SiliconBeat

Xtent, the Menlo Park medical device company that first sold its shares to the public in two years ago this month, has hired Piper Jaffray & Co. to “evaluate strategic alternatives,” including a merger or sale.

The news isn’t particularly surprising, given that the company decided last month to ax 94 percent of its work force by 115 jobs. The job cuts, which followed a round in July,  are to be completed next month. The associated costs are forecast to be between $1.1-$1.2 million.

While those employees were cut, the company saw fit to offer its top officers “retention” payments to its chief executive and his top officers.

The company’s CEO, Greg Casciaro, was given $283,950 to stick around for an undisclosed amount of time. He was also given $62,256 to “fulfill commitments” the company evidently made when his stock-based compensation last year was reduced and he agreed to take stock grants with “above market” exercise prices, as was Xtent’s chief financial officer, Tim Kahlenberg.

Xtent’s shares, which were first offered in its IPO at $16 each, lost 97 percent of their value last year.

Also getting paid to stick around were the company’s chief technical officer, Randy Campbell, the VP in charge of regulatory affairs, Phillipe Marco, and the VP for HR, Anne-Marie Hodkinson — somebody needs to generate all those pink slips and their attendant paper work.