Mike Hirshorn joins LBT Innovations board

Adelaide-based clinical and diagnostic technology company, LBT Innovations Limited (ASX:LBT) today announced that biotech industry veteran, Mike Hirshorn, will join the company as non-executive director.

Sydney-based Hirshorn, who is currently director of Four Hats Capital, has a long history with the biotechnology industry, including being a founder and CEO of Cochlear, and a founding director of RedMed.

He also has almost a decade working in private equity, investing in several biotechnology companies, including QRxPharma and TGR BioSciences.

LBT Innovations is a developer of clinical and diagnostic technology and was founded in 2004. It was known as LabTech Systems until a name change in late 2009.

In 2007, LBT signed an agreement with French diagnostics giant, bioMérieux, to commercialise and market its MicroStreak technology, marketed as PREVI Isola, which automates the streaking of agar plates in microbiology laboratories.

In April last year it received a €2 million scheduled milestone payment from bioMérieux.

LBT chairman Bob Finder welcomed Dr Hirshorn’s appointment: “Mike Hirshorn's experience in building and growing medical device companies is amongst the best in Australia,” Mr Finder said.

“The fact that someone of Mike’s standing has accepted our invitation to join LBT reinforces our confidence in the potential for our microbiology lab automation technologies.”