XTENT to Retain Investment Bank to Pursue Strategic Alternatives
MENLO PARK, Calif., January 23, 2009 /PRNewswire-FirstCall/ -- XTENT, Inc. 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 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.
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 ability to reduce its costs or the timing of such reductions, XTENT's ability to maximize the value of its assets or the timing thereof, XTENT's ability to engage suitable advisors, XTENT's ABILITY TO SUCCESSFULLY IMPLEMENT A STRATEGIC ALTERNATIVE, THE DECISION BY XTENT TO EXPLORE ONE OR MORE STRATEGIC ALTERNATIVES, WHETHER THE STRATEGIC ALTERNATIVES COULD RESULT IN MAXIMIZING SHAREHOLDER VALUE, WHETHER THE ENGAGEMENT OF ADVISORS WILL RESULT IN A STRATEGIC ALTERNATIVE PURSUED OR EFFECTED BY XTENT, AND OTHER RISKS. 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 September 30, 2008. This quarterly report was filed with the SEC on November 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.
CONTACT: Investor Relations, Tim Kahlenberg, Chief Financial Officer ofXTENT, Inc., +1-650-475-9400, firstname.lastname@example.org
Ticker Symbol: (NASDAQ-NMS:XTNT)
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Posted: January 2009