Xtent axes 93% of staff to preserve cash
This article was originally published in Clinica
In a move to conserve its finances, drug-eluting stent specialist Xtent is set to cut 112 employees by March 23 2009. These cuts would represent a 93% reduction in its total employment base of 121 members of staff. The Menlo Park, California-based company is also enlisting the help of an unnamed investment bank in order to identify strategic alternatives, which may include the sale of some of its assets, or a merger or acquisition deal. The firm’s president and CEO, Gregory Casciaro, said that Xtent was reducing its activities to “a critical minimum” in a bid to boost shareholder value – the company’s shares having been trading at under $1.00 since November 2008. Last year, Xtent cut 73 of its staff in order to minimise expenses (see Clinica No 1315, p 14).