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LBT INNOVATIONS LIMITED - Corporate Spotlight

LBT Innovations is a ground-breaking designer of advanced technology solutions for the... LBT Innovations is a ground-breaking designer of advanced technology solutions for the medical industry. We specialise in combining artificial intelligence, image analysis and software engineering to improve healthcare delivery. Our product, APAS® Independence, is a global first solution for automated reading of microbiology culture plates.More

Corporate Spotlight

LBT Innovations is a ground-breaking designer of advanced technology solutions for the medical industry. We specialise in combining artificial intelligence, image analysis and software engineering to improve healthcare delivery.
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Investor Update with Brent Barnes - July 2020

VIDEO

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Investor Updates with LBT Innovations - July 2020


LBT Innovations on The Market Herald Live - July 2020



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LBT Innovations  - Beckman Coulter July



LBT Innovations (ASX:LBT) APAS passes Johns Hopkins test with flying colours



Johns Hopkins Independent Study - LBT Innovations 26 June 2020


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LBT SIGNS MARKETING AGREEMENT

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7th July 2020 - The Market Herald


  • Meditech company LBT Innovations (LBT) has signed a marketing agent agreement with Beckman Coulter for the marketing of the APAS Independence in Europe
  • APAS Independence is a platform technology that automates culture plate screening 
  • Beckman Coulter develops, manufacturers, and markets products that simplify and automate complex biomedical testing
  • Under the three-year agreement, Coulter will act as the marketing agent for APAS Independence and will receive a fixed referral fee for each sale 
  • This agreement will initially focus on the United Kingdom, France, and Germany, but the ability exists to expand into additional countries
  • After entering a trading halt, LBT is steady on the market and shares are trading for 19 cents each 

Meditech company LBT Innovations (LBT) has signed a marketing agent agreement with Beckman Coulter for the marketing of the APAS Independence in Europe. 


Beckman Coulter develops, manufacturers, and markets products that simplify and automate complex biomedical testing. 

Under the three-year agreement, Beckman Coulter will act as the marketing agent for APAS Independence and will receive a fixed referral fee from CCS for each sale and it may receive incentives for the completion of early sales. 


CCS (Clever Culture Systems) is LBT Innovations' 50:50 joint venture company in the commercialisation of APAS and it will take charge of the sales, installation, and maintenance of the product. 


This agreement will initially focus on the United Kingdom, France, and Germany, but the ability exists to expand to additional countries. 

"The management team has been working tirelessly with our counterparts at Beckman Coulter to deliver this collaboration, and we are excited to formalise this agreement," CEO and Managing Director Brent Barnes said. 


"This represents a significant step forward in our commercialisation strategy for the technology, adding the scale and strength of the Beckman Coulter brand to support our sales efforts in the region," he added. 


What is APAS Independence? 

APAS (Automated Plate Assessment System) Independence is a platform technology that automates culture-plate screening and interpretation. 


Thousands of agar plates are assessed every day and each one has to be thoroughly examined by a microbiologist. 

APAS Independence speeds-up this process by automatically screening, interpreting, and sorting the plates. This frees up the microbiologist's time. 


A soft launch is expected in late 2020, which will then be followed by European meetings in 2021, with organisations like the European Congress of Clinical Microbiology and Infectious Diseases. 


After entering a trading halt, LBT is steady on the market and shares are trading for 19 cents each. 


7th July 2020 - The Market Herald

ABOUT LBT INNOVATIONS

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Company Overview 

LBT Innovations (ASX:LBT) is a groundbreaking designer of advanced technology solutions for the medical industry. We specialise in combining artificial intelligence, image analysis and software engineering to design solutions that improve medical diagnostic workflows.


In 2010, we partnered with the Australian Institute of Machine Learning to develop the Automated Plate Assessment System (APAS®), a global first technology using artificial intelligence to automate the reading of culture plates for clinical microbiology. The technology is being commercialized as the APAS® Independence.


APAS® Independence 

Proprietary AI technology for automated imaging, image analysis, interpretation and reporting of growth on microbiology culture plates after incubation. The APAS® instrument automatically reviews and sorts plates into neat stacks of negatives, positives and those to be reviewed. 


Technology Highlights

•    Innovative platform technology: Patent protected 

•    Clinically proven: 10,000-patient clinical trial 

•    Regulatory clearances: Australia (TGA), United States (FDA) and EU (CE Mark) 

•    Key opinion leaders: Australia, United States and Germany

•    In revenue: Sales achieved in Australia, United States and Germany

•    Delivers efficiency gains for laboratories enabling better staff utilisation:

o    2.4bn culture plates manually read each year

o    >80% of culture plates test negative 

o    APAS® Independence automatically screens for negative plates 

o    Processes 200 plates per hour (3x faster than microbiologists) 

o    High sensitivity and specificity


View LBT Innovations Website Here

FIRST SALE IN UNITED STATES

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FIRST SALE OF APAS® INDEPENDENCE IN UNITED STATES

ASX Release 9th June 2020


Hennepin County Medical Center purchases APAS® Independence

Adelaide, Australia, 09 June 2020: 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 first sale of an APAS® Independence in the United States to Hennepin County Medical Center (HCMC).


First U.S. Sale

The sale of the APAS® Independence has been completed following the installation of the middleware driver for APAS® connecting the instrument to the HCMC Laboratory Information Management System, which enables the automated reporting capability of the APAS® technology. The APAS® driver developed by Data Innovations has been successfully interfaced by HCMC and is now in a testing and validation phase prior to expected routine clinical use of the urine analysis module.

The sale was made directly to HCMC by LBT’s 50% owned joint venture company, Clever Culture Systems (CCS). HCMC has entered into an annual software license for the FDA cleared urine analysis module and a 5-year service agreement, both on normal commercial terms. The commercial terms for the sale of the APAS® instrument reflect that it is a pre-production model installed approximately 2 years ago.


Data Innovations Middleware Connection

The connection of the APAS® Independence to a customer’s Lab Information System (LIS) is required for routine clinical use and critical for labs to realise the full benefits of the instrument. This connection of the APAS® Independence to the LIS using the Data Innovations middleware is another global first. Establishing this middleware platform will support future APAS® installations with Data Innovations existing customer base. Data Innovations have installations in approximately 65% of all laboratories in the United States.


APAS® Independence at Hennepin Health Medical Center

HCMC in Minneapolis operates a nationally recognised Level I Adult Trauma Centre and Level I Paediatric Trauma Centre with primary care clinics located in Minneapolis and across Hennepin County. The HCMC Microbiology Laboratory provides a full range of diagnostic testing and reporting services and has purchased the APAS® Independence with associated urine analysis module to support their daily culture plate workflow. HCMC is a medium sized clinical laboratory processing approximately 500 specimens a day including 300 urine plates for analysis.


Director of Microbiology, Dr Glen Hansen, has a reputation for innovation and leading the industry with the implementation of cutting-edge technologies. Over the past 2 years, HCMC has been acting as a centre of excellence for APAS®, supporting the development of new analysis modules and presenting data at scientific conferences such as the American Society of Microbiology Microbe and the European Congress of Clinical Microbiology and Infectious Diseases.


HCMC Director of Microbiology, Dr Glen Hansen said:

“The ability for us to automate the reading of our culture plates with the APAS® Independence has increased the work efficiency through the laboratory and has motivated staff who now have more time for other activities. It has been a real pleasure to work with the teams from LBT and CCS over the past two years. Their commitment and excitement towards the technology is obvious and I look forward to continuing the collaboration into the future.”


LBT CEO and MD, Brent Barnes said:

“We are thrilled for HCMC to be the site of our first APAS® sale in the United States given their status and reputation which will no doubt help provide further commercial validation. Dr Hansen has been a great advocate for the technology and the purchase reflects the positive impact the technology has had within their lab. We continue to work hard with other laboratories in the region as we look to target further U.S. commercial sales.”


LBT Innovations (LBT) improves patient outcomes by making healthcare more efficient. Based in Adelaide, South Australia, the Company has a history of developing world leading products in microbiology automation.


 Its first product, MicroStreak®, was a global first in the automation of the culture plate streaking process. The Company’s second product, the Automated Plate Assessment System (APAS®) is being commercialised through LBT’s 50% owned joint venture company Clever Culture Systems AG (CCS) with Hettich Holding Beteiligungs- und Verwaltungs-GmbH. 


The APAS® instrument is based upon LBT’s intelligent imaging and machine learning software and remains the only US FDA-cleared artificial intelligence technology for automated imaging, analysis and interpretation of culture plates following incubation.


ASX Release 9th June 2020

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