Market Spotlight: LBT Innovations makes bonus $500K from currency hedging
Monday, 19 April, 2010
LBT Innovations received two bits of good news today. First is that €2 million came through as a scheduled milestone payment from bioMérieux for LBT's MicroStreak technology.
The other was that hedging the exchange rate in 2009 has paid off to the tune of $500,000.
Had the payment been made at today's exchange rate, it would have been worth around $2.9 million.
The milestone payment comes on the third anniversary of the licence agreement with bioMérieux for the commercialisation of the MicroStreak technology, which automates the streaking of agar plates.
In late morning trading, LBT stock rose by over 10% on the back of the news, up $0.01 to $0.105.
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