Australian medical technology specialist in the use of AI, LBT Innovations Limited (ASX: LBT), has signed a Marketing Agent Agreement with Beckman Coulter, Inc., a global leader in clinical diagnostics, for the marketing of the APAS Independence in Europe.
Under the Agreement, Beckman Coulter will act as marketing agent for the APAS Independence Automated Plate Assessment System in Europe, a product commercialised by LBT’s 50% owned, joint venture company Clever Culture Systems (CCS).
Initially, the agreement will focus on the territories of Germany, the United Kingdom and France. Utilising its market-leading brand and sales reach within these territories, Beckman Coulter will seek to make qualified customer introductions to CCS for the potential purchase of the APAS Independence.
A fixed referral fee will be paid by CCS to Beckman Coulter on each APAS Independence sale, including increased incentives for completion of early sales. CCS will be responsible for sales, installation and ongoing service and maintenance for the APAS instrument.
LBT CEO and Managing Director, Brent Barnes, said CCS will maintain the customer relationship and shall invoice the customer directly.
The management team has been working tirelessly with our counterparts at Beckman Coulter to deliver this collaboration, and we are excited to formalise this agreement,” Mr Barnes said.
“This represents a significant step forward in our commercialisation strategy for the technology, adding the scale and strength of the Beckman Coulter brand to support our sales efforts in the region.
“Beckman Coulter have over 11,000 associates around the globe making them one of the largest diagnostic companies in the world and they have a leading market share in Europe. We look forward to working with Beckman Coulter, and hope this is the start of a successful long-term partnership between our two companies.”
Mr Barnes said the Agreement represents a major milestone and commences a three-year strategic partnership with Beckman Coulter.
As the only instrument available that automates culture plate reading, the APAS Independence is an ideal fit within Beckman Coulter’s suite of modular automation products, completing a full end-to-end solution for customers.
“This aligns with LBT’s strategy of building modular solutions for laboratory automation, allowing customers to build an automated workflow over time to suit their testing requirements,” Mr Barnes said.
“Since 2019, CCS has identified an estimated addressable market of 340 target customers in Germany and the United Kingdom for the APAS Independence. It is anticipated that sales and marketing to these potential customers and others, will strongly benefit from Beckman Coulter’s reputation for excellence in the market, expanded reach and deep industry knowledge.
“In addition, Beckman Coulter will extend CCS’s market presence into France. Importantly, through this collaborative approach between the parties, CCS will retain direct in-market customer relationships whilst working alongside and leveraging the Beckman Coulter brand and customer reach.”
A soft launch is planned for late 2020 followed by activities at the major meetings in 2021, such as the European Congress of Clinical Microbiology and Infectious Diseases (ECCMID) held in Vienna, Austria.