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LBT Innovations raises funds for diagnostic product commercialization

Australia's LBT Innovations Ltd. said it had received commitments from investors who were interested in purchasing A$7 million worth of the company's shares.

The company plans to issue 46.8 million shares at 15 Australian cents apiece in a private placement that will take place in two tranches.

Some A$3.8 million of stock will be issued by March 12, with the remaining A$3.2 million to be sold once the company secures shareholder approval at a meeting scheduled for April 18.

PAC Partners and Hawkesbury Partners acted as joint lead managers for the placement.

The healthcare equipment maker also announced a share purchase program for existing shareholders. Eligible shareholders can subscribe for up to A$15,000 worth of new ordinary shares at 15 Australian cents apiece.

The plan is capped at A$1 million with LBT's board reserving the right to accept oversubscriptions.

LBT intends to use the proceeds from the private placement and share purchase program to commercialize its automated plate assessment system, or APAS product, in the U.S. and EU in 2018.

The APAS diagnostics platform is designed to read and interpret bacteria in culture plates.