Dublin-based medical devices company Mainstay Medical has said that its operating expenses related to on-going activities were $6.3m for the six months to the end of June 2015.
This is up from $4.8m the same time last year and its activities include clinical and regulatory activities, research and development, and general and administrative expenses.
The company is developing an implant to help people with chronic back pain.
Mainstay, which listed on the Dublin market last year, is still at a pre-revenue stage.
In a statement today, it said that its latest ReActiv8-A trial shows clinically important, statistically significant and lasting improvement in pain, disability and quality of life in those affected with chronic back pain.
Mainstay estimates that there are over two million people in the US and EU who could be candidates for treatment with ReActiv8.
Peter Crosby, the company's chief executive, said that the results from the ReActiv8-A Trial show improvements which are better than any other therapy for this group of people.
"We are excited that our unique approach to treating this type of chronic low back pain offers the potential to change the lives of millions of people worldwide who have no effective treatment alternative," he added.
