Adelaide (Australia) / Marcy l’Etoile (France) - april 30, 2007. LabTech Systems Ltd (ASX: LBT), an Australian health care equipment and services company, and bioMérieux (Euronext: BIM), a major player in the field of in vitro diagnostics, announced today that they have signed an agreement for a strategic private placement of ordinary shares amounting to AUD$2.15 million.
Labtech Systems today executed a subscription agreement and proposes to issue 9,772,727 ordinary shares at a price of $0.22 per share to bioMérieux. The issue is expected to occur within 7 days and does not require shareholder approval under Listing Rule 7.1. Shareholder approval will not be sought prior to the issue.
LabTech Systems and bioMérieux recently announced the signing of an exclusive worldwide license agreement, for the commercialisation of LabTech’s MicroStreak® technology.
This key strategic placement will underline the willingness of both companies to strengthen their relationship.
About LabTech Systems Ltd
LabTech Systems (ASX Code LBT) was formed in 2004 as a medical technology development company and listed on the Australian Stock Exchange on 31 July 2006. The company has enjoyed rapid growth by accelerating its corporate strategy and the MicroStreak® product development program to fully exploit the opportunities in the global marketplace.
MicroStreak® automates routine agar plate processing undertaken in microbiology laboratories for diagnosing the causes of infection and contamination. Global demand for this type of equipment is strong and will only continue to grow due to laboratory skills shortages and the increase in workload driven by ageing populations and age-related illnesses.
LabTech Systems works with leaders in the field of technology and science and recently received an AusIndustry Commercial Ready Grant of $2.14 million to progress the novel technology. Other information can be found at http://www.labtechsystems.com/