LBT confirms first sale of APAS Independence

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Australian medical technology company LBT Innovations (ASX:LBT) has announced the first commercial sale of the APAS Independence to St Vincent’s Hospital in Melbourne.

This company described the transaction as significant because it is the first sale of an APAS Independence instrument globally.  APAS is currently the only stand-alone, automated plate reader using artificial intelligence available commercially anywhere in the world.  

The purchaser, St Vincent’s Hospital, was the first installation site for the APAS Independence and successfully completed a six-week independent evaluation using a pre-production instrument at the end of 2017.  

LBT said it will generate revenue directly as the Australian distributor of the instrument, in addition to the revenue generated by Clever Culture Systems (CCS).

CCS is the manufacturer and supplier of the instrument. The company said the sale price is consistent with anticipated market pricing previously disclosed.

CCS, as the supplier of the instrument and analysis modules, is responsible for managing the regulatory pathway. 

According to LBT CEO and managing director, Brent Barnes, “We are proud to deliver the first sale of an APAS Independence instrument globally in our launch market of Australia. We have been working for the past five years to deliver this important milestone.  

"The decision by St Vincent’s Hospital to purchase an instrument provides validation for our APAS technology and we look forward to continuing to collaborate with St Vincent’s Hospital in the development of future analysis modules and as a centre of excellence.

"I would also like to acknowledge the hard work of all of our team and partners who have contributed to the achievement of this first sale.  We know our shareholders have been waiting for this news for some time.  We are committed to achieve other instrument placements in 2018.”