GBS

GBS US Stock
$3.97
Open: $3.63 High: $4.07 Low: $3.63 Close: $3.95
Range: 2021-06-23 - 2021-06-24
Volume: 437,939
Market: Open
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GBS
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  • We Think GBS (NASDAQ:GBS) Needs To Drive Business Growth Carefully

    There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...

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  • Patients Living With Diabetes Voice Eagerness for ‘Finger-Prick’ Alternative in Global Glucose Monitoring Survey

    Global results show 90% of patients are in favor of a saliva-based glucose testNEW YORK, June 08, 2021 (GLOBE NEWSWIRE) -- GBS Inc. (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing for patients and their primary health practitioners at point-of-care, today announced survey results from more than 300 patients globally as part of its development and go-to-market strategy. As GBS is advancing to clinical trials of its saliva glucose biosensor, it conducte

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  • Will GBS (NASDAQ:GBS) Spend Its Cash Wisely?

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  • GBS Inc. Reports First Quarter 2021 Financial Results and Recent Business Highlights

    - Anticipate Emergency Use Submission for SARS-CoV-2Antibody Biosensor Test in the Second Half of 2021- - $14 Million in Cash, Cash Equivalents, and Marketable Securities as of March 31, 2021, Provides Runway into the Second Half of 2022 - - Established a Point-of-Care Test Commercialization Ecosystem with World-Class Healthcare Institutions - - University of Newcastle, The Wyss Institute for Biologically Inspired Engineering and John Hopkins University - NEW YORK, May 14, 2021 (GLOBE NEWSWIRE) -- GBS Inc. (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing for patients and their primary health practitioners at point-of-care, today announced its financial results for the first quarter of 2021, and summarized recent business highlights. “We continued to execute across the business this quarter as we further developed our commercialization plans for both the COVID-19 test and glucose monitoring on the Biosensor Platform technology,” Chief Executive Officer of GBS Inc. (GBS), Harry Simeonidis said. “Our clinical chemistry and infectious disease programs are progressing as we continue the design for manufacturing of our Saliva Glucose Biosensor. In addition, we are integrating Harvard University’s eRapid technology with our Biosensor for SARS-Cov-2 antibody tests, and are working with best-in-class commercialization experts across novel sensing technology and salivary diagnostics to decentralize and democratize diagnostics.” Chief Executive Officer of The iQ Group Global Group, Dr. George Syrmalis said, “Despite the extensive vaccination rollout in most of the developed parts of the world, we have yet to generate real patient data assessing the levels of immunity of vaccinated people, over time. We have yet to understand how long the vaccine protects people and when reimmunization is necessary. Thus, we remain committed to bringing an oral point-of-care diagnostic and antibody monitoring test to market once EUA authorized.” Recent Operational Developments Point-of-Care Test Commercialization Ecosystem Established Received approval from the Harvard Longwood campus Institutional Review Board (IRB) to commence a validation study to test clinical samples from a COVID-19 repository and to commence clinical studies on the COVID-19 Antibody Biosensor.Onboarded and aligned with word-class institutions, Johns Hopkins University, The Wyss Institute for Biologically Inspired Engineering, and the University of Newcastle for the development of saliva-based POCTs for both glucose monitoring and COVID-19 antibody detection.Onboarded new top-tier members to GBS’s scientific team to formulate and execute its commercialization plan. COVID-19 Testing Key Developments Commenced research protocols with The Wyss Institute for Biologically Inspired Engineering to progress with the milestone of integrating this technology with the Company’s Biosensor for SARS-Cov-2 antibody tests.Initiated study for the salivary collection protocol with Johns Hopkins University, Bloomberg School of Public Health.Completed technical optimization of Wyss’s eRapid assay performance in relation to SARS-Cov-2 antibody detection at The Wyss Institute to align with the fastest antibody tests currently on market using clinical samples. Glucose Testing Key Developments Developing a clinical plan to for regulatory submission and subsequent approval with Precision Medicine Architects, LLC.Commenced global voice of customer survey with Precision Medicine Architects, LLC as part of the process to finalize product development of the device and usability.Further development of prototyping for middleware and smartphone application.Executed Option Agreement to acquire the rights to use, make, market, sell and offer to sell Products under the Intellectual Property Rights in the Glucose Field in the North American market for the Saliva Glucose Biosensor. Financial Discipline For the quarter ending March 31, 2021, a total of 58,600 Series A warrants and 1,400,195 Series B warrants were exercised and converted into common stock. On March 31, 2021, GBS entered into an agreement with Life Science Biosensor Diagnostics (LSBD) to provide GBS an option to acquire an exclusive license to use LSBD’s intellectual property in the treatment or management of diabetes, filed in North America (the ‘Option Agreement’). The Option Agreement has a term of two years and the exercise price for the option is $5 million. Anticipated Events and Targeted Milestones for 2021 Anticipate Emergency Use Approval for SARS-CoV-2 Antibody Biosensor test from FDA in the second half of 2021.Development of clinical protocol for FDA review for Saliva Glucose Biosensor.Design transfer to manufacture for