LBT Innovations Entered Trading Halt Ahead of Capital Raising Announcement

Headquartered in Australia, LBT Innovations Limited (ASX: LBT) specialises in bringing advanced medical technologies to market. The company designs advanced technology solutions for the medical industry and improves patient outcomes by making healthcare more efficient. The company’s developed technologies include MicroStreak® and Automated Plate Assessment System (APAS®).

Recently, LBT’s shares were placed on a trading halt, pending an announcement to the market in relation to a capital raise. The company is looking forward to raising fresh funds for accelerating its sales and marketing efforts. LBT and its broker Hawkesbury Partners are seeking fund managers to raise 4-5 million dollars in a placement of new shares (at an offer price of 14.5¢ each). The trading halt is expected to be lifted before the commencement of trading session on ASX on 5th June 2019.

Let us have a look at some recent developments of the company in the past few days:

US FDA 510(k) Clearance to APAS® Independence:

LBT’s 50 percent owned joint venture company, Clever Culture Systems recently received clearance from the USFDA for its APAS® Independence instrument with associated urine analysis module (AM). The clearance enabled the commencement of sales of the APAS® Independence in the US (the single largest pathology market in the world).

Drawdown of South Australian Government Loan:

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The company announced the drawdown of the 1st instalment of 1 million dollars of the total 4 million dollars loan facility provided by the South Australian Government. Under the facility executed on 28 August 2018, LBT was provided with the ability to drawdown three instalments of the loan facility – 1 million dollars, 1.5 million dollars and 1.5 million dollars, contingent upon the achievement of operational milestones.

Business Update Presentation:

LBT released its Business Update Presentation on 30th April 2019 in which the company detailed the current positioning of LBT and its updated strategies and milestones for 2019 and beyond. The company mentioned that it is expanding global availability in 2019. According to the LBT, APAS® will be available for sale in Germany and the United States in the second half of CY 2019.

Quarterly Results:

On 29th April 2019, the company announced its quarterly activities & cashflow report for the quarter ending 31 March 2019. The company undertook the following activities during the quarter:

  • The APAS® Independence clinical data of the Methicillin-resistant Staphylococcus aureus (MRSA) modules was presented at the ‘European Congress of Clinical Microbiology and Infectious Diseases’ in Amsterdam. The data confirmed that the system performed with a sensitivity of 100% and a specificity of 98.1%.
  • Commencement of clinical study for MRSA Analysis Module.
  • The pre-launch lead generation activities commenced in the EU and US.
  • Simon Arkell and Damian Lismore were hired as the non-executive Directors.

The company reported a net cash outflow of $1.5 million for the quarter, against its forecast outflow of $2.0 million in the December 2018 Quarterly Report. The cash balance of the company stood at $4.2 million as of 31st March 2019.

Stock Performance:

The company’s stock last traded at AUD 0.165 on 31st May 2019. The stock has performed tremendously well in the past, generating a YTD return of 89.66 percent. LBT has delivered a return of 77.42 per cent, 135.71 per cent and 117.11 per cent during the last six months, three months and one month, respectively.


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