EGI operating losses narrow

Operating losses at Electrical Geodesics narrowed to $2.2m in the year to the end of December - down from $2.8m last time.

Revenues rose to $14.3m from $13.6m as North American sales increased to $8.4m (2015: $7.7m); European sales rose to $2.9m (2015: $2.6m) and Asian sales increased to $2.8m (2015: $2.6m).

Grant income increased by 33% to $2.0m (2015: $1.5m).

Chief executive Don Tucker said: "2016 saw many successes for EGI.

"After several years under development, our groundbreaking Geodesic Transcranial Electrical Neuromodulation (GTEN) system and GeoSource 3 were released to the research market.

"Additionally, our flagship software Net Station, delivered a feature rich update with the release of version 5.3.

"As separately announced, our clinical trials in support of developing a treatment for focal epilepsy are progressing well, with very early but promising results.

"Furthermore, the Company has been awarded two patents that are expected to provide important competitive advantages.

"I am very pleased to see EGI continue with its leadership position in human neuroscience technology."

Tucker added: "We are pleased to see the enhanced features of our new product releases is resulting in greater penetration into the clinical market."

At 8:03am: (LON:EGI) Electrical Geodesics share price was 0p at 77.5p