Shares in Adelaide-based medtech LBT Innovations soared after the US Food and Drug Administration (FDA) approved the company’s artificial intelligence imaging and software for use as a medical device.
A short time ago, its shares were up 55% to $0.295.
Clever Culture Systems AG, the Swiss-based joint venture between LBT Innovations Limited and Hettich AG, received clearance of its APAS (Automated Plate Assessment System) as a Class II medical device.
APAS is an artificial intelligence technology for the automated imaging, image analysis, interpretation and reporting of growth on microbiology culture plates after incubation.
This enables the faster diagnosis and reporting of infectious diseases.
“FDA clearance is a fitting tribute to the many years of painstaking work by LBT’s staff and partners, who together have made our shared vision a reality,” says Brent Barnes, CEO of LBT Innovations.