The MRI catheter developer spent NIS 18.35 million on R&D in 2006, up 70% 2005.
Miniature MRI catheter developer Topspin Medical Inc. (TASE:TOPMD) today published its financial reports for the fourth quarter of 2006 and the year as a whole. The company lost NIS 25.2 million in 2006, compared with NIS 15 million in 2005.
Topspin spent NIS 18.35 million on R&D in 2006, up 70% on the NIS 10.73 million spent in 2005. Most of the increase went to higher salaries and benefits for R&D staff, as well as on materials and subcontractors in order to speed up production of the prototype of the imaging catheter for clinical trials. Another expense was development costs for the next stage of the device.
Published by Globes [online], Israel business news - www.globes.co.il - on February 18, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007