Medical tech company LBT Innovations Ltd (ASX:LBT) has seen its share price rise more than 33% on news of a deal worth up to $4.1 million which it has inked with multinational Astrazeneca for the supply and maintenance of its platform technology, namely the APAS® Independence instruments.

This product – also known as the Automated Plate Assessment System (APAS) – integrates artificial intelligence and machine learning software to automate the imaging, analysis and interpretation of microbiology culture plates.

According to the agreement signed between the two companies, LBT will sell five APAS® Independence instruments to AstraZeneca AB, as well as providing annualmaintenance and support services over seven years, with the contract valued between USD 2.2 million to 2.7 million, or AU$3.4 million to AU$4.1 million.

LBT CEO & Managing Director Brent Barnes said that securing such a deal indicated the value of the APAS technology, with five instruments to be rolled out across a number of AstraZeneca’s manufacturing operations.

“This decision was made based on demonstrated performance of the technology within the AstraZeneca manufacturing processes and provides credibility for the technology more broadly,” he said.

“This milestone provides evidence and confidence that the APAS® Independence is a fully validated technology that meets the stringent requirements for environmental monitoring during drug manufacturing, applicable to all customers globally for this application.

“Pleasingly, evaluations with additional multinational pharmaceutical customers are expected to commence in the current quarter.”

At 11:46 AEST, LBT shares were trading at 2 cents, a rise of 33.33% since the market opened.