5 June 2019
I’m pleased to announce today the successful capital raise of ~$5 million through a private placement. The Company welcomes the new institutional investors to the register and this capital injection to the business is positive for all shareholders as it gives the Company runway into 2021.
The recent FDA clearance unlocks access to the single largest market globally and this corresponds very well in our attendance at the largest US Microbiology conference – ASM Microbe, being held in San Francisco between 20th and 24th June, 2019.
Please click on the link below to review today’s announcement.
CEO & Managing Director, LBT Innovations
$5M OVERSUBSCRIBED PRIVATE PLACEMENT
Capital raising to accelerate US and EU sales activity for FDA-approved APAS® Independence
Adelaide, Australia, 5 June 2019: 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 it has received commitments totalling approximately $5 million, for new fully paid ordinary shares in the Company at 14.5 cents per share (the Placement).
The Placement targeted to raise $4 million with the right to accept oversubscriptions, to provide additional funds to accelerate the sales activities in the United States and Europe as well as ongoing analysis module development and working capital. This Placement follows the receipt of FDA clearance on 17 May 2019 for the APAS® Independence with urine module.
The Company increased the Placement to approximately $5 million and is pleased to welcome a number of new institutional shareholders to the register in addition to the support of existing shareholders.
Hawkesbury Partners acted as Lead Manager and PAC Partners acted as Broker to the Issue and Settlement Agent.
A copy of the Company Presentation is attached.
Details of the Placement
The key terms of the Placement are as follows:
The Placement was available to investors in Australia who qualified as professional or sophisticated investors under the requirements of the Chapter 6D of the Corporations Act 2001 (Cth) and sophisticated and professional investors in other select jurisdictions. The Placement Shares will rank pari passu in all respects with existing ordinary shares of the Company.
About LBT Innovations
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.
Chief Executive Officer & Managing Director
Tel: +61 8 8227 1555
David Allen / John Granger
Tel: +61 2 9103 9494