Medipost said Thursday that it recorded 22.6 billion won ($20 million) in sales in the first half of this year, a 4 percent increase from the same period of 2017.

The company attributed its sales growth to its stem-cell treatments. According to the company, the stem-cell division increased its sales by 66 percent to 6.5 billion won in the first half. Sales for the company's cord blood bank business also grew 5 percent to 10.4 billion won.

However, the company recorded an operating loss of 3.6 billion won and a net loss of 1.6 billion won.

“The company recorded a deficit as R&D expenses have increased due to the progress of clinical trials for Cartistem, Pneumostem and Neurostem,” a company official said. “The development of our next-generation stem cell treatment platform SMUP-Cell also contributed to our loss.”

In addition to the application for clinical trials for Cartistem in Japan, the company also expects to receive clinical trial approval from the Ministry of Food and Drug Safety for a degenerative arthritis drug that uses its SMUP-Cell platform, he added.

The official noted that Medipost expects to attain positive results for both treatments by the end of this year.