Adelaide, South Australia, 27 August 2015: Australian medical technology company LBT Innovations Limited (ASX: LBT) has signed a license agreement with the French in vitro diagnostics company, bioMérieux, for LBT’s foundational culture plate-streaking technology, MicroStreak®.
The agreement terminates the initial exclusive license signed in 2007 and converts it to a non-exclusive license. Both companies will be free to pursue their development in laboratory automation independently.
Under the new license bioMérieux will retain the sole rights to service and support the installed base of PREVI® Isola systems, including supply of the patented disposable applicators used in the streaking process, and will discontinue sales of new systems by July 30, 2016. bioMerieux will focus its resources on the strategic alliance the company entered on January 9, 2015 with the Italian company Copan.
Under the new arrangements, LBT Innovations will receive a one-time, full and final upfront payment of US$5.5 million (approx. AUD$7.7 million at today’s exchange rate) payable within 14 days of LBT’s invoice, and will receive non-exclusive technology rights to improvements developed by bioMérieux as solely related to the MicroStreak® technology. LBT will recover global rights to pursue its own development, manufacturing and commercialization of a MicroStreak® product.
“We fully understand bioMérieux’s decision regarding PREVI Isola and we have taken this as an opportunity to reposition MicroStreak and to explore other opportunities that exist for the technology,” said LBT’s Chief Executive Officer, Lusia Guthrie.
“We have been extremely fortunate to have had a partner of bioMérieux’s calibre and reputation, which has helped to establish MicroStreak as a valuable and commercially successful technology at the leading edge of microbiology automation.”
About LBT Innovations
LBT Innovations (LBT) is an Australian developer of clinical and diagnostic technology. Based in Adelaide, South Australia, the Company has two breakthrough products in microbiology automation: PREVI® Isola, which provides automation of culture plate streaking, and APAS®, a breakthrough in automated culture plate reading, interpretation and reporting. Based on LBT’s innovative intelligent image interpretative platform, APAS specifically addresses the automated imaging, analysis and interpretation of culture plates following incubation. LBT has entered into a Joint Venture with Hettich AG Switzerland to drive the commercialisation of APAS products. LBT also has a third product in development, Woundvue™, a proposed automation solution to assist in the management of chronic wounds.
For more information, see www.lbtinnovations.com
CONTACTS
LBT Innovations
Lusia Guthrie, CEO
Tel: +61 (0)8 8227 1555
E: info@lbtinnovations.com
Media Relations
Rudi Michelson, Monsoon Communications
Tel: +61 (0)3 9620 3333
E: rudim@monsoon.com.au
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