Saliva Glucose Biosensor and SARS-CoV-2 Antibody Biosensor.Continue to pursue our licensing and sublicensing partnership opportunities for commercialization. First Quarter 2021 Financial Results The Company reported a net loss of approximately $2.6 million, for the first quarter of 2021, compared to a net loss of approximately $0.11 million, for the first quarter of 2020. This overall increase was largely attributable to further progression on regulatory and development milestones and increased expenditure on general and administrative expenses with funding secured by the IPO. As of March 31, 2021, the Company’s cash, cash equivalents, and marketable securities totaled approximately $14.2 million, compared to approximately $19.8 million on December 31, 2020. GBS believes that based on the current operating plan and financial resources, its cash equivalents and marketable securities will be sufficient to cover expenses and capital requirements through at least the second quarter of 2022. About GBS Inc.GBS Inc. is a life sciences company developing non-invasive, real-time point-of-care (POC) diagnostic tests for patients and their primary health practitioners (“GBS”). For more information about the Company, please visit our corporate website at gbs.inc. About The iQ Group GlobalThe iQ Group Global is a bioscience investment consortium that finds, funds and develops bioscience discoveries to create life-changing medical innovations. Visit our website: theiqgroupglobal.com Forward-Looking StatementsSome 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, GBS Inc.’s ability to develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although GBS, 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. GBS 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 the Company’s public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. We undertake 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. For more information, please contact: Investor Contact:LifeSci Advisors, LLCJeremy Feffer - Managing Director212-915-2568jeremy@lifesciadvisors.com Company Contact:The iQ Group GlobalJames Gorman, Communications Manager +61 2 8239 5400media@theiqgroupglobal.com GBS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(UNAUDITED) Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Revenues Other income: Government support income $34,290 - $372,754 $- Shared services - (1,533) - 119,744 Total revenues and other income 34,290 (1,533) 372,754 119,744 Operating expenses: General and administrative expenses 1,013,389 53,842 2,205,842 1,752,182 Development and regulatory approval expenses 2,156,316 (58,825) 2,529,074 541,023 Prospectus and capital raising expenses 5,100 32,274 358,674 174,639 Total operating expenses 3,174,805 27,291 5,093,590 2,467,844 Loss from operations (3,140,515) (28,824) (4,720,836) (2,348,100) Other (expense) income: Interest expense (18,561) (82,305) (1,091,249) (380,961) Loss from unconsolidated equity method investment - - (135,692) - Realized foreign exchange gain/(loss) 8,774 - (270,333) - Interest income 7,635 22 8,139 91 Total other expense (2,152) (82,283) (1,489,135) (380,870)Loss before income taxes (3,142,667) (111,107) (6,209,971) (2,728,970) Income tax (expense)/benefit Current - - - - Deferred - - - - Total income tax (expense)/benefit - - - - Net loss (3,142,667) (111,107) (6,209,971) (2,728,970) Net (loss) income attributable to non-controlling interest (14,854) 1,485 (25,684) (22,210) Net loss attributable to GBS, Inc. $(3,127,813) $(112,592) $(6,184,287) $(2,706,760) Other comprehensive income Foreign currency translation gain/(loss) attributable to non-controlling interest - - - - Foreign currency translation gain/(loss) attributable to GBS, Inc. (262,032) 100,921 (278,744) (28,129) Total other comprehensive income (262,032) 100,921 (278,744) (28,129) Comprehensive net loss attributable to GBS, Inc $(3,389,845) $(11,671) $(6,463,031) $(2,734,889) Net loss per share, basic and diluted $(0.27) $(0.01) $(0.64) $(0.32) Weighted average number of shares outstanding, basic and diluted 11,795,741 8,510,000 9,667,399 8,510,000 This is information extracted from GBS’s March 31, 2021, Financial Statements filed with the Form 10Q with the SEC on February 11, 2021, and should be read with the financial statements accordingly GBS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(Amounts in $) March 31, 2021 June 30, 2020ASSETS Current assets: Cash and cash equivalents $14,261,622 $427,273 Deferred charges - 1,863,613 Other current assets 2,324,389 49,062 Total current assets 16,586,011 2,339,948 Investment in affiliate - 135,692 Other non-current assets 866,667 - TOTAL ASSETS $17,452,678 $2,475,640 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses $1,521,899 $787,469 Related party payables 37,235 1,769,293 Convertible notes payable - 5,133,706 Total current liabilities 1,559,134 7,690,468 Employee benefit liabilities 18,128 - Total liabilities 1,577,262 7,690,468 Commitments and contingencies - Note 10 Shareholders' equity (deficit): Preferred stock, $0.01 par value, 10,000,000 shares authorized, 3,000,000 and 2,370,891 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively 30,000 23,709 Common stock, $0.01 par value, 100,000,000 shares authorized, 11,881,322 and 8,630,000 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively 118,813 86,300 Additional paid-in capital 38,440,097 10,899,942 Accumulated deficit (22,016,804) (15,832,517) Accumulated other comprehensive loss (642,695) (363,951) Total consolidated group equity (deficit) 15,929,411 (5,186,517) Non-controlling interests (53,995) (28,311) Total shareholders' equity (deficit) 15,875,416 (5,214,828)TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $17,452,678 $2,475,640 This is information extracted from GBS’s March 31, 2021 Financial Statements filed with the Form 10Q with the SEC on February 11, 2021, and should be read with the financial statements accordingly

