Wilmington, Massachusetts -- CardioTech International Inc's net losses in the third quarter ending 31 December 2007 have increased to $1.3 million from $898 000, compared to the same period in 2006.
The biomedical device maker's revenues in Q3 rose from $1.4 million to $1.6 million, thanks to an increase in royalties and development fees, which rose from $365,000 to $459,000, in the same period in 2006.
Sales in Q3 increased by 9 percent, compared to the same period in 2006, as a result of an increase in "shipments of advanced polymers to a more diverse customer base," according to CardioTech, whose materials include bio-compatible polyurethanes.
The company's results did not include the financial condition operational results of Gish BioMedical Inc., formerly a wholly-owned subsidiary of CardioTech, due to the sale of substantially all of its assets in July 2007.
"The operating results during this past quarter reflect our continued investment and positioning for future growth," said the company's president and ceo, Michael Adams, in a 12 Feb statement.
"Deployment of working capital is focused on process and manufacturing improvements, expansion of our skilled personnel base, and the completion of the new Concept centre in Massachusetts, which we believe will be a magnet for new customers," he added.
CardioTech also announced that its has appointment Khristine Carroll as global sales director-materials science, a newly created position that is an integral part of its repositioning effort.
"Building our sales and marketing infrastructure is a key element of our new business model," said Adams.
"We believe that Khristine will be a driving force in launching a sales campaign for our proprietary polymers to a broad range of medical device companies," he added.