Aerogen, the Galway-based medical technology and drug delivery company headed by John Power, saw turnover rise by 15 per cent last year.

Accounts filed with the Companies Registration Office show pretax profits unchanged at €10.1 million for the 12 months ending December 31st, 2015, on revenues that rose from €34.7 million to €40 million.

The company, which is reported to be considering an initial public offering (IPO) on the Nasdaq, reported R&D costs of €5.2 million, as against €4.07 million a year earlier.

At the end of December, the company had cash assets amounting to €25.5 million versus €20.3 million in the preceding year.

Aerogen, which was founded in 1997 as Cerus Medical, employs 80 people, the majority working in R&D. Staff costs last year, rose to €6.7 million from €5.8 million.