Mainstay Medical has reported a loss before tax of $8.8m for the six months to the end of June, up from a figure of $6.3m the same time last year.
The Dublin quoted company, which is still at a pre-revenue stage, is looking to bring to market an implantable device to treat chronic back pain.
It reported half yearly operating expenses of $7.98m, up from $6.3m in the first half of 2015.
The increase was due to the expansion of its workforce, preparation for the ReActiv8-B clinical trial as well as preparation for its commercial launch.
Earlier this month, Mainstay announced the enrolment of the first subject in the ReActiv8-B Clinical Trial, the purpose of which is to gather data in support of an application for pre-market approval from the US Food and Drug Administration.
This is a key step towards commercialisation of its ReActiv8 drug in the US.
In its results statement today, Mainstay said its commercial launch of ReActiv8 is focused on Germany.
"Our initial customers in Germany (neurosurgeons and orthopaedic spine surgeons) have been trained, contract negotiations are well under way, and ethics committee submissions have been made for the ReActiv8-C Registry," the company said.
"We have recruited a direct sales force, which is supported by our team of experienced field clinical specialists. As we gain experience and momentum, we will expand our commercialisation efforts to other countries and centres," it added.