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  • GBS, Inc. Receives Approval to Commence Validation Clinical Study for Rapid SARS-CoV-2 Diagnostic Test

    NEW YORK, April 15, 2021 (GLOBE NEWSWIRE) -- GBS, Inc. (NasdaqGS: GBS), a life sciences company developing non-invasive, real-time point-of-care (POC) diagnostic tests, and the Wyss Institute for Biologically Inspired Engineering at Harvard University (Wyss Institute) have received approval from the Harvard Longwood campus Institutional Review Board (IRB) to commence a validation study to test clinical samples from a COVID-19 repository. The Harvard Longwood Campus Institutional Review Board (HLC IRB) is responsible for the review and oversight of human research conducted by faculty, staff, and students of Harvard Medical School, Harvard School of Dental Medicine, and Harvard T.H. Chan School of Public Health. In accordance with FDA regulations, an IRB has the authority to approve, require modifications in (to secure approval), or disapprove research. The approval is the first step towards the validation of a rapid POC diagnostic that GBS intends to develop and commercialize for the quantitative measurement of antibodies against SARS-CoV-2. Through the study, GBS and the Wyss Institute intend to validate the performance and the feasibility of a collaboratively developed electrochemical assay built on the GBS biosensor strip and the Wyss Institute’s eRapid electro-chemical sensing platform for the detection of IgG antibodies. The research team at Harvard University’s Wyss Institute will receive anonymized, de-identified, infected and uninfected human serum and saliva samples of COVID-19 patients, with at least 35 post-pandemic positive samples and 35 negative samples which may include pre-pandemic negative samples from healthy donors. The repository’s samples will be sourced from clinical collaborators such as Brigham and Women’s Hospital, Massachusetts General Hospital, and Beth Israel Deaconess Hospital. “We are hopeful that this novel diagnostic sensor technology will be able to make a dent into the spread of SARS-CoV-2 by enabling the broad monitoring of immunity to the virus worldwide, including in individuals with active infection, and those who have overcome an infection or received one of the vaccines,” said Wyss Institute Founding Director Donald Ingber, M.D., Ph.D. who developed eRapid with Wyss Senior Staff Scientist Pawan Jolly, Ph.D. “With this clinical study we will be able to validate these important diagnostic technologies with human biologic fluids, a crucial step toward validating the SARS-CoV-2 Antibody Biosensor for safe, rapid, accurate testing during the COVID-19 pandemic,” Dr George Syrmalis, Group CEO of The iQ Group Global, said. The study will be performed as part of a collaboration between GBS and the Wyss Institute, previously announced. About GBS, Inc.GBS, Inc. is a life sciences company developing non-invasive, real-time point-of-care (POC) diagnostic tests for patients and their primary health practitioners. With the world-first Biosensor Platform, GBS, Inc. is developing and launching diagnostic tests urgently needed to help eradicate COVID-19 and change the lives of people living with diabetes. Visit our website: gbs.inc About The iQ Group GlobalThe iQ Group Global is a bioscience investment consortium that finds, funds and develops bioscience discoveries to create life-changing medical innovations. Visit our website: theiqgroupglobal.com Forward-Looking StatementsSome 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, GBS Inc.’s ability to develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although GBS, 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. GBS 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 the Company’s public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. We undertake 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. For more information, please contact: LifeSci Advisors, LLCJeremy Feffer - Managing Director212-915-2568jeremy@lifesciadvisors.com

