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LBT shares surge 60% on US tech nod

AAP logoAAP 10/10/2016

LBT Innovation shares have surged more than 60 per cent after the Australian firm announced its joint venture's microbiology technology has been granted US approval.

The US Food and Drug (FDA) has given the nod to the Automated Plate Assessment System (APAS) system used for imaging, anaylsing and reporting on growth on microbiology culture plates after incubation, developed by LBT's joint venture Clever Culture Systems (CCS).

LBT Innovation shares soared 11.5 cents, or 60.5 per cent, to $30.50 by 1240 AEDT.

LBT Innovation chief executive Brent Barnes said the successful clinical trials last year and the FDA clearance validated the core platform of the company's vision to integrate imaging with interpretative intelligence to deliver faster and more secure diagnoses.

"FDA clearance is a fitting tribute to the many years of painstaking work by LBT's staff and partners, who together have made our shared vision a reality," he said.

CCS said it plans to bring APAS to market in 2017 as an automated stand-alone plate reader followed by an integrated incubator.

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