Australia's LBT Innovations set for best day in near 3 years on AstraZeneca deal

Clever Culture Systems

09/01/2023 02:33

** Shares of LBT Innovations Ltd  LBT.AX  rise as much as
31.5% to A$0.071, set for their best day since March 2020, if
gains hold
    ** The medtech co says it has entered into a deal with
AstraZeneca  AZN.L  to receive full product development of its
artificial intelligence software, APAS (Automated Plate
Assessment System)
    ** Says co to receive A$1 mln ($0.6903 mln) based on
technical milestones for product development, which aims to
identify microbial growth during drug manufacturing
    ** LBT stock hits its highest level since Oct 25, 2022 
    ** Stock lost ~50% YTD in 2022
    ($1 = 1.4486 Australian dollars)
 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com))