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  • Companies Like GBS (NASDAQ:GBS) Can Afford To Invest In Growth

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  • GBS Inc. Enters Sponsored Research Agreement with Johns Hopkins Bloomberg School of Public Health To Accelerate Development of Saliva-Based Diagnostic Tests

    NEW YORK, Feb. 18, 2021 (GLOBE NEWSWIRE) -- GBS Inc. (Nasdaq: GBS), a life sciences company that develops non-invasive, real-time point of care (POC) diagnostic tests for patients and their primary health practitioners, today announced the execution of a sponsored research agreement with Johns Hopkins Bloomberg School of Public Health to accelerate development of next-generation saliva-based diagnostic tests. The sponsored research agreement marks a collaboration between GBS Inc. and the Johns Hopkins Environmental Health Microbiology and Immunology Laboratory in the Department of Environmental Health and Engineering at the Johns Hopkins Bloomberg School of Public Health, and the lab’s Salivary Biomarkers and Infectious Diseases Program. Led by Dr. Christopher Heaney, director of the Johns Hopkins Environmental Health Microbiology and Immunology Laboratory, the newly created program will support the lab’s ongoing research into saliva testing and diagnostics. The research will inform GBS Inc.’s commercialization strategy for two non-invasive, rapid POC diagnostic tests already in development: the SARS-CoV-2 Antibody Biosensor and, for people living with diabetes, the Saliva Glucose Biosensor. Research led by the Johns Hopkins Environmental Health Microbiology and Immunology Laboratory in 2020 demonstrated the potential utility of saliva testing in large-scale sero-surveillance to address key public health and clinical priorities related to the COVID-19 pandemic. The study showed that, among individuals diagnosed with SARS-CoV-2 infection as confirmed by RT-PCR testing, the SARS-CoV-2-specific saliva antibody responses were comparable to with those observed in blood. As part of the collaboration, GBS Inc. intends to work with Dr. Heaney’s team to identify new biomarkers best matched to testing via a salivary matrix. Johns Hopkins Environmental Health Microbiology and Immunology Laboratory researchers will conduct in-field epidemiologic investigations using the developed POC devices to better understand the incidence and prevalence of different diseases in at-risk populations. “We are privileged to collaborate with Dr. Heaney and his team at the Johns Hopkins Bloomberg School of Public Health to advance their world-leading research, and to contribute Dr. Heaney’s mission to develop ‘last mile’ diagnostic options for patients globally,” GBS Inc. Chief Executive Officer Harry Simeonidis said. GBS Inc. is a subsidiary of biotechnology enterprise The iQ Group Global, a consortium of companies focused on finding, funding and developing bioscience discoveries to create life changing innovations. “The need for accurate, rapid, non-invasive testing has never been more urgent. We look forward to working with Johns Hopkins Bloomberg Public School of Health researchers in the important mission of enabling diagnostic self-testing for people all around the world,” The iQ Group Global Group Chief Executive Officer Dr. George Syrmalis said. About GBS Inc.GBS Inc. is on a mission to put the power of non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care. With the world-first Biosensor Platform, GBS Inc. is developing and launching diagnostic tests urgently needed to help eradicate COVID-19 and change the lives of people living with diabetes. Visit our website: gbs.inc About The iQ Group GlobalThe iQ Group Global is a bioscience investment consortium that finds, funds and develops bioscience discoveries to create life-changing medical innovations. Visit our website: theiqgroupglobal.com 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, GBS Inc.’s ability to develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although GBS, 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. GBS 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 the Company’s public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. We undertake 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. For more information, please contact: Investor Contact:LifeSci Advisors, LLCJeremy Feffer - Managing Director212-915-2568jeremy@lifesciadvisors.com Company Contact:Gemma Garkut, Director +61 2 8239 5400gemma.garkut@theiqgroupglobal.com

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  • GBS Inc. Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Corporate Update

