Emerging medical device maker EnteroMedics (NSDQ:ETRM) posted deepening losses during its 3rd quarter as the company continues to pursue FDA approval for its flagship Maestro weight-loss implant.
The company posted losses of $6.3 million, or 11¢ per share, for the 3 months ended September 30. That’s a 7.8% increase in red ink compared with the same period last year, when pre-revenue company posted losses of $5.8 million, or 14¢ per share.
EnteroMedics has been chasing an FDA win for months, having most recently hit a hurdle in discussions when the federal watchdog agency asked for more information on the Maestro implant, which stimulates the Vagus nerve, located between the stomach and the esophagus, in order to alter a patient’s eating habits by modifying their physiological cravings.
EnteroMedics submitted its FDA application earlier this year, hoping to land indication to treat obesity, metabolic diseases and other gastrointestinal disorders. The Maestro system has been on the European market since winning CE Mark approval in 2011. EnteroMedics has said that it’s still on track for a FDA decision early in 2014, despite the new inquiry.