Navigation Links
XTENT Announces Third Quarter 2008 Financial Results
Date:11/4/2008

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 incurred approximately $210,000 in expenses in connection with this workforce reduction including approximately $7,000 of non-cash expenses. All of these expenses were incurred during the third quarter of 2008. Average cost savings from the workforce reduction initiative, combined with other cost saving initiatives planned by the company, is anticipated to be approximately $1.3 million each month.

"We remain encouraged by the level of enthusiasm expressed for our Custom NX customizable drug eluting stent systems at this year's TCT," commented Gregory D. Casciaro, XTENT's President and Chief Executive Officer. "Discussions with physicians at TCT were very positive and reinforce our belief that practitioners are interested in customizable stent technology."

"We have realized our anticipated cost reductions during the third quarter of 2008 and expect this favorable spending profile to continue through the fourth quarter," said Casciaro. "The total loss from operations has decreased by $4.3 million in the quarter ended September 30, 2008 as compared to the quarter ended June 30, 2008."

About XTENT

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 and Europe. XTENT(R) Custom NX(R) DES Systems are designed to enable the treatment of single lesions, long lesions and multiple lesions of varying lengths and diameters, in one or more arteries with a single device. Note: XTENT(R) Custom NX(R) DES Systems have not been approved for sale by any regulatory authority.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding XTENT's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Specifically, these statements include, but are not limited to those concerning: XTENT's expectations with respect to the timing and amount of any savings that may result from the company's cost reduction initiatives. Forward-looking statements are based on management's current, preliminary expectations, and are subject to risks and uncertainties that could cause actual results to differ from the results predicted and which are included in the "Risk Factors" section of XTENT's most recent quarterly report on Form 10- Q for the quarter ended June 30, 2008. This quarterly report was filed with the SEC on August 12, 2008, and is available on the company's investor relations website at http://www.xtentinc.com and on the SEC's website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. XTENT undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.

XTENT, INC.

(a development stage company)

Condensed Statements of Operations

(unaudited; in thousands, except per share amounts)

Three Months Ended Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

Operating expenses:

Research and development (1) $6,679 $7,767 $25,918 $21,694

General and administrative (1) 2,179 2,632 8,952 7,894

Total operating expenses 8,858 10,399 34,870 29,588

Loss from operations (8,858) (10,399) (34,870) (29,588)

Interest and other income, net 193 860 862 2,658

Net loss $(8,665) $(9,539) $(34,008) $(26,930)

Net loss per share - basic and

diluted $(0.37) $(0.42) $(1.48) $(1.35)

Weighted-average common shares

outstanding used in per share

calculation 23,211 22,656 23,056 19,999

(1) Includes the following stock-

based compensation charges:

Research and development $369 $294 $1,150 $1,030

General and administrative $594 $490 $1,939 $1,322

XTENT, INC.

(a development stage company)

Condensed Balance Sheets

(unaudited, in thousands)

September 30, December 31,

2008 2007

Cash, cash equivalents and short term

investments $25,585 $57,760

Working capital 23,369 54,581

Total assets 30,856 62,415

Deficit accumulated during the

development stage (126,868) (92,860)

Total stockholders' equity 27,839 58,331


'/>"/>
SOURCE XTENT, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. XTENT Announces Second Quarter 2008 Financial Results and Business Progress
2. XTENT Appoints Christopher M. Smith and Arthur T. Taylor to Board of Directors
3. XTENT Announces CUSTOM I Data Receives Recognition from EuroIntervention
4. XTENT to Present at Cowen and Companys 28th Annual Health Care Conference
5. XTENT Announces 2007 Financial Results
6. New study shows extent of harmful human influences on global ecosystems
7. XTENT Announces 2007 Financial Results Conference Call
8. XTENT Submits CE Mark Registration to Market Custom NX(R) Drug-Eluting Stent System in Europe
9. XTENT Announces Third Quarter 2007 Financial Results
10. ULURU Inc. Announces Conference Call to Discuss Financial Results for the Third Quarter Ended September 30, 2008 and to Provide a Business Update
11. Orexigen(R) Therapeutics Announces Webcast of Third Quarter Financial Results on November 6, 2008
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... (PRWEB) , ... February 10, 2016 , ... ... and Video Remote Interpreting (VRI) within Healthcare, recently partnered with Heart City ... interpreting (VRI). , For nearly 23 years, Heart City Health Center has provided ...
(Date:2/10/2016)... ... , ... 10 Best Water is excited to announce a new ... that topped the list as a result of their commitment to offering clients creative, ... Tibet 5100, a top notch water company that specializes in providing the public with ...
(Date:2/10/2016)... ... February 10, 2016 , ... United ... Nesbitt as the latest addition to its growing list of Partner Firms. ... the Southeast, from Orlando to Huntsville and in between. , Harnessing the experience ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... measure change in their patients. Research shows that the Goal Attainment Scale (GAS) ... therapists overcome this challenge and learn more about the Goal Attainment Scale, Education ...
(Date:2/10/2016)... ... 10, 2016 , ... IDEX Health & Science, LLC announces ... (PLS) columns combine the strength of traditional stainless steel with the chemical inertness ... while operating at ultra-high pressures of 20,000 psi. The higher operating pressures allow ...
Breaking Medicine News(10 mins):
(Date:2/10/2016)... 10, 2016 CSI Specialty Group (CSI) expanded ... of the Specialty Pharmacy Podcast. A free, weekly show, ... providing real-world education, discussion and context amongst specialty pharmacy ... --> The Specialty Pharmacy Podcast, hosted ... Specialty Group Suzette DiMascio, CHE, CMCE, CPC, is available ...
(Date:2/10/2016)... Feb. 10, 2016 Immune Pharmaceuticals Inc. (NASDAQ: ... today that it has filed a patent application directed ... cancers. --> --> ... administration of Ceplene (histamine dihydrochloride) in combination with immune ... predicting the efficacy of Ceplene and IL-2 therapy in ...
(Date:2/10/2016)... , Feb. 10, 2016  The ALS Association, in ... the Grand Challenge to generate a biomarker to track TDP43 ... receive up to a $1 million investment. ... neurodegenerative disease that affects nerve cells in the brain and ... to initiate and control muscle movement, which often leads to ...
Breaking Medicine Technology: