NMT Medical, Inc. (NMT Medical) has declared its preliminary fourth quarter and full-year 2008 revenues. For the full year 2008, the company now expects revenues of about $18 million. For the fourth quarter of 2008, the company now expects revenues of about $4.4 million.
The company had over $17 million in cash, cash equivalents and marketable securities.
As part of its ongoing business review, company implemented a series of cost reduction initiatives, including reducing headcount throughout the organization, reprioritizing its internal programs and restructuring various departments. These changes and adjustments also include both executive management and board of director compensation and stipend reductions.
“Given the current economic climate and the importance of our capital resources, we determined that it was prudent for us to reduce our expense levels,” said NMT Medical president and chief executive officer John E. Ahern. “We remain confident that we have sufficient resources to complete our landmark CLOSURE I trial and bring the STARFlex(R) implant to the commercial market in the United States, pending U.S. Food and Drug Administration (FDA) approval.”
Executive vice president and chief financial officer Richard E. Davis said, “As we have indicated in the past, while we do not anticipate a fundraising effort in the near-term, we continue to evaluate alternative financing options should the Company choose to increase its liquidity in the future. Looking ahead, we expect our burn rate will decrease significantly in 2009 given the completion of our clinical trial enrollment work and the actions we have recently taken to reduce costs. With that in mind, we expect cash, cash equivalents and marketable securities at December 31, 2009 to be in the range of $6 to $8 million.”