XTENT Announces Second Quarter 2008 Financial Results and Busines...( MENLO PARK Calif. Aug. 6 /- XTENT...),Health

MENLO PARK, Calif., Aug. 6 /PRNewswire-FirstCall/ -- XTENT, Inc. (Nasdaq: XTNT) today reported financial results for the second quarter and six months ended June 30, 2008 and provided an update on its business.

The company reported a net loss of $12.9 million, or $0.56 per share, for the second quarter of 2008, compared to a net loss of $9.5 million, or $0.42 per share, for the second quarter of 2007. The company's net loss for the second quarter of 2008 was based on weighted average shares outstanding of 23.0 million as compared to 22.6 million weighted average shares outstanding for the second quarter of 2007. For the six months ended June 30, 2008, XTENT had a net loss of $25.3 million, compared to $17.4 million for the same period last year. As of June 30, 2008, XTENT had cash, cash equivalents and short-term investments of $34.4 million.

Research and development expenses increased to $9.8 million in the second quarter of 2008 from $7.7 million for the same period in 2007, primarily due to an increased number of research and development personnel, expenditures for prototype parts and supplies as well as costs incurred for clinical trials. General and administrative expenses were $3.3 million in the second quarter of 2008 versus $2.8 million for the same period in 2007, primarily due to an increase in personnel costs related to the hiring of additional employees as well as consulting, legal, professional services and other administrative costs associated with operating as a public company. Research and development expenses for the six month period ended June 30, 2008 totaled $19.2 million, compared to $13.9 million for the same period last year. General and administrative expenses for the six months ended June 30, 2008 to
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