XTENT, Inc. (XTENT) reported 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. 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.
“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 chief executive officer. “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.”