BioSphere Medical Inc. continued to boost sales and cut expenses as it moved closer to the break-even point during the third quarter.
The Rockland, Mass.-based microsphere maker posted sales of $7.7 million during the three months ended Sept. 30, up 6.8 percent compared with the same period last year. Net losses narrowed 84.6 percent to $216,000, compared with net losses of $1.4 million during the third quarter of 2008.
BioSphere, which makes tiny spheres used in embolization procedures and to deliver medicine, also cut its total expenses as a percentage of revenues by 13.5 percent, to $8.4 million, during the period.
President and CEO Richard Faleschini said the company’s submission for an investigational device exemption from the Food & Drug Administration for its QuadraSphere liver cancer treatment marked the culmination of the company’s momentum during the quarter. If the trial is approved, and proves successful, and BioSphere then lands PMA approval from the federal watchdog agency, it would be the first FDA approval of a device to treat hepatocellular carcinoma using drug-eluting chemoembolization, he said.