The shares of medical device company LBT Innovations Limited (ASX: LBT) have been a big mover today after positive news regarding the company’s joint venture with Switzerland-based Hettich AG.

LBT shares skyrocketed higher by as much as 89% to 36 cents, before dropping back a touch to 31 cents at the time of writing.

The Adelaide-based company announced that its Automated Plate Assessment System (APAS) has been granted approval by the US Food and Drug Administration as a Class II medical device.

According to the release APAS is a revolutionary artificial intelligence technology for the automated imaging, analysis, interpretation, and reporting of growth on microbiology culture plates following incubation. This enables the rapid diagnosis and reporting of infectious diseases.

Over a 12-month period clinical trials were conducted with 10,000 patients involved. In each trial APAS achieved its target primary endpoints, with the results either matching or exceeding the findings of a panel of experienced microbiologists.

CEO Brent Barnes stated:

“FDA clearance follows rigorous interrogation and validation of the capabilities of APAS. The successful clinical trial program completed in 2015 and clearance by FDA also validate the underlying technology that is the core platform of our Company’s vision to integrate imaging with interpretative intelligence to deliver faster and more secure diagnoses for patients. FDA clearance is a fitting tribute to the many years of painstaking work by LBT’s staff and partners, who together have made our shared vision a reality.”

The company formed as part of a joint venture named, Clever Culture Systems AG, is aiming to bring APAS to market in 2017 as an automated stand-alone plate reader followed by the integrated incubator at a later date.

Whilst this is undoubtedly a big step forward, I believe it is impossible to know just how big the market is for APAS at this stage. Because of this I would be hesitant to make an investment at this point in time.

I think it is definitely worth adding to your watch list in order to keep a close eye on. But rather than investing in LBT Innovations, I would instead look at investments in CSL Limited (ASX: CSL), Ellex Medical Lasers Limited (ASX: ELX), or Nanosonics Ltd (ASX: NAN).

Alternatively these rapidly growing shares could well be even better investments if you ask me. Each has the potential to bolt higher in the months ahead as far as I'm concerned.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.