AstraZeneca has partnered with LBT Innovations to develop a new pharmaceutical product line called APAS® Pharma.
The project is funded and is expected to cost ~AUD$1m, with payment received based on achieving technical milestones.
The APAS® Pharma analysis module will be developed to identify microbial growth on settle plates used in sterility monitoring during drug manufacturing, providing improved data integrity through automation and eliminating the subjectivity of manual plate reading.
The successful APAS® Pharma proof-of-concept was an important achievement that established confidence in the APAS® technology.
Following the announcement, shares of LBT Innovations (ASX:LBT) were unchanged at $0.054.