Nanotechnology company pSivida has reported a loss of $31.4 million for the year to June 2006, nearly double its loss in the previous financial year.
The bigger loss reflected an increase in both research and development spending and sales and administration expenses.
pSivida has a range of R&D programs underway around the world as it seeks to commercialise its core BioSilicon technology.
Until recently the company was run from Perth by founding managing director Gavin Rezos.
He has retired from the company, which is now effectively run from Boston following a merger with US drug delivery firm Control Delivery Systems.
pSivida spent $21.3 million last year on sales and administration, up from $11.7 million previously.
It also spent $17.9 million on R&D programs, up from $8.3 million.
These expenses were only slightly offset by sales revenue of $2 million.
The company's commercialisation activities include phase III trials of its Medidur product and phase IIb trials of it BrachySil product.
At the end of the financial year, it had $15.4 million in cash.