Australian medical technology company LBT Innovations Limited (ASX:LBT) has received an R&D Incentive, net of income tax payable, of $3.98 Million for the financial year ended 30 June 2017. In addition, LBT has also received $0.22 Million for the 2015 income tax return amendment relating to an additional R&D incentive claim. The funds will be utilised to pay outstanding creditors and to progress towards completion of commercialisation activities of the APAS® Independence instrument through joint venture company Clever Culture Systems AG. APAS® is a breakthrough
artificial intelligence technology for the automated imaging, image analysis, interpretation and reporting of growth on microbiology culture plates after incubation.
These R&D receipts are in line with LBT’s expectations and its audited financial statements, as included in LBT’s Annual Report for the year ended 30 June 2017 (lodged with the ASX on 29 September 2017).