09:09 AM EDT, 05/13/2024 (MT Newswires) -- Spectral Medical ( EDTXF ) said its first quarter loss significantly widened due to higher operating expense.

The company, which is developing therapies to treat sepsis, recorded a loss of $4.2 million, or $0.01 per share, compared with a loss of $1.1 million, or $0.01 per share, last year. The $3 million increase was due to higher operating expenses, partially offset by a reduction in loss from discontinued operations of $40,000 related to the reduction in Dialco operating expenses.

Revenue rose 26% to $668,000 from $530,000 in the prior year quarter.

Spectral also reported that enrollment in the Tigris trial has now reached 106 patients, out of the 150 total patients target, with 22 trial sites onboarded.

On May 9, Spectral announced an $8.5 million bought deal private placement of convertible notes. It said that this will provide funding beyond the full Tigris enrollment of 150 patients.