QT Vascular slightly narrows FY14 losses

QT Vascular said on Wednesday it has narrowed its net losses for the year ended Dec 31, 2014, to US$34.17 million, from US$34.52 million in the previous year.

Revenue more than doubled to US$13.2 million, mainly due to an increase in sales of its Chocolate PTA and Glider PTCA products with its distributors and direct coronary sales in the United States, it said.

Higher expenses - including higher business activities and professional service fees for its initial public offering and ongoing litigation, research and development expenses, and interest expenses relating to convertible notes - led the company into the red, however.

QT Vascular makes medical devices for the treatment of vascular diseases. The company was listed on the Catalist board last April.