XTENT Announces Third Quarter 2008 Financi...( MENLO PARK Calif. Nov. 4 /- XTENT...),Health

MENLO PARK, Calif., Nov. 4 /PRNewswire-FirstCall/ -- XTENT, Inc. (Nasdaq: XTNT) today reported financial results for the third quarter and nine months ended September 30, 2008.

The company reported a net loss of $8.7 million, or $0.37 per share, for the third quarter of 2008, compared to a net loss of $9.5 million, or $0.42 per share, for the third quarter of 2007. For the nine months ended September 30, 2008, XTENT had a net loss of $34.0 million, compared to $26.9 million for the same period last year. As of September 30, 2008, XTENT had cash, cash equivalents and short-term investments of $25.6 million.

Research and development expenses decreased to $6.7 million in the third quarter of 2008 from $7.8 million for the same period in 2007, primarily due to a decrease in expenditures for prototype parts and supplies as well as consulting and other costs incurred for clinical trials, after a cost of $170,000 related to the reduction in force completed in July 2008. General and administrative expenses were $2.2 million in the third quarter of 2008 versus $2.6 million for the same period in 2007, primarily due to a decrease in consulting, legal, and professional costs, after a cost of $40,000 related to the reduction in force completed in July 2008. Research and development expenses for the nine month period ended September 30, 2008 totaled $25.9 million, compared to $21.7 million for the same period last year. General and administrative expenses for the nine months ended September 30, 2008 totaled $9.0 million compared to $7.9 million for the same period in 2007.

On July 9, 2008, XTENT announced the implementation of cost reduction initiatives through a workforce reduction of approximately 34 percent. The company incurre
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