LBT Innovations (ASX: LBT) has this morning announced the sale of two of their AI pathology instruments. The Adelaide based med tech company is a leader in medical technology automation through the use of artificial intelligence.
Their flagship product is the APAS® Independence. The Automated Plate Assessment System (APAS®) technology integrates AI to automate culture plate screening and interpretation of results. The device is the world’s first automated microbiology and culture plate reader. By providing intelligent image interpretation, the device presents considerable value to labs worldwide by streamlining workflow and lab processes. The device offers the potential for broader applications across a suite of pathological tests.
Health Services Laboratory purchased the machines for their state-of-the-art Halo Facility in London, England. The sales were completed directly by Clever Culture Systems (CCS), a joint venture company of which LBT Innovations owns 50%.
The sale follows on from successful completion of clinical evaluations of the device’s usability and reliability.
The Health Services Laboratory is partnered with multiple organisations to combine academic excellence with industry leading workflow efficiency. This partnership includes The Doctors Laboratory, a UK subsidiary of Sonic Healthcare (ASX: SHL).
The Health Services Laboratory will run their own clinical evaluation of the device. Data collected from this will be presented by LBT Innovations at the upcoming meeting of European Congress of Clinical Microbiology and Infectious Diseases in July 2021. This will make up one of five publications exhibiting the clinical efficiency of the APAS® technology.
The growing body of clinical evidence just about sings the praises for the device with evaluations by multiple labs worldwide having reported on the system’s ease of use and ability to meet clinical objectives.
The device has already gained regulatory approval from the FDA, TGA and CE Mark.
LBT CEO and Managing Director, Brent Barnes said “This is a demonstration of the positive experience we have consistently seen from laboratories who have trialled our technology. As a technology leader in microbiology in the UK, this sale is also another key step to us building awareness and early adoption of the APAS® technology in the UK marketplace.”
LBT shares responded well to news of these sales to open at $0.081 which represented a 14% increase on their previous $0.071 close.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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