LBT completes $1.5m placement

LBT Innovations (ASX:LBT) has completed a $1.5 million private placement to raise funds for the commercialisation of its Automated Plate Assessment System.

The company plans to follow up the placement with a share purchase plan at the same 13.5 cents per share issue price.

The proceeds will be used to help fund LBT’s clinical trial program for APAS, including two proposed trails in Australia and one in the US.

Part of the funds will also be used to initiate a proof-of-concept study for a proposed new technology called Woundvue. LBT CEO Lusia Guthrie said Woundvue will be the next product in the company’s Intelligent Imaging Platform.

APAS is a tool for automated streaming of clinical samples that has been shown in earlier studies to identify pathogens at an accuracy equivalent to a team of experienced microbiologists.

LBT is commercialising the product with funding contribution from Swiss lab instrument company Hettich, and the two companies have formed a 50:50 joint venture for the project.

Guthrie said the JV is currently “in discussions with major diagnostics companies about a global distribution deal for APAS”.

LBT Innovations (ASX:LBT) shares were trading 12% higher at $0.14 as of around 2.30 pm on Thursday.