3 September 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 Company has been awarded funding under MTPConnect’s Biomedical Translation Bridge (BTB) program for the development of the Company’s APAS®-AMR analysis module to be used for antibiotic susceptibility testing (AST) and assessment of antimicrobial resistance (AMR).
• APAS®-AMR: Antimicrobial resistance analysis module for antibiotic susceptibility testing
• Millions of antibiotic susceptibility tests performed each year – Annual cost >$45m in Australia alone
• BTB Funding allows LBT to add resources to accelerate planned APAS®-AMR analysis module development • BTB $0.75m funding will be matched with $0.75m of LBT expenditure
The BTB program is an initiative of the Medical Research Future Fund, operated by MTPConnect in partnership with the Medical Device Partnering Program and other industry partners, to support the translation of new therapies, technologies and medical devices to market. LBT were selected as part of a highly contested and independent assessment process and have been awarded $0.75 million in matched funding to support the development of the Company’s planned APAS®- AMR analysis module over the next 2 years.
This funding enables LBT to engage additional resources to accelerate the development of the new APAS®-AMR analysis module, enabling the APAS® Independence instrument to be used to read AST culture plates. The funding accelerates the development timeframe for the module, helping LBT bring this new technology and feature for the APAS® Independence to customers sooner.
MTPConnect Managing Director and CEO, Dan Grant said:
“LBT Innovations research project to improve the speed of antibiotic susceptibility testing is another example of translation of research occurring in Australia’s medical technology sector. It has potential to improve patient outcomes through faster delivery of targeted antimicrobial treatment”.