MENLO PARK, Calif., Jan. 23 /PRNewswire-FirstCall/ -- XTENT, Inc. (Nasdaq: XTNT) today announced that it plans to engage an investment bank to help the company pursue strategic alternatives which may include the sale of some or all of the company's assets or other types of merger or acquisition transactions intended to maximize shareholder value.
"Given the continued challenges faced in the capital markets, we believe it is in the best interests of the shareholders to consider strategic options," said Gregory D. Casciaro, XTENT's President and CEO. "We remain confident in the benefits of customizable stenting and are assessing all viable options available to us in order to maximize the value of our assets. Effective immediately, we are executing plans to reduce activities and costs to a critical minimum, including a significant reduction in headcount in order to preserve cash and flexibility."
On January 22, 2009, the company notified 112 employees out of its total employment base of 121 employees that their positions would be eliminated effective March 23, 2009.
The company does not intend to disclose developments with respect to its evaluation of strategic alternatives unless and until the evaluation of all proposals and alternatives has been completed and the company has entered into a transaction. There can be no assurances that the company will be able to obtain financing and/or enter into a strategic transaction, or as to the timing or terms of any such transaction.
XTENT, Inc. is a medical device company focused on developing and commercializing innovative customizable drug eluting stent (DES) systems for the treatment of coronary artery disease (CAD). CAD is the most common form of cardiovascular disease and the number one cause of death in the United States an
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