    - December 2020 Initial Public Offering generated $21.6m in gross proceeds andlisting on the NASDAQ Stock Market -Executes Partnerships, Research Collaboration and Commercial Agreements-- John Hopkins University, Wyss Institute & Cambridge Consultants Ltd. NEW YORK, Feb. 16, 2021 (GLOBE NEWSWIRE) -- GBS Inc. (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care, today announced its financial results for the fourth quarter and full year 2020 and provided a corporate update. “In part to the COVID-19 pandemic, diagnostics solutions have become of paramount importance in the clinical care continuum and accelerated the need for alternatives to the central laboratory testing model. 2020 has certainly been a pivotal year for GBS as we have made significant strides across the organization towards commercializing our novel Biosensor Platform technology and providing patients and physicians a point of care diagnostic platform solution,” said Harry Simeonidis, Chief Executive Officer of GBS. “From pipeline developments to strategic collaborations and ultimately concluding the year by extending our financial runway with a public listing on the NASDAQ Global stock market, I am proud of our achievements in 2020 and encouraged by the opportunity to advance our pipeline of more than 130 additional diagnostic tests.” Dr. George Syrmalis, Chief Executive Officer of The iQ Group Global Group, added, “For decades we have evaluated solutions to address the challenges of diabetes as a global epidemic and now we are faced with the COVID-19 global pandemic. Rising up to this challenge and by redesigning our diagnostic platform and working with the Wyss Institute of Harvard, Newcastle University and Johns Hopkins University, School of Public Health with the aim of developing a COVID-19, IgG antibody test, that may be able to serve as a self-administered, antibody screening test and potentially as an accompanying diagnostic for people who are to be vaccinated.” Fourth Quarter & FY Highlights and Recent Operational Developments Pipeline Development Johns Hopkins University Sponsored Research Agreement to Accelerate Development of next-generation Saliva Based Diagnostic Tests (February 2021)Harvard University/Wyss Institute collaboration to develop a printable point-of-care SARS-CoV-2 antibody test (May 2020) Financial Discipline Initial Public Offering generated $21.6m in gross proceeds and listing on the NASDAQ Global Stock Market(December 2020) Commercial Development Cambridge Consultants Ltd. as advisors on our commercial scale manufacturing program(March 2020) Anticipated Events and Targeted Milestones for 2021 Anticipate Emergency Use Approval for SARS-CoV-2 Antibody Biosensor test from FDA 2nd half of 2021Development of clinical protocol for FDA review for Saliva Glucose BiosensorDesign transfer to manufacture for Saliva Glucose Biosensor and SARS-CoV-2 Antibody BiosensorContinue to pursue out licensing and sublicensing partnership opportunities for commercialization Fourth Quarter and Full Year Financial Results The Company reported a net loss of approximately $1.9 million, for the fourth quarter of 2020, compared to a net loss of approximately $0.4 million, for the fourth quarter of 2019. Government support income was $283,037 and $0 for the three months ended December 31, 2020 and 2019 respectively. As of December 31, 2020, the Company’s cash, cash equivalents and marketable securities totaled approximately $19.8 million, compared to approximately $0.25 million on December 31, 2019. In 2020, the Company closed its initial public offering which generated approximately $19.7 million in net cash proceeds. GBS believes that based on the current operating plan and financial resources, its cash, cash equivalents and marketable securities at December 31, 2020 will be sufficient to cover expenses and capital requirements through at least the second quarter of 2022. About GBS Inc. GBS Inc. is a life sciences company developing non-invasive, real-time point of care (POC) diagnostic tests for patients and their primary health practitioners (“GBS”). For more information about the Company, please visit our corporate website at gbs.inc. About The iQ Group Global The iQ Group Global is a bioscience investment consortium that finds, funds and develops bioscience