in September 2019.
Investors and market watchers often view changes in executive compensation as a reflection of the company's current performance and future outlook, although the company has not provided specific reasons for the pay increases.
The information presented here is based on the latest SEC filing by Intelligent Bio Solutions Inc. and provides a glimpse into the company's internal decisions regarding executive compensation.
In other recent news, Intelligent Bio Solutions Inc. has seen significant developments in its operations. The company reported an 80% increase in revenue for its fiscal third quarter and a 193% increase for the nine months ending March 31, 2024, primarily driven by a surge in product sales. Intelligent Bio Solutions Inc. also secured a new partnership with a major European transport provider to implement its Intelligent Fingerprinting Drug Screening System in the United Kingdom, marking a significant expansion in the transport and infrastructure sectors.
In addition, the company has expanded its UK customer network within the retail sector, introducing its fingerprint-based drug screening system to three major British retailers. This move is aimed at streamlining the testing process, offering a more hygienic and less invasive method that aligns with business policies and increases testing efficiency.
Furthermore, Intelligent Bio Solutions Inc. secured approximately $10.1 million in funding through a private placement transaction, allocated for advancing clinical trials and market expansion efforts. The company showcased its drug screening technology at The Health & Safety Event 2024 in the United Kingdom, indicating high interest from industry leaders.
Finally, the company was granted a new European patent for its DSR-Plus Cartridge Reader, enhancing its intellectual property portfolio across 17 European countries. These are the recent developments from Intelligent Bio Solutions Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.