XTENT, Inc. (XTENT), a developer of customizable drug-eluting stent (DES) systems, has reported total operating expenses of $42.08 million for the full year of 2008, compared with the total operating expenses of $42.1 million in the previous year-end. It has also reported a net loss of $41.1 million, or $1.78 loss per share, for the full year of 2008, compared with the net loss of $38.7 million, or $1.87 loss per share, in the previous year-end.
The company reported a net loss of $7.1 million, or $0.31 per share, for the fourth quarter of 2008, against a net loss of $11.9 million, or $0.52 per share, for the fourth quarter of 2007. As of December 31, 2008, XTENT had cash, cash equivalents and short-term investments of $19.1 million.
Research and development expenses decreased to $5.3 million in the fourth quarter of 2008 from $9.2 million for the same period in 2007, primarily due to a decrease in expenditures for personnel, prototype parts and supplies as well as consulting and services and other costs incurred for clinical trials. General and administrative expenses were $2.0 million in the fourth quarter of 2008 against $3.4 million for the same period in 2007, primarily due to a decrease in personnel, consulting, legal, and professional expenses. Research and development expenses for the year ended December 31, 2008 totaled $31.2 million, compared to $30.9 million for the same period last year. General and administrative expenses for the year ended December 31, 2008 totaled $10.9 million against $11.3 million for the same period in 2007.
On January 23, XTENT announced an initiative to reduce headcount by eliminating 115 positions, representing 94% of the Company’s total workforce. The reduction is expected to be completed during March 2009. The Company expects to incur about $1.1 to $1.2 million in expenses in connection with this initiative, all of which are expected to be cash expenditures incurred in the first quarter of 2009.