discoveries to create life-changing medical innovations. Visit our website: theiqgroupglobal.com 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, GBS Inc.’s ability to develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although GBS, 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. GBS 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 the Company’s public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. We undertake 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. For more information, please contact: Investor Contact:LifeSci Advisors, LLCJeremy Feffer - Managing Director212-915-2568jeremy@lifesciadvisors.com Company Contact:Gemma Garkut, Director +61 2 8239 5400gemma.garkut@theiqgroupglobal.com GBS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(UNAUDITED) Three Months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Revenues Other income: Government support income$283,037 - $338,464 $- Shared services - (798) - 121,277 Total revenues 283,037 (798) 338,464 121,277 Operating expenses: General and administrative expenses 671,450 972,012 1,192,453 1,698,340 Development and regulatory approval expenses 341,820 494,667 372,758 599,848 Prospectus and capital raising expenses 187,093 236,438 353,574 142,365 Total operating expenses 1,200,363 1,703,117 1,918,785 2,440,553 Loss from operations (917,326) (1,703,915) (1,580,321) (2,319,276) Other (expense) income: Interest expense (986,860) (149,145) (1,072,688) (298,656)Loss from unconsolidated equity method investment - - (135,692) - Realized foreign exchange loss (86,637) - (279,107) - Interest income 434 27 504 69 Total other expense (1,073,063) (149,118) (1,486,983) (298,587)Loss before income taxes (1,990,389) (1,853,033) (3,067,304) (2,617,863) Income tax (expense)/benefit Current - - - - Deferred - - - - Total income tax (expense)/benefit - - - - Net loss (1,990,389) (1,853,033) (3,067,304) (2,617,863)Net loss attributable to noncontrolling interest (6,425) (16,715) (10,830) (23,695)Net loss attributable to GBS, Inc.$(1,983,964) $(1,836,318) $(3,056,474) $(2,594,168) Other comprehensive income Foreign currency translation gain (loss) 33,856 (133,286) (16,712) (129,050)Total other comprehensive income 33,856 (133,286) (16,712) (129,050) Comprehensive net loss attributable to GBS, Inc$(1,956,533) $(1,986,319) $(3,084,016) $(2,746,913) Net loss per share, basic and diluted$(0.23) $(0.22) $(0.35) $(0.30) Weighted average shares outstanding, basic and diluted 8,622,724 8,510,000 8,626,362 8,510,000 This is information extracted from GBS’s December 31 Financial Statements filed with the Form 10Q with the SEC on February 11, 2021, and should be read with the financial statements accordingly GBS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(Amounts in $) December 31, 2020 June 30, 2020 ASSETS Current assets: Cash and cash equivalents$19,877,860 $427,273 Deferred charges - 1,863,613 Other current assets 88,548 49,062 Total current assets 19,966,408 2,339,948 Investment in affiliate - 135,692 TOTAL ASSETS$19,966,408 $2,475,640 LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses$734,825 $787,469 Related party payables 431,621 1,769,293 Convertible notes payable - 5,133,706 Total current liabilities 1,166,446 7,690,468 Employee benefit liabilities 17,947 - Total liabilities 1,184,393 7,690,468 Commitments and contingencies - Note 10 - - Shareholders’ equity (deficit): Preferred stock, $0.01 par value, 10,000,000 shares authorized, 3,000,000 and 2,370,891 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively 30,000 23,709 Common stock, $0.01 par value, 100,000,000 shares authorized, 10,422,527 and 8,630,000 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively 104,225 86,300 Additional paid-in capital 37,956,585 10,899,942 Accumulated deficit (18,888,991) (15,832,517)Accumulated other comprehensive loss (380,663) (363,951)Total consolidated group equity (deficit) 18,821,156 (5,186,517)Non-controlling interests (39,141) (28,311)Total shareholders’ equity (deficit) 18,782,015 (5,214,828)TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$19,966,408 $2,475,640 This is information extracted from GBS’s December 31 Financial Statements filed with the Form 10Q with the SEC on February 11, 2021, and should be read with the financial statements accordingly

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  • GBS, Inc. Announces Closing of Upsized $21.6 Million Initial Public Offering

    NEW YORK, Dec. 28, 2020 (GLOBE NEWSWIRE) -- GBS Inc. (the “Company”) (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care, today announced the closing of its previously announced initial public offering of 1,270,589 units of its securities, which amount reflected the 20% upsizing of the offering that was implemented at the time of pricing. Each unit was sold at the price of $17.00 and immediately separated into (a) one share of the Company’s common stock, (b) one Series A Warrant to purchase one share of the Company’s common stock at an exercise price equal to $8.50 per share exercisable until the 5th anniversary of the issuance date, and (c) one Series B Warrant to purchase one share of the Company’s common stock at an exercise price equal to $17.00 per share exercisable until the 5th anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions as described herein. The Series B Warrants contain an exchange feature that permit the holder to exchange the warrant into shares of common stock on a one-for-one basis any time commencing the earlier of 10 days from the IPO or the time when $10 million of volume is traded in the common stock (which has already occurred) if the closing stock price of the common stock on the date of exercise is below the exercise price of the Series B Warrant. The Company intends to use the net proceeds from this offering for obtaining regulatory approvals, marketing and establishing a distribution network, in addition to working capital. The gross proceeds from the offering were approximately $21.6 million before deducting underwriting discounts, commissions and offering expenses. The underwriters also exercised their over-allotment option with respect to 190,588 Series A Warrants and 190,588 Series B Warrants.The shares of the Company’s common stock began trading on the Nasdaq Global Market on December 23, 2020 under the ticker symbol “GBS”. The Series A Warrants and the Series B Warrants are not listed for trading.The securities were offered pursuant to a registration statement on Form S-1, which was declared effective by the Securities and Exchange Commission (“SEC”) on December 22, 2020, and an additional registration statement filed pursuant to Rule 462(b), which became effective on December 22, 2020. Copies of the registration statement can be accessed by visiting the SEC’s website at www.sec.gov. The offering was made only by means of a prospectus. A copy of the final prospectus relating to the offering may be obtained by visiting the SEC’s website or from: Dawson James Securities, 101 N Federal Highway Suite 600 Boca Raton, Florida, 33432, Attention: Prospectus Department or by telephone at 1(866) 928-0928 or email at syndicate@dawsonjames.com.Dawson James Securities, Inc. acted as the sole book-running manager for the offering.Schiff Hardin LLP, Washington, DC, acted as counsel to the Company in connection with the offering. Ellenoff Grossman & Schole LLP, New York, New York, acted as the underwriters’ legal counsel.This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About GBS, Inc.GBS Inc. is a biosensor diagnostic technology company on a mission to put the power of non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care. With the world-first Biosensor Platform, GBS Inc. intends to develop and launch point-of-care diagnostic tests urgently needed to help control COVID-19 and change the lives of people living with diabetes.Forward Looking StatementsCertain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, including the Company’s expectations regarding the proposed offering of the Company’s securities, including as to the consummation of the offering described above and the size of the offering are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, risk factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.ContactsJeremy Feffer LifeSci Advisors, LLC T: 212.915.2568

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  • UPDATE - GBS Inc. Announces Pricing of $21.6 Million Initial Public Offering

    Will Trade on the Nasdaq Global Market Under Ticker “GBS”NEW YORK, Dec. 23, 2020 (GLOBE NEWSWIRE) -- GBS Inc. (the “Company”) (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care, today announced the pricing of its initial public offering of 1,270,589 units at a public offering price of $17.00 per unit. Each unit will immediately separate into (a) one share of the Company’s common stock (or, at the purchaser’s election, one share of Series B Convertible Preferred Stock), (b) one Series A warrant (the “Series A Warrants”) to purchase one share of the Company’s common stock at an exercise price equal to $8.50 per share exercisable until the 5th anniversary of the issuance date, and (c) one Series B warrant to purchase one share of the Company’s common stock at an exercise price equal to $17.00 per share exercisable until the 5th anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions as described herein. The Series B warrants contain an exchange feature that will permit the holder to exchange the warrant into shares of common stock on a one-for-one basis any time commencing the earlier of 10 days from the IPO or the time when $10 million of volume is traded in the common stock, if the closing stock price of the common stock on the date of exercise is below the exercise price of the Series B warrant. In addition, GBS has granted the underwriters a 45-day option to purchase up to an additional 190,588 shares of common stock and/or Series A Warrants to purchase up to an aggregate of 190,588 shares of common stock and Series B Warrants to purchase up to an aggregate of 190,588 shares of common stock, in any combinations thereof, at the public offering price per security, less the underwriting discounts and commissions, to cover over-allotments, if any. The gross offering proceeds to GBS from the sale of the securities are expected to be approximately $21.6 million, before deducting underwriting discounts and commissions and estimated offering expenses. The company intends to use the net proceeds from this offering for obtaining regulatory approvals, marketing and establishing a distribution network, in addition to working capital.Dawson James Securities, Inc. is acting as the sole book-running manager in connection with the offering.The shares of the Company’s common stock will separate from the unit and immediately begin trading on the Nasdaq Global Market on December 23, 2020 under the ticker symbol “GBS”. The Company does not intend to apply for any listing of either of the warrants or its Series B Convertible Preferred Stock on the Nasdaq Global Market or any other securities exchange or nationally recognized trading system, and it does not expect a market to develop for such securities. The closing of the offering is expected to take place on or about December 28, 2020, subject to the satisfaction or waiver of customary closing conditions.The securities were offered pursuant to a registration statement on Form S-1, which was declared effective by the Securities and Exchange Commission (“SEC”) on December 22, 2020, and an additional registration statement filed pursuant to Rule 462(b), which became effective on December 22, 2020. The offering is being made solely by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Dawson James Securities, Inc., Attention: Prospectus Department, 101 N. Federal Highway, Boca Raton, Florida 33432, by telephone at 1 (866) 928-0928 or by email at syndicate@dawsonjames.com.This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About GBS, Inc. GBS Inc. is a biosensor diagnostic technology company on a mission to put the power of non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care.  With the world-first Biosensor Platform, GBS Inc. intends to develop and launch point-of-care diagnostic tests urgently needed to help control COVID-19 and change the lives of people living with diabetes.  Visit our website: gbs.incForward Looking StatementsCertain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, including the Company’s expectations regarding the proposed offering of the Company’s securities, including as to the consummation of the offering described above and the size of the offering are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, risk factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.ContactsJeremy Feffer LifeSci Advisors, LLC T: 212.915.2568 jeremy@lifesciadvisors.com

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  • GBS Inc. Announces Pricing of Initial Public Offering

    Will Trade on the Nasdaq Global Market Under Ticker “GBS”NEW YORK, Dec. 22, 2020 (GLOBE NEWSWIRE) -- GBS Inc. (the “Company”) (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care, today announced the pricing of its initial public offering of 1,270,589 units at a public offering price of $17.00 per unit. Each unit will immediately separate into (a) one share of the Company’s common stock (or, at the purchaser’s election, one share of Series B Convertible Preferred Stock), (b) one Series A warrant (the “Series A Warrants”) to purchase one share of the Company’s common stock at an exercise price equal to $8.50 per share exercisable until the 5th anniversary of the issuance date, and (c) one Series B warrant to purchase one share of the Company’s common stock at an exercise price equal to $17.00 per share exercisable until the 5th anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions as described herein. The Series B warrants contain an exchange feature that will permit the holder to exchange the warrant into shares of common stock on a one-for-one basis any time commencing the earlier of 10 days from the IPO or the time when $10 million of volume is traded in the common stock, if the closing stock price of the common stock on the date of exercise is below the exercise price of the Series B warrant. In addition, GBS has granted the underwriters a 45-day option to purchase up to an additional 190,588 shares of common stock and/or Series A Warrants to purchase up to an aggregate of 190,588 shares of common stock and Series B Warrants to purchase up to an aggregate of 190,588 shares of common stock, in any combinations thereof, at the public offering price per security, less the underwriting discounts and commissions, to cover over-allotments, if any. The gross offering proceeds to GBS from the sale of the securities are expected to be approximately $21.6 million, after deducting underwriting discounts and commissions and estimated offering expenses. The company intends to use the net proceeds from this offering for obtaining regulatory approvals, marketing and establishing a distribution network, in addition to working capital.Dawson James Securities, Inc. is acting as the sole book-running manager in connection with the offering.The shares of the Company’s common stock will separate from the unit and immediately begin trading on the Nasdaq Global Market on December 23, 2020 under the ticker symbol “GBS”. The Company does not intend to apply for any listing of either of the warrants or its Series B Convertible Preferred Stock on the Nasdaq Global Market or any other securities exchange or nationally recognized trading system, and it does not expect a market to develop for such securities. The closing of the offering is expected to take place on or about December 28, 2020, subject to the satisfaction or waiver of customary closing conditions.The securities were offered pursuant to a registration statement on Form S-1, which was declared effective by the Securities and Exchange Commission (“SEC”) on December 22, 2020, and an additional registration statement filed pursuant to Rule 462(b), which became effective on December 22, 2020.The offering is being made solely by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Dawson James Securities, Inc., Attention: Prospectus Department, 101 N. Federal Highway, Boca Raton, Florida 33432, by telephone at 1 (866) 928-0928 or by email at syndicate@dawsonjames.com.This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About GBS, Inc. GBS Inc. is a biosensor diagnostic technology company on a mission to put the power of non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care. With the world-first Biosensor Platform, GBS Inc. intends to develop and launch point-of-care diagnostic tests urgently needed to help control COVID-19 and change the lives of people living with diabetes.  Visit our website: gbs.incForward Looking StatementsCertain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, including the Company’s expectations regarding the proposed offering of the Company’s securities, including as to the consummation of the offering described above and the size of the offering are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, risk factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.ContactsJeremy Feffer LifeSci Advisors, LLC T: 212.915.2568 jeremy@lifesciadvisors.com

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