Stocks of the Hour: Avecho Biotechnology, LBT Innovations, Meteoric Resources

Avecho (ASX:AVE) signs an agreement with NYSE-listed consumer products leader Perrigo to develop TPM-enhanced ibuprofen gel for the US market. Avecho CEO, Dr Paul Gavin, said: “ The Avecho team is very excited to be working with Perrigo, an experienced and respected global CPG company. We look forward to including these learnings in the new ibuprofen product. ” Shares are trading 10 per cent higher at 1.1 cents.

LBT Innovations (ASX:LBT) a leader in medical technology automation using artificial intelligence, has received an initial Purchase Order from Thermo Fisher Scientific, to support development of an APAS Pharma analysis module. The module is an artificial intelligence software intended to automate microbial quality control applications. LBT CEO and Managing Director, Mr Brent Barnes said: “This agreement demonstrates the potential opportunity we both see in the pharmaceutical quality control market.” Shares are trading 10 per cent higher at 5.5 cents.

Meteoric Resources (ASX:MEI) has announced that metallurgical tests have confirmed Caldeira as an ionic adsorption clay REE deposit. In response, Director, Andrew Tunks said, “The excellent recoveries in this simple process is a crucial observation and shows that for the Capo do Mel Prospect, a considerable portion of the target REE are adsorbed onto the clays. In layman’s terms, this means the REEs are bonded onto the outside of the clay minerals (adsorbed) and can be recovered by washing the clay in a weak ammonium sulphate solution at room temperature and pressure.” Shares are trading 6.7 per cent higher at 4.8 cents.