Xtent, a maker of cardiovascular stents, has decided to go out of business after it failed to raise the funds to develop and market its products. The Xtent board of directors agreed on a plan to liquidate the company, subject to stockholder approval. The firm revealed the decision in a federal filing, saying it was unlikely to raise enough funds to exceed the cost of liquidation. Xtent was unable to survive despite developing a stent that could be cut to size while inside an artery. The major shareholders in Xtent are investment companies. (Click here for more – a subscription may be required)
“Stent-Maker Xtent Nears End Of Road, Plans Liquidation” – Wall Street Journal (Dow Jones) (5/15/09)
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