Adelaide, Australia, 10 August 2022: Australian medical technology company LBT Innovations Limited (ASX: LBT) (LBT or the Company), a leader in medical technology automation using artificial intelligence, is pleased to announce an update on its APAS® technology pipeline strategy.
Key Points:
-- APAS®-Pharma successful proof-of-concept completed: Potential $10bn market for microbial quality control
-- New APAS® instrument configurations that bring automated plate reading to all laboratories
-- Strategy validated with industry partners creating future collaboration opportunities
-- Major investment in existing machine vision platform completed. Expanded use of APAS® technology.
The last 12 months have delivered critical milestones that improve the strategic outlook of the Company. The successful acquisition of LBT’s joint venture company, Clever Culture Systems (CCS), in addition to the appointment of Thermo Fisher Scientific, Inc (Thermo Fisher) as exclusive distributor in the United States, represent strategically significant milestones for the Company.
As a result, engagement and interest with both customers and industry partners has increased from a technology perspective. This interest is hugely encouraging and has required the Company to initiate a revitalised product pipeline strategy that is centred around expanding the use and leveraging the existing APAS® technology across a portfolio of products. Shareholders should consider this as an opportunity that may attract external investment over time, to support this growth strategy.
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