Xtent Hopes to Liquidate its Assets
July 10, 2009 – Drug-eluting stent developer Xtent Inc. is hoping to sell off its assets in August and is in on-going negotiations with two potential buyers.
In May, the board of directors unanimously approved a plan of complete liquidation and dissolution of the company. The board said it will host a special meeting in August for the company’s stockholders so they can vote on the proposal for dissolution.
Since May 15, the company’s management and bankers have contacted 11 potential buyers in an effort to secure an investment in or the acquisition of the company. Eight of the 11 parties have since said they have no interest. One company has expressed interest in acquiring specific assets of the company on terms that Xtent said would not maximize the value of the company’s assets. The company postponed a special July meeting with shareholders to allow for further discussions with the two remaining companies.
Xtent developed the Xtent Custom NX stent system, which has interdigitalization joints that can be separated to cut the stent down to fit lesions of varied sizes. The stent does not have CE mark or FDA clearance.
For more information: www.xtentinc.com