Xtent throws cold water on hopes for finding a suitor

xtent_logo1Xtent, the Menlo Park development-stage medical device company that postponed a special shareholder meeting earlier this month at which it was to seek permission to liquidate its assets in order to give itself more time to discuss possible deals with interested parties, has evidently not made much progress in coming up with a deal.

The meeting, which was pushed back from July 9 to Aug. 3, won’t be postponed again, according to a filing Xtent made today with the SEC.

Xtent said that while it “continues to hold discussions and negotiate terms and conditions with these parties and others” it has not “reached agreement with any of these parties on key terms that would cause” it to delay or postpone the special meeting any further.

In January Xtent, which was developing drug-covered stent systems, decided to lay off all but seven of its 122 employees and engaged Piper Jaffray & Co. to help it explore “potential strategic alternatives.”

In March 2009 Xtent received authorization to market its products in the European Union and certain other countries, but could not do so without additional financing, which it was unable to locate.

 

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