Adelaide, Australia, 24 October 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 the Company has been awarded $1.5 million funding from the Australian Government’s Medical Research Future Fund (MRFF) initiative through MTPConnect’s Clinical Translation and Commercialisation Medtech (CTCM) program to support the development of a new smaller benchtop APAS® instrument (APAS® Compact).
Key Points:
-- APAS® Compact: Small low-cost benchtop instrument
---- Targeting largest market segment: Small-medium sized laboratories
---- Expands recurring revenue potential from licencing existing APAS® analysis modules (AI Software)
---- Development simplified and de-risked: Re-using critical APAS® components already developed
-- $1.5 million CTCM Funding enables LBT to accelerate planned APAS® Compact product development
-- Funding progresses strategy to bring digital microbiology to all laboratories globally
-- Project will include a detailed market assessment, concluding in Q1 CY23, to clarify development program
For more information, download the attached PDF.
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