MENLO PARK, Calif., Nov. 2 /PRNewswire-FirstCall/ -- XTENT, Inc. today reported financial results for the third quarter ended September 30, 2007.
The company reported a net loss of $9.5 million, or $0.42 per share, for the third quarter of 2007, compared to a net loss of $8.0 million, or $2.84 per share, for the same period last year. The company’s net loss per share for the third quarter of 2007 was based on weighted average shares outstanding of 22.7 million as compared to 2.8 million weighted average shares outstanding for the quarter ended September 30, 2006. For the nine months ended September 30, 2007, XTENT had a net loss of $26.9 million, compared to $17.9 million for the same period last year. The net loss attributable to common stockholders was $26.9 million for the nine months ended September 30, 2007, compared to $31.0 million for the same period last year. At September 30, 2007, XTENT had cash, cash equivalents and short-term investments of $68.1 million.
Research and development expenses increased to $7.8 million in the third quarter of 2007 from $5.8 million for the same period last year primarily due to an increased number of research and development personnel and expenditures for prototype parts, supplies, and outside services related to product development for our Custom NX DES systems. General and administrative expenses were unchanged at $2.6 million in the third quarter of 2007 versus $2.6 million for the same period last year. Research and development expenses for the nine month period ended September 30, 2007, totaled $21.7 million, compared to $13.4 million for the same period last year. General and administrative expenses for the nine months ended September 30, 2007, totaled $7.9 million, compared to $5.3 million for the same period in 2006.
“We continue to make excellent progress in the development of our innovative stent systems,” commented Gregory D. Casciaro, XTENT’s President and CEO. “In October, we announced very encouraging results from our CUSTOM I and CUSTOM II clinical trials at the Transcatheter Cardiovascular Therapeutics (TCT) conference. At two year follow-up for CUSTOM I and one year follow-up for CUSTOM II, no new major adverse cardiac (MACE) events were reported. In addition, the incidence of late stent thrombosis in both trials was zero. Everyone at XTENT continues to be very focused on the execution of clinical, regulatory and product development milestones.”
Conference Call and Webcast Information
The company will not be hosting a quarterly earnings call for the third quarter of 2007 as it provided an update during its conference call and webcast at TCT on October 22, 2007.
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.
CONTACT: investor relations, Tim Kahlenberg, Chief Financial Officer of
XTENT, Inc., +1-650-475-9400, tkahlenberg@xtentinc.com; or media relations,
Aimee Corso, +1-310-780-2661, acorso@weisscommpartners.com, or Julio
Cantre, +1-415-946-1055, jcantre@weisscommpartners.com, for XTENT, Inc.
Web site: http://www.xtentinc.com/
