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- Medical technology player LBT Innovations (LBT) has pocketed $830,000 under a government research and development tax incentive
- The company received the cash boost under the Australian government’s research and development tax rebate, which aims to incentivise spending in that area
- LBT is currently developing its new Automated Plate Assessment System Antimicrobial Resistance analysis module, which is regarded as the only U.S. Food and Drug Administration cleared artificial intelligence technology of its kind
- LBT Innovations shares are off 3.54 per cent on the market, trading at 9.6 cents
Medical technology player LBT Innovations (LBT) has pocketed $830,000 under a government research and development tax incentive.
The cash boost received from the Australian Tax Office (ATO) for the financial year ended 30 June 2020 relates to expenditure on eligible Australian research and development (R&D) activities LBT undertook during the 2019/2020 financial year.
It forms part of LBT’s broader recognised current tax asset of $1.18 million, of which the $830,000 received is attributable to the 2020 R&D claim lodged earlier this year.
According to the ATO, the incentive from the Australian government provides targeted tax offsets to encourage more companies to engage in research and development activities.
LBT is currently developing its new Automated Plate Assessment System Antimicrobial Resistance analysis module through its 50-per-cent-owned joint venture company Clever Culture Systems AG with Hettich Holding Beteiligungs- und Verwaltungs-GmbH.
The instrument is regarded as only U.S. Food and Drug Administration cleared artificial intelligence technology for automated imaging, analysis and interpretation of culture plates following incubation.
LBT Innovations shares are off 3.54 per cent on the market, trading at 9.6 cents at 3:13 pm AEDT.
