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Company Overview
LBT Innovations was founded in 2004 and listed on the Australian Securities Exchange on 31 July 2006 (ASX: LBT). The Company acquired exclusive, worldwide rights to MicroStreak®, a novel agar plate streaking technology invented by John Glasson while working as Chief Scientist at leading South Australian diagnostic services provider, IMVS (Institute of Medical and Veterinary Science). LBT Innovations decided to take MicroStreak® forward as its lead product and raised significant funds to develop the concept technology and subsequent robotic system, gaining an AusIndustry Commercial Ready Grant and devising the route to market for the technology. Invetech Pty Ltd was engaged as the development partner.
LBT Innovations has been awarded several patents which protect the intellectual property around the MicroStreak® system. Many elements of the automated, agar-plate handling system were invented from scratch, because pre-analytical robotic systems are under-developed in the microbiology space. The novel applicator and several methods for spreading the sample are also protected, which gives the Company a significant advantage against future competitors.
MicroStreak® is licensed exclusively to the French diagnostics company bioMérieux, which markets it internationally as PREVI™ Isola. LBT Innovations’ strategy is to become a leader in the automation of the international pathology laboratory market with multiple products to take to that market. The company is evaluating commercialisation options for its second product, APAS, which automates the screening and sorting of agar plates.
The LBT Innovations Board comprises leaders with high-level experience in the pharmaceutical, healthcare, legal and financial sectors. Their know-how in operations, management, corporate strategy and fundraising is complemented by an intimate understanding of hospitals and laboratories which is the Company's prospective client base. The management team is a streamlined unit focused on core operations and innovation.
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