Pilot production payment for LabTech
Friday, 12 September, 2008
LabTech Systems (ASX: LBT) has sent pilot production units of its MicroStreak technology to partner bioMérieux, triggering a $1.74 million milestone payment.
LabTech Systems signed an exclusive license agreement with bioMérieux last year. The French diagnostics giant will market the technology under its PREVI Isola brand.
The technology is a high-speed robotic platform for agar plate streaking in microbiology and pathology labs.
This payment brings the total revenue from the agreement to $6.67 million.
The PREVI Isola will be on sale later this year. LabTech Systems also expects royalty payments to begin from January 1 next